Dr. Seidu Zakaria has been appointed as Managing Director of National Investment Bank (NIB)
President John Dramani Mahama has appointed Dr. Seidu Zakaria as the Managing Director of the National Investment Bank (NIB).
In a statement issued by the Executive Secretary to the President, Dr. Callistus Mahama, it was announced that the appointment takes effect on January 27, 2025.
The President also extended his congratulations to Dr. Zakaria and wished him success in his new role.
“Please accept the President’s best wishes,” the statement read.
Dr. Zakaria brings extensive expertise and leadership experience to the role. As the new Managing Director, he is expected to lead strategies that will strengthen the bank’s operations and contribute to the growth of Ghana’s financial sector.
The history of the National Investment Bank can be traced back to the end of the Second World War. Agitations against foreign imports by indigenous people led to a general boycott organized by the Association of West African Merchants (AWAM).
In response, the colonial administration decided to establish an entity to facilitate the participation of private indigenous individuals in business. This led to the creation of the Gold Coast Industrial Development Corporation (GCIDC) in 1952, funded by budgetary appropriations to provide financial support to locals for establishing their own businesses.
GCIDC promoted entrepreneurship among locals in sectors such as furniture making and baking. This intervention helped develop the skills of local carpenters and bakers by introducing mechanized sawmills and electric bakeries.
GCIDC also supported the mechanization of other activities, such as laundry services, which had previously relied on manual labor. This initiative addressed the issue of Gold Coast professionals sending their garments to the United Kingdom for laundering.
The GCIDC Act eventually paved the way for NIB to set up joint ventures, as Ghanaian manufacturers and private businesses often lacked sufficient funding for start-ups. NIB was empowered to lend to enterprises and invest equity. Over the years, the bank set up more than 100 joint ventures, including regional development corporations.
Some of Ghana’s major industries, including Nestlé Ghana Limited, Novotel (now Accra City Hotel), Kabel Metal (now Nexans Kabelmetal), and Aluworks, benefited from equity participation or funding provided by NIB.
MA
