Development Bank Ghana officially begins operation

The Development Bank Ghana (DBG) has officially begun operations following its official launch by President Akufo-Addo on Tuesday.

It will also focus on SMEs and relatively large Ghanaian corporates in these sectors to help transform the economy and create jobs.

Speaking at the official launch of the Development Bank Ghana in Accra on Tuesday (14 June), Ofori-Atta charged the financial outfit to manage its affairs prudently.

Ken Ofori-Atta
Ken Ofori-Atta

“DBG is designed to be financially sustainable,” he said.

“It is our firm expectation DBG will manage it affairs prudently, that soon it will be able to go to the market, both domestic and international, to raise its own funds on the basis of its balance sheet. This therefore requires the Board and Management to work hard toward getting an international rating for the Bank within the shortest possible time,” he said.

The DBG is expected to source funds on the domestic, regional and international capital markets by issuing bonds and diaspora instruments and by borrowing directly periodically.

The DBG is being positioned as a post-COVID-19 recovery institution, learning from the experience of institutions such as KfW in Germany and the Development Bank of Singapore, which played a critical role in transforming the economies of their home countries.

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