- June 15, 2022
- Posted by: Amos Ekow Coffie
- Category: Economics
President Nana Addo Dankwa Akufo-Addo has urged the newly-launched Development Bank Ghana (DBG) to partner with the private sector, and work with them to provide access to long term funds, access to markets both domestic and foreign, and skills developments.
Speaking during the launch of the bank on Tuesday June 14 the Bank will support all banks in the economy to have access to long term funds, including the National Investment Bank, the Agricultural Development Bank and the Ghana Exim Bank.
“It will also support private equity funds, and other capital market firms to have access to our bond market, and facilitate equity financing for SMEs,” the President assured.
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 on, the Development Bank Ghana has seen the light of the day as its foundation will help spearhead the vision of moving our nation, the situation beyond aid which involves positioning the private sector to take the lead in the socio economic transformation of our country and create quality jobs of our young people.
“The idea of setting up the Development Bank Ghana was indeed announced in the 2017 budget statement and economic policy when I first assumed office. It is one of the many policy initiatives that my government has come up with to help transform the Ghanaian economy. The overriding objective is to make long term funding available to the private sector and develop the ecosystem for market access technology and innovation,” he said.