NIB Moves to Support Ghana's Industrial Development

The Managing Director of the National Investment Bank, Mr Samuel Sarpong, has given assurance that the bank would soon scale up its development banking mandate.

He gave the indication when he paid a working visit to the production facilities of Nestle Ghana Limited in Tema.

Nestle Ghana Limited is one of the many industries NIB helped establish through its equity participation and/or funding.

The visit forms part of a range of strategies geared at repositioning NIB to support the industrialisation programme of the nation.

NIB prides itself of facilitating the setting up of a number of other well-performing industries including Novotel (now Accra City Hotel), Kabel Metal (now Nexans Kabelmetal), Aluworks, among others.

Mr. Sarpong said the success story of the industries NIB funded over the period was there for all to see.

He however, stated that "having firsthand information about how they are performing presently and understanding the current needs of industry would help us better appreciate the type of financial support required by industries. This will help the bank develop appropriate financing programmes to support industrial development. That is one of the reasons why we are embarking on these visits"

Improved support for the manufacturing sector, Mr Sarpong believed was the surest way to help increase the country's production of goods, reduce imports and creates employment.

"Increased support for the manufacturing sector is one of our core mandates, as NIB was actually set up to help drive and stimulate rapid industrialisation of the Ghanaian economy. We are taking steps to ensure the bank is put on a strong footing, and once that process is complete, we would resume what we are known for, funding viable ventures in the industrial sector," Mr Sarpong emphasised.

The MD/CEO was accompanied by his Deputy, Mr Alfred George Thompson and some senior management members.

They were hosted by the Managing Director of Nestle Ghana Limited, Ms Philomena Tan, the Director of Finance, Mr Ousmane Kamara and the management of the production facility.

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