FEATURED: Let's Embed Rawlings' Values In The National Psyche — Parliament...

03.11.2003 Business & Finance

New office complex commissioned for NIB

Listen to article

Sunyani, Nov. 3, GNA - Mr. Daniel Gyimah, Managing Director of National Investment Bank (NIB) on Monday attributed the bank's success during its 40 years of operations to the continued support by loyal customers.

The bank was formed as an autonomous joint state-private institution by an Act of Parliament in March 1963 to promote and build a rapid industrialization in all sectors of the Ghanaian economy. Speaking at the commissioning of a new office complex for the Sunyani branch of the bank, Mr Gyimah said it had grown over the years and now has eleven branches.

Mr. Gyimah said after operating for some time after its establishment, the bank obtained permission to undertake commercial banking activities in 1975.

He said notwithstanding the hard times that the bank experienced in the initial stages in commercial banking activities between 1991 and 2001, it had taken strategic management restructuring policies "to weather the storms".

"NIB today, is not only back in its rightful place as the first development bank but we are also back to tell you that experience counts," he added.

He said the bank was currently in a new era of expansion, growth, customer services and success.

Mr Gyimah said the bank was ready to help people with services such as the demand deposit accounts, savings accounts, call deposits, fixed deposits, loans and advances, personal loans, overdrafts, money transfers and mobile cash management services, among others.

Dr Charles Jebuni, Chairman of the Board of Directors of the bank dispelled the perception that NIB was only for big companies, saying, the bank engaged in the full range of banking services to individual and retail customers as well as corporate customers.

Mr J. H. Mensah, Senior Minister and Member of Parliament for Sunyani East, announced that last year NIB made a profit of 45 million dollars, "but even that was not enough to help the government to operate to the optimum" and called on the management of the bank to continue to explore more avenues to make profits to enable the nation to achieve the golden age of business programme.

Mr. Mensah later cut the tape to commission the new edifice. Mr. Kwadwo Seinti, Brong-Ahafo Regional Minister, who presided, appealed to the business community in and around Sunyani to patronize the bank to enhance and expand its business.

He appealed to the management to avoid the creation of long queues at the bank hall as it could discourage customers. J.H. Mensah commissions new NIB office in Sunyani Sunyani, Nov 4, GNA - Mr J.H. Mensah, the Senior Minister, has urged the business community in Brong Ahafo to patronise banks to utilize the region's immense potentials in food production for its accelerated development.

He said the region produced one-third of the nation's food requirements and that it is placed in a unique position that must be fully exploited and harnessed to increase the export of processed food products.

Mr Mensah was speaking as the guest of honour at the commissioning of a new office complex for the branch of the National Investment Bank in Sunyani. He later cut the tape to declare the office open.

He said in spite of its position as a major food producer banking facilities in the region are not enough but the government is taking steps to strengthen the national banks to accelerate the production of more processed products for export.

On the role of the government in banking services, the Senior Minister explained that it is not the duty of the government to set up banks.

"What the government does is to ensure that the banks have enough money to assist the people."

Mr Mensah, who was the Minister of Finance when NIB was established 40 years ago, however appealed to customers to repay loans granted to them.

''The money is not free as some people see it as 'government money' so can refuse to pay back.''

Mr Mensah, the Member of Parliament for Sunyani East, said it is the duty of the government to ensure that essential banking services are available to more Ghanaians to improve their businesses.

Referring to the closure of offices of some banks in some parts of the country, the Senior Minister appealed to banking supervision authorities to do more to stem the unfortunate trend. Mr. Mensah expressed the hope that the NIB would work to make more money so that more people in the region could be assisted to either set up or expand their businesses.

In solidarity messages, two prominent customers of the bank expressed appreciation for the tremendous assistance they had received from the bank in the running and expansion of their businesses.

Mr Ernest Apraku, Managing Director of Berekum-based Asuo Bosomadu Timber and Sawmills Limited (ABTS), manufacturers and exporters of timber products, urged the bank to extend its support to other business concerns in the region.

He said the company, which employs about 900 workers, had been a tremendous beneficiary of the bank but appealed for a reduction in the bank's interest rate to attract more customers.

Mr Apraku called on the bank to make available more foreign exchange to enable its customers to expand their export operations.

Mr Ntim Adu, Managing Director of Yedent Agro Processing Company based in Sunyani, a major maize processor, paid a glowing tribute to the bank for the immense assistance it had given to the company and wished more investors in agricultural products in the region would do business with it.

Modern Ghana Links