IMANI Africa VP criticizes NIB's new CEO appointment amidst election year

Ghanaian

Bright Simons, the Vice President of IMANI Africa, has voiced reservations regarding the selection of Mr. Tweneboa Kodua Fokuo as the Managing Director of the National Investment Bank (NIB).

Mr. Fokuo, also the New Patriotic Party’s Parliamentary Candidate for the Manso Nkwanta Constituency in the Ashanti Region, is slated to assume the position on Monday, May 13, succeeding Mr. Samuel

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Mr. Simons has questioned the rationale behind appointing a parliamentary candidate for the upcoming 2024 election to helm a financially struggling state institution like NIB.

Expressing surprise, he highlighted the approval of the Bank of Ghana for appointing a parliamentary candidate as CEO of a distressed state bank during an election year.

“You have a state-owned bank that has been struggling for years. It does not have enough capital & could have been shut down if it was private. Instead of bringing a turnaround specialist to fix it, Ghana govt promotes an MP aspirant who will be campaigning in 2024 as the new CEO!” he wrote in a post on X platform.

You have a state-owned bank that has been struggling for years. It does not have enough capital & could have been shut down if it was private. Instead of bringing a turnaround specialist to fix it, Ghana govt promotes an MP aspirant who will be campaigning in 2024 as the new CEO! pic.twitter.com/7rmirFVhHO

— Bright Simons (@BBSimons) May 11, 2024