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Development Bank Ghana (DBG) has met Chief Executive Officers of some universal banks in the country to come out with financial strategies to revive the economy.
The meeting, hosted by DBG’s Chief Executive Officer, Kwamina Duker, formed part of DBG’s initiative dubbed the “DBG Economic Recovery Initiative,” designed by the bank in line with its mandate to transform and develop the country’s economy by empowering the private sector.
The discussions centred on how DBG would work with the commercial banks, GIRSAL and other partners to support the private sector with long-term capital in an efficient and effective manner.
In attendance were CEOs; Philip Owiredu of CalBank, Kofi Adomakoh, of GCB Bank, and Daniel Wilson Addo of CBG.
Also, Dr Yaw Ansu, Board Chairman of DBG, Kwesi Korboe, Chief Executive Officer of Ghana Incentive-based Risk Sharing System for Agricultural Lending (GIRSAL), and Michael Mensah-Baah, Deputy Managing Director, DBG were present.
Mr Duker said, “DBG remains focused on its agenda to empower local businesses in order to achieve a transformation of Ghana’s economy”.
He said, “Our economic recovery initiative is primarily aimed at improving the already great partnerships that DBG has forged in its first year in order to achieve a higher level of success which should see stronger local businesses that will form the backbone of our recovery and progress economically”.
Mr Duker said DBG this year would offer long-term funding to the agriculture sector to the tune of GH¢ 500 million.
The amount, he said, would specifically be used to support the production of maize, soya, poultry and rice production, and it formed part of the DBG’s strategy to enhance the country’s food security.
“In addition, the Bank this year will provide GH¢ 500 million funding for sectors like tourism and manufacturing,” Mr Duker said.
Last year, DBG provided funding of GH¢ 300 million to local businesses in the agriculture, manufacturing and tourism sectors.
Mr Addo, CEO, CBG, said, “There is no gainsaying the conspicuous fact that this initiative is very timely and should help all commercial banks to find ways of dealing with the challenges banks face currently to enable us to support the private sector better”.
The CEO of GCB, Mr Adomako, said, “We had a very fruitful discussion, and we are already tackling some of the bottlenecks. The Bank of Ghana and other institutions would be engaged on specific issues. In addition, we intend to carry out advocacy in the area of government policy relating to some of the industries we intend to support”.
The CEO of CalBank, Mr Owiredu, said, “It is now even more critical that DBG delivers on this mandate considering the economic challenges Ghana is facing currently. At the end of the day, the good thing is that we have taken the initiative to tackle head-on the responsibility of leading the recovery of the economy and that is a great step”.
