Development Bank Ghana (DBG) in partnership with universal banks is playing a countercyclical role to support local businesses when they need it the most to spur a quicker economic recovery.
In partnership with universal banks, DBG is tirelessly working to bring support to our private sector in order to spur a quicker recovery leading to growth and sustainable prosperity for our local businesses.
In this direction, chief executive officers and senior executives of CalBank, Absa Bank, Consolidated Bank Ghana (CBG), GCB Bank, Fidelity Bank and Access Bank met at DBG’s office to strategise on how the partnership with DBG could be strengthened and improved to benefit the country.
The meeting was hosted by DBG’s chief executive officer, Kwamina Duker.
This initiative dubbed the “DBG Economic Recovery Initiative” has been fashioned out 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.
Areas of focus for the commercial banks include technology to build scale and efficiency and advocacy to secure policy change in support of local industries and their related value-chain.
It also includes building and increasing lending and developing prudential guidelines with associated safeguards to better realise DBG’s mandate.
DBG’s agenda for 2023 focuses on food security and seeks to offer long-term funding of GHS500 million to the agriculture sector, specifically for products like maize, soya, poultry and rice.
There will be an additional GHC500 million in funding for sectors like tourism and manufacturing.
As has been the approach employed by DBG in empowering local businesses, The Bank through its business partners, the Association of Ghana Industries (AGI), Ghana National Chamber of Commerce and Industry (GNCCI) and Ghana Chamber of Young Entrepreneurs (GCYE) will provide technical assistance to 15,000 local businesses in order to build their capacity.
As part of DBG’s plans to deliver its mandate, the Bank will this year introduce tailored solutions and further products for the benefit of local businesses.
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