Amidst the hustle and bustle of the 2024 political campaign season, a surprising decision by the Akufo-Addo government, has left many stunned with only seven months to go before the general elections.
Tweneboa Kodua Fokuo, the New Patriotic Party’s Parliamentary Candidate for the Manso Nkwanta Constituency in the Ashanti Region, has been appointed as the Managing Director of the ailing National Investment Bank (NIB), a state-owned financial institution.
This unexpected move, comes as Mr Fokuo, actively engages in political campaigning to secure a seat in next year’s parliament.
Mr Fokuo, emerged victorious in the NPP parliamentary primary, defeating four other contenders for the party’s nomination.
His appointment comes at a crucial time for NIB, as the bank grapples with challenges and seeks a new direction.
He takes over from Samuel Sarpong, who had served as Managing Director since 2019, but left the institution without a clear vision for its future.
The decision to appoint a parliamentary candidate to such a significant position, has raised eyebrows among political observers and the public alike.
Some question the timing and potential conflicts of interest that may arise from Mr Fokuo’s dual role as an NPP candidate and a bank executive.
The NPP candidate’s appointment as MD, takes effect today, Monday, May 13.
Bright Simons, the Vice President of IMANI Africa, has questioned the rationale behind the appointment of a parliamentary Candidate for the 2024 election to lead a financially troubled state institution like the NIB.
A memo sent to the staff of the Bank explained that Mr Fokuo was appointed by “the majority shareholder. With his extensive experience, Mr. Fokuo is poised to lead us into a successful future.
“In addition, Mr. Philip Ofori-Asante has been nominated as Deputy Managing Director, following in Mr. Fokuo’s footsteps. Mr. Ofori-Asante brings considerable banking expertise, and we look forward to introducing him to the team at the appropriate time.
“Rest assured, the restructuring and transformation efforts we’ve initiated will persist under Mr. Fokuo’s capable leadership. With the invaluable guidance of the Board and Mr. Fokuo’s vision, working closely with Management, we anticipate a seamless transition and ongoing progress.”
But Bright Simons, a civil society don, in a post on X formerly Twitter wondered why the Bank of Ghana would approve the appointment of a Parliamentary Candidate to be the CEO of a struggling state bank in an election year.
“You have a state-owned bank that has been struggling for years. It does not have enough capital & could have been shut down if it was private. Instead of bringing a turnaround specialist to fix it, Ghana govt promotes an MP aspirant who will be campaigning in 2024 as the new CEO!”
The NIB announced the appointment of Tweneboa Kodua Fokuo as its new Managing Director, effective todfay Monday, May 13, 2024.
An internal memo to the bank’s staff revealed that Mr. Fokuo’s appointment was made by the majority shareholder, citing his vast experience as a key factor for his selection to steer the bank towards a prosperous future.
In the same vein, Philip Ofori-Asante has been appointed as the Deputy Managing Director.
Meanwhile, the bank’s ongoing restructuring and transformation initiatives are set to continue under the new leadership of Mr. Fokuo.
Tweneboa Kodua Fokuo was described as a seasoned banker with a comprehensive understanding of Risk Management across various sectors, including commercial, corporate, and investment banking, as well as country risk management.
His illustrious banking career began at Barclays Bank, Ghana in 2008, where he ascended through the ranks, ultimately serving as Assistant Vice President.
His role as Country Risk Champion for Barclays Ghana involved liaising with the Group’s Country Risk Teams in London and Johannesburg.
In January 2016, he transitioned to First National Bank Ghana Ltd, a subsidiary of FirstRand Bank of South Africa, as the Head of Credit Risk.
