The newly established Development Bank Ghana (DBG) has been asked by President Nana Addo Dankwa Akufo-Addo to collaborate with the private sector and engage with them to give access to long-term finance, access to local and international markets, and skill development.
The bank would help all institutions in the economy, including the National Investment Bank, the Agricultural Development Bank, and the Ghana Exim Bank, to have access to long-term funding, according to a statement made during the bank’s June 14 opening.
The President promised that it will help private equity funds and other capital market companies get access to our bond market and make it easier to finance equity for SMEs.
He further stated that the Bank will partner research institutions to undertake sector research, support innovation centres and business accelerators, adding that “it will ensure that the requisite capital is directed towards business ideas with the most potential for growth and job creation, under the financial services ecosystem”.
He was delighted that the Bank has taken off despite what he described as unfortunate comments made about the plan for its creation. “Today’s event is the culmination of years of painstaking efforts undertaken by the Akufo-Addo government to strengthen the infrastructure ,the transformation of the Ghanaian economy for private sector led growth. “This launch comes on the heels of some unfortunate, unforgettable commentaries that accompanied the process leading to the establishment of the bank.
“A year later, the Development Bank Ghana has finally come into the light as its foundation will help drive the vision of moving our nation beyond aid and putting the private sector in the driver’s seat of our nation’s socioeconomic transformation and the creation of quality jobs for our young people.
“When I initially took office, the concept of establishing the Development Bank Ghana was in fact mentioned in the 2017 budget statement and economic strategy. It’s one of the numerous efforts my administration has developed to assist the Ghanaian economy change. The primary goals are to create a market access technology ecosystem and make long-term finance available to the private sector.