The Ministry of Finance announced in May this year, the securing of €170million funds from the European Investment Bank for the establishment of a new National Bank, DBG, with a focus on the provision of long-term affordable financing in Agri-business, Manufacturing, ICT, Tourism, and Housing.
The DBG is an integral part of the Government’s GH¢100-billion Ghana CARES ‘Obaatampa’ project.
The European Investment Bank is among other international development institutions including the World Bank that are supporting Ghana’s efforts of establishing the new Development Finance Institution.
The Minister for Finance, Ken Ofori-Atta, in delivering the mid-year budget review last week noted that government is on track to opening the doors of DBG to finance Ghanaian businesses and enterprises through the strengthening of Ghanaian financial institutions.
According to him, the bank is a key pillar to quick recovery from the effects of the COVID-19 pandemic to resume economic transformation as articulated in the Ghana CARES Programme.
Hon. Ofori-Atta among other things said, “…in line with our commitment to a functioning financial ecosystem, under Ghana CARES we are establishing the building blocks for a stronger network of institutions to support business and entrepreneurship, including Development Bank of Ghana (DBG) GIRSAL, the Ghana Commodity Exchange (GCX), Venture Capital Trust Fund (VCTF) and the recently established Ghana Enterprises Agency.”
The Minister concluded by expressing optimism that these networks of institutions would anchor a new age of entrepreneurship, job creation, and wealth-building for the nation’s post-COVID transformation.
Source: Mohammed Bomanso Issah(Real Estate Times Africa)
