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DBG To Serve As a Catalyst to Ghana’s Economic Transformation – Governor, BoG

DBG To Serve As a Catalyst to Ghana’s Economic Transformation – Governor, BoG

Dr. Ernest Addison, the Governor of Bank of Ghana, has indicated the potential of the newly established Development Bank Ghana, saying the bank has the tendency of speeding up the economic transformation of the country.

He said the Development Bank Ghana (DBG) together with its partners, has the potential to be a truly catalytic entity in Ghana’s economic transformation. 

Dr. Addison made these remarks during the official launch of the Development Bank Ghana (DBG) in Accra on the 14th June 2022. He added that the setting up of the bank is a much-anticipated event and yet another milestone in Ghana’s financial sector.

The Governor said “The Bank of Ghana will strive to work in close partnership with DBG to achieve this, from two key angles. First, in helping to safeguard and protect DBG's governance structures, and second, in working to create the right enabling environment both for DBG and its partners.”

He reiterated that the Bank of Ghana will hold the DBG to the same regulatory and supervisory standards that it holds banks and SDIs, while at the same time maintaining oversight of the Participating Financial Institutions (PFIs) that DBG will be working with.

He stressed the shortcomings on the financial landscape which have a direct bearing on growth, and was quick to acknowledge the supporting role of banks and Specialized Deposit-taking Institutions (SDIs) on short-term financing for commercial purposes. 

Dr. Addison indicated Banks and SDIs focus on short-term financing for commercial purposes with little support for long term financing needed to accelerate economic development and transformation. 

He therefore assured that the Bank of Ghana is committed to supporting DBG in its mission. “The relevance of the DBG is now needed more than ever and I urge all stakeholders to put in maximum efforts at making this work, this time round,” he concluded.

 

Source: Abdul-Razak Mohammed (Real Estate Times Africa)

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