Govt extends GH¢4 billion bailout to NIB, distressed SDIs

The government has set aside GH¢4 billion in the 2024 Budget to address challenges of the National Investment Bank (NIB). 

Part of the amount would be used to support distressed Specialised Deposit-Taking Institutions (SDIs), and other outstanding legacy challenges in the financial sector resulting from the 2019 banking sector clean up. 

The Minister of Finance who announced this in Parliament today when he presented the 2024 budget statement in fulfilment of the law, said the move was notwithstanding the ongoing litigation commenced by shareholders Blackshield Capital Management Limited (formerly Gold Coast Securities Limited). 

He said the Securities and Exchange Commision (SEC) would continue to engage the Official Liquidator and clients of the defunct Blackshield to reach a consensus on a framework for a bailout intervention and an amicable resolution.