President Nana Akufo-Addo on Tuesday launched the $750 million Development Bank Ghana.
According to the president, “the event is the culmination of years of painstaking efforts undertaken by the Akufo-Addo Government to strengthen the infrastructure for the transformation of the Ghanaian economy for private sector-led growth”
“This launch comes on the heels of some unfortunate, but forgettable commentary that accompanied the processes leading to the establishment of the bank. A year on, I am delighted the Development Bank Ghana has seen the light of day, as its foundation will help spearhead the vision of moving our nation to a 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 for our young people,” the president said.
According to him, the Development Bank Ghana 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. Additionally, it will partner research institutions to undertake sector research, support innovation centres, and business accelerators. 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,” President Akufo -Addo said.