The much anticipated state own Bank that was planned by the Akufo since last year to help boost economic recovery of the country is finally coming into fruition as €170 million has been secured for that purpose. The Covid-19 pandemic threw the Economy out of gear and one of the tools the government wants to use is to set up a development bank. This secured fund thus does the magic.
The Ministry of Finance and the European Investment Bank have signed the agreement for the provision of a hundred- and seventy-million-euro (€170 million) facility for the establishment of the new national bank, the Development Bank Ghana (DBG).
The agreement was signed today when the President, Nana Addo Dankwa Akufo-Addo visited Belgium and met with President of the European Investment Bank (EIB), Dr. Werner Hoyer.
“The Development Bank Ghana is going to play a very important part in the rapid economic transformation of Ghana, following the onset of COVID-19.” President Akufo-Addo said at the signing ceremony.
The President took the opportunity to reiterate his commitment to changing the structure of the Ghanaian Economy. This has been his agenda since coming to office in 2017.
According to him, “We want to restructure the economy, and move it from being a mere producer and exporter of raw materials, to one that places much greater emphasis on value addition activities. We see this Bank (DBG) as one that will play a pivotal role in this”.
Dr. Hoyer, on his part, was confident that the establishment of Development Bank Ghana will help unlock opportunities for growth in Ghana, as well assist in the rapid recovery of the Ghanaian economy from the ravages of COVID-19.