Finance Minister touts the primary focus areas of Development Bank of Ghana

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Ken Ofori-Atta
Ken Ofori-Atta

The Minister for Finance, Kenneth Nana Yaw Kuntunkununku Ofori-Atta has touted the primary focus areas of Development Bank of Ghana.

Speaking at a press briefing, the Finance Minister has outlined some key areas the establishment of Development Bank of Ghana (DBG) will cater for.

He added that, this is the first time we are establishing a bank of this nature. It is a model along the lines of the German Development Bank – KfW, which played a pivotal role in the post-World War II reconstruction and transformation of the German economy.

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Ghana receives €170 million from EIB to establish Development Bank Ghana

This came after President Nana Addo Dankwa Akufo-Addo has secured an amount of hundred and seventy million euros (€170 million) from the European Investment Bank (EIB) for the establishment of a new national bank, ‘Development Bank Ghana’ (DBG).

The key highlights outlined by Ken Ofori-Atta as the Primary Focus Areas of the bank will be;

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1. Agribusiness, with a focus on off-farm value-chain activities

2. Manufacturing

3. ICT, software, and allied services, including Business-Process Outsourcing, and Tourism

4. Boosting homeownership through affordable and longer tenure Mortgage Finance

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5. The bank will provide funds to  existing commercial banks and other qualifying financial institutions to provide long-term lending and other innovative products that are presently lacking in the system. It is not like existing commercial banks like Ecobank, Fidelity etc neither is it like NIB or ADB.

7. It will complement and strengthen the operations of existing financial institutions.

8. The bank will provide loans with tenures of up to 15 years.

9. The bank will inject about a  billion dollars in Ghana’s economy in the next five years.

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President Nana Addo Dankwa Akufo-Addo on Wednesday, 19th May 2021, announced that, Ghana has received €170 million from the European Investment Bank (EIB) for the establishment of a new national bank, ‘Development Bank Ghana’ (DBG).

According to the President, the Development Bank Ghana’ (DBG) is one of the pillars of our GH¢100 billion Ghana CARES ‘Obaatampa’ Project, the programme to revitalise the Ghanaian economy, following the onset of COVID-19.

The President, while addressing the international community further said, the bank will stimulate growth in the private sector, and aid in our programme to transform the structure of the Ghanaian economy.

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The Minister for Foreign Affairs and Regional Integration, Hon. Shirley Ayorkor Botchwey, signed on behalf of Ghana, with Dr. Werner Hoyer, President of EIB, signing on behalf of the Bank.

SOURCE: Coverghana.com.gh

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