Tweneboa Kodua Appointed MD Of NIB But NDC Cries Foul

The National Investment Bank (NIB) has appointed Tweneboa Kodua Fokuo as its Managing Director effective May 13, 2024 and is expected to takes over from Samuel Sarpong , who has led the Bank since 2019.

“With his extensive experience, Mr. Fokuo is poised to lead us into a successful future. In addition, Mr. Philip Ofori-Asante has been nominated as Deputy Managing Director, following in Mr. Fokuo’s footsteps. Mr. Ofori-Asante brings considerable banking expertise, and we look forward to introducing him to the team at the appropriate time.”

“Rest assured, the restructuring and transformation efforts we’ve initiated will persist under Mr. Fokuo’s capable leadership. With the invaluable guidance of the board and Mr. Fokuo’s vision, working closely with management, we anticipate a seamless transition and ongoing progress,” a memo announcing the appointment has stated.

However, a statement issued by Ranking Member on the Committee on Employment, Social Welfare and State Owned Enterprises, Dr Kwabena Donkor said the National Democratic Congress (NDC) strongly oppose the appointment of Mr Tweneboa Kodua Fokuo.

According to the statement, Mr Fokuo is currently the NPP Parliamentary Candidate for Manso Nkwanta hence cannot be allowed tovtake over as MD for the state bank just six months into the December 7 elections.

It said the appointment raises concerns about politicsation of State Owned Enterprises and noted the NIB is on life support and needed a management team with the rquisite skills and competencies to champion its recovery.

The NDC has therefore called on all well meaning Ghanaians to condemn the appointment of an NPP Parliamentary Candidate as MD for the distressed NIB.

“This appointment raises serious concerns about the politicization of State Owned Enterprises. The ignoble thinking behind the appointment must be condemned by all well meaning Ghanaians.
The National Investment Bank is distressed and on life support thus is in dire need of a management team with the requisite skills and competencies to engineer and manage a recovery program of a medium term nature. To appoint a Parliamentary Candidate six months into an election beggars belief. The integrity and or the lack of it in this appointment is a clear sign that the Government and the Bank of Ghana have no desire to resuscitate the ailing Bank but are only interested in milking the dying cow” the statement said.

About Tweneboa Fokuo

He is a highly experienced banker with a strong grasp of risk management, covering a broad spectrum of

Until his appointment,  Fokuo was the deputy managing director of NIB.

He is a highly experienced banker with a strong grasp of risk management, covering a broad spectrum of commercial, corporate and Investment Banking as well as country risk management.

Fokuo has had a rich banking career having worked with Barclays Bank, Ghana since 2008. At Barclays, he played various roles in the risk management fraternity, and rose steadily to the position of assistant vice president.

He also served as the country risk champion for Barclays Ghana, reporting to the group’s country risk teams in London and Johannesburg.

He left Barclays Bank, Ghana in January 2016, and joined First National Bank Ghana Ltd; a subsidiary of FirstRand Bank of South Africa as Head of Credit Risk.

Tweneboa Kodua Fokuo holds a BSc. Degree in Natural Resources Management from the Kwame Nkrumah University of Science and Technology (KNUST); an MBA in Finance from the University of Wales, UK; and an Advanced Commercial Credit Risk Certificate from the IFS School of Finance, UK.

Read the full statement by the NDC below:

PRESS RELEASE BY THE NDC MINORITY IN PARLIAMENT

The NDC Minority in Parliament strongly protests the appointment of Mr. Tweneboah Kodua Fokuo, the NPP Parliamentary Candidate for Manso Nkwanta as the new Managing Director for the National Investment Bank (NIB).
This appointment raises serious concerns about the politicization of State Owned Enterprises. The ignoble thinking behind the appointment must be condemned by all well meaning Ghanaians.
The National Investment Bank is distressed and on life support thus is in dire need of a management team with the requisite skills and competencies to engineer and manage a recovery program of a medium term nature. To appoint a Parliamentary Candidate six months into an election beggars belief. The integrity and or the lack of it in this appointment is a clear sign that the Government and the Bank of Ghana have no desire to resuscitate the ailing Bank but are only interested in milking the dying cow.
The Bank of Ghana Act, 2002 (Act 612) mandates the Bank of Ghana to approve all senior bank appointments in the Banking and Deposit taking Sector. Specifically Section 27 of the Act states ‘The Bank shall have power to:
(a) approve the appointment of directors, chief executives, and other principal officers of banks.
Assuming the President is misled by Advisors for obvious political considerations, the Bank of Ghana in its Regulatory role has a legal responsibility to halt this aberration of an appointment.
We urge the President Akuffo Addo/Dr Bawumia government to reconsider this appointment and prioritize the integrity and business sustainability of the National Investment Bank. The appointment of a Parliamentary Candidate to a key banking position like this undermines public trust and confidence in the government’s ability to manage our national resources effectively.
We demand the reversal of this appointment and a more transparent and impartial selection process that prioritizes merit, competence and meritocracy over political affiliation.

Kwabena Donkor Ph.D., FCMI, FRSA, MIEn.
Ranking Member, Committee on Employment, Social Welfare and State Owned Enterprises