The Minority in Parliament is threatening to take legal action against the government if it attempts to sign off on the takeover between the Agricultural Development Bank (ADB) and National Investment Bank (NIB).

The Minority in Parliament has strongly urged the government to undertake a significant restructuring of the ailing NIB in order to prevent the bank’s potential liquidation.

Recent reports have indicated the possibility of ADB acquiring NIB, which currently carries liabilities exceeding GH¢2 billion.

During an interview on the Point Blank segment of Eyewitness News on Citi FM, Isaac Adongo, the Ranking Member of Parliament’s Finance Committee, accused the government of having an ulterior motive in the liquidation of NIB.

“It doesn’t make sense, introducing these complications in a very simple, obvious, and common-sense finance decision can only be for an ulterior motive. We will use Parliament, we will use the court of Ghana, we will use every legitimate means to protect the livelihoods of our people,” Adongo asserted.

The Bolgatanga Central MP raised concerns about the joblessness that will be created if the government succeeds with the liquidation process.

“The government is playing a very funny game now. They said they want ADB to buy NIB. If you are going to buy NIB, it means it doesn’t have money, somebody has to give ADB the money. ADB doesn’t meet the minimal adequacy requirement. ADB itself is suffering from diabetes, now you want to combine asthma with it and produce what kind of human being? You don’t add a bad bank to a bad bank, it’s never done. A good bank can buy a bad bank and use its strength to improve that bank. But the conversation is that ADB itself must be treated for its own individual illness.”

“And NIB must be created for its own individual illness. If you do that, they will be so healthy. They won’t even be interested in coming together. In a country that is struggling to even retain NABCo jobs, you want to lay people off from sustainable jobs? Hell no. In the end, we will be worse off. We saw what happened the last time,” he said.