Development Bank Ghana (DBG) has received nearly $800 million from its shareholders to begin operations, said Chief Executive Officer (CEO), Kwamina Duker.

“To date, our capital and funding comes from the Government of Ghana, the World Bank, the European Investment Bank (EIB), the African Development Bank (AfDB) and KfW. DBG has capital of GH¢1.2 billion. We have received funds in excess of $700 million from our shareholders and partners to lend to partner financial institutions (PFIs) and provide capacity building,” he said. -he declares.

Speaking to the media in Accra yesterday ahead of the launch of DBG today, Mr Duker said the bank was delighted with the support it had continued to receive from development partners and the Government of Ghana (GoG).

The media engagement also aimed to introduce the board and management of the bank, namely Dr. Yaw Ansu, Chairman of the Board, Charles Boamah, Mary Boakye, Nora Bannerman Abbott, Rosemary Yeboah, Stephan Leudesdorff and Yaw Nsarkoh.

Management members are Michael Mensah-Baah, Deputy Managing Director, Dr Clement Kwabena Opuni-Frimpong, Deputy Managing Director, Dr Prince Adjei, Risk Management Oversight, Gifty Afua Sackey, Chief Internal Auditor, El Farouk, Director Information Security, Ishmael Nii Adumoah Oku, Head of Internal Control and Jocelyn Emma Ackon, Head of Human Capital.

Mr Duker said the bank partners with PFIs such as CalBank, CBG, GCB and Fidelity Bank and provides them with funds to lend to small and medium-sized enterprises (SMEs) across the country, adding that DBG plans to expand to include more commercial banks, as well as rural banks, microfinance institutions and savings and loan societies.

“We are also working with a number of partners who will improve the services and products available to SMEs, such as the Association of Ghana Industries and the Ghana Stock Exchange, the Ghana Enterprise Agency, the risks based on the Ghana Agricultural Lending Incentive, the Monetary System Authority of Singapore, Standard Chartered Bank, Ghana National Chamber of Commerce and Industry and the United Nations Global Compact,” he said. -he declares.

These institutions, Duker said, would provide capacity building, support agribusiness services, provide a digital learning and lending platform, tax services and incubator services to enable more SMEs to access DBG funds.

Mr Duker said the bank was set up to provide competitively priced financing for the growth of the SME industry in the country due to the huge financing gap for the private sector, saying the shortfall in funding for the manufacturing sector alone was over GH¢100 billion.

He explained that the DBG would provide concessional loans to PFIs to lend to SMEs, adding that the bank was focusing on agriculture and agribusiness, information technology and manufacturing sectors.

Mr. Duker said that SMEs make a significant contribution to national production and economic resilience and will employ more than 80% of the workforce and generate around 70% of the country’s gross domestic product.

“Despite this huge contribution, they are underserved when it comes to long-term lending,” he said, adding that “in 2020, just under 10% of lending in the banking sector was for businesses in the manufacturing and agricultural sectors.

“DBG was designed to help relieve critical bottlenecks that have hampered the availability of long-term, competitively priced loans to SMEs in industrial sectors that have the potential to transform the economy, namely l agribusiness, ICT manufacturing and high-value services,” said Mr. Duker. said.

The GoG, recognizing the financing gap of the private sector and the efforts to transform the economy, decided to establish the DBG and consequently passed the Financing for Development Act 2020.

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