Togbe Afede Resigns As NIB Board Chairman


Togbe Afede has resigned as the Board Chairman of the state-owned National Investment Bank (NIB)

According to sources, Togbe Afede’s resignation was as a result of internal wrangling at the bank.

He resigned last week, after opposing moves by some elements in the governing New Patriotic Party (NPP) to take over NIB through the Ghana Amalgamated Trust.

The NIB board, according to the source is being forced to sign some transactions that are not in the best interest of the state-owned bank.

Other members of the board have also resigned.

NIB is part of some five banks benefiting from GH¢2billion support from the Ghana Amalgamated Trust which are solvent and well-run indigenous banks, which were otherwise having difficulties meeting the new minimum capital requirement of GH¢400 million.

Togbe Afede was appointed as board chair of the NIB in 2017 by President Akufo-Addo