In response to these concerns, a widespread boycott was organized by the local community, led by the Association of West African Merchants (AWAM).

[8] Recognizing the need to address these issues and promote the involvement of private indigenous individuals in the business sector, the colonial administration took significant steps.

This intervention not only supported local businesses but also enhanced the skills of carpenters and bakers by introducing mechanized sawmills and electric bakeries.

NIB, with its capacity to provide loans and equity, initiated over 100 joint enterprises, including some regional development corporations that are no longer operational.

Notably, major industries such as Nestle Ghana Limited, Novotel (now known as the Accra City Hotel), Kabel Metal (now Nexans Kabelmetal), and Aluworks significantly benefited from equity participation and financial support.

The Government of Ghana contemplated a strategic move, suggesting that ADB might assume control of NIB to initiate a restructuring process.

This decision arose from NIB's ongoing struggle to achieve profitability, leading to the realization that the government couldn't sustainably fund the bank any longer.