NIB launches 60th anniversary | News Ghana

The National Investment Bank (NIB) has launched its 60th anniversary with a commitment to support Ghana’s industrialisation strategy and leverage its expertise and resources to provide financial solutions to businesses.

The bank, which was established in march 1963 with the goal of fostering and supporting rapid industrialisation across all facets of Ghana’s economy, aims to continue its efforts in supporting the country’s industrialization strategy to create more job opportunities and improve the standard of living for Ghanaians.

Speaking at the anniversary launch, Mr. Samuel Sarpong, Managing Director of NIB, said it would use the celebration to reflect on its achievements over the past six decades and to renew its commitment to providing innovative financial solutions to its customers.

The year-long commemoration on the theme: “NIB@60: Our Bank, Our History, Our Pride,” will feature a series of activities such as board engagement with customers, health walks, community service, customer appreciation, staff recognition, long service awards, and Thanksgiving service.

The bank hopes through these events to strengthen its relationship with stakeholders and show appreciation for the support over the past 60 years and reflect on its history and to look forward to a bright future.

Mr. Sarpong described 60 years in the life of an organisation as “no mean achievement,” saying, statistics showed only 30 per cent of businesses survive after 10 years.

“Therefore, being around for 60 years calls for a celebration but also a reflection of the achievements and failures over this period,” he added.

NIB was established on March 23, 1963, as a development Bank and transitioned to offering commercial banking services, including taking deposits from the companies.

Over the years, NIB has helped establish many joint-venture businesses; supported key sectors of the economy such as agriculture, industry and construction as well as provided financial support to organizations and communities, and also created employment for many Ghanaians.

NIB now serves individuals, small and medium-sized businesses, and corporate clients through 48 branches and three agencies located around the nation.

Dr. John Kuma, Deputy Minister for Finance, lauded NIB for its contributions to the economy since 1963 to promote and strengthen rapid industrialization of the economy.

Over the years, he said NIB had established a number of key corporate institutions including Nestle Ghana Limited, Novotel (now Accra City Hotel) and Intravenous Infusions.

He said as the first Development Bank in Ghana, NIB, is worth celebrating for its contribution to national development, emphasising, “You are here today thriving and celebrating your diamond jubilee on the theme which aptly fits your status.”

He stated that the government was committed to supporting the already-established development banks like NIB and Agricultural Development Bank to help accelerate growth in the industrial and agricultural sectors.

As a result, he said the Board and Management of NIB had been directed to work towards returning the bank to its original core mandate of supporting industry.

“In this regard the plan is for NIB to transition into a specialized bank focusing on industry. We are confident that the Board and Management’s new focus will yield positive results,” he said.

He congratulated NIB on its 60th anniversary, and said, “I urge all stakeholders to continue working together to support industrialization and economic growth in Ghana,” adding, “We must remain committed to creating an enabling environment for businesses to thrive and provide quality jobs for our people.”

NIB is a major player in Ghana’s industrialisation strategy, and is renewing its commitment to drive and support the nation’s development with a series of initiatives. Therefore, it’s an exciting time for NIB as it celebrates its 60th anniversary, Mr. Kofi Owusu-Sekyere, Board Chairman, NIB, said the bank had a long and illustrious history, and played a critical role in providing financing to both public and private institutions, in addition to offering innovative financial services to citizens.

He said NIB would continue to collaborate with government stakeholders, private investors and the local business community to create jobs, improve living standards and drive economic transformation.

He reiterated that NIB was established in 1963 and was officially launched by then Finance and Trade Minister F. K. D. Goka as Ghana’s first development bank to give financial assistance to businesses in the fields of furniture manufacturing, laundry, and baking, among others.

He said the bank was housed temporarily on the premises of the former Ghana Industrial Development Corporation, and had £10 million as its authorised Share Capital at commencement divided into £1 shares.

Ever since, he said NIB had undergone management, institutional and financial restructuring, geared towards strengthening its operations, and now operates as a Universal Bank focusing on development/commercial banking.