Government has abandoned its plans to merge the Agricultural Development Bank (ADB) and the National Investment Bank (NIB) into the proposed National Development Bank(NDB).
The move was intended to pave the way for each of the banks to recapitalize and revamp its operations.
According to the Daily Graphic the merger was cancelled in October at the behest of President Akufo-Addo.
The President is said to have expressed government’s commitment to resource the two banks individually to enable them to play their traditional roles of stimulating investment in the manufacturing sector and transforming agriculture and agro-processing through strategic lending.
The gesture is in line with governments agenda of economic transformation through industrialization and increased investments in agriculture and agro-processing.
