Development Bank Ghana receives operational license from Bank of Ghana

The government has announced the successful set-up and operationalization of the Development Bank Ghana (DBG).

This comes after the Development Bank Ghana received its operational license from the Bank of Ghana.

The central bank has also conducted its due diligence and approved DBG’s Governing Board and key Management Personnel.

These were announced by the Finance Minister Ken Ofori-Atta when he presented the 2022 budget statement before parliament on Wednesday, 18 November 2021.  

The Finance Minister said DBG will support the private sector to ease the constraints of long-term credit for growth and expansion.

“Government’s intention in establishing the DBG is very clear; to provide a strong well-capitalized institution to ensure that private sector credit is enhanced on a scale that will make businesses expand, employ more people and be more competitive in the region especially within the AfCTA framework,” he said.

“Mr. Speaker, Government has committed to capitalizing DBG with US$250 million, of which US$200 million has already been paid,” he disclosed.

In addition, Mr. Ofori-Atta noted that through the effort of the government, a total financing package of around US$550 million has been lined up for DBG from development partners.

It is expected that DBG will leverage these resources to attract additional local and international capital for private sector growth and job creation.

The minister said DBG is primed to ease the constraint of long-term financing at competitive rates for entrepreneurs in the manufacturing, agriculture, agro-processing, ICT, and housing subsectors to propel economic growth, create jobs and improve domestic revenue mobilization.