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Development Bank set to offer long term financing to SMEs

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With guaranteed operational independence, clear cut vision and a strong balance sheet amounting to 750 million dollars, the Development Bank Ghana (DBG) is set to offer long term long financing to Small and Medium Scale Enterprises (SMEs) operating in the country.

About 80 percent of businesses registered in Ghana are in the SMEs sector, but lack of access to the financial sector has rendered most of them incapable of meeting the needs of the public.

To address this and ensure a sustainable bedrock for private sector development, government in the 2017 budget announced the setting up of the Development Bank.

At a launch to operationalised the Bank, on Tuesday, President Akufo-Addo assured his government will not interfere in the operations of the Bank “to guarantee its independence of operation, and enable it to work professionally and efficiently in the larger interest of its overarching objective of helping drive private sector-led growth of our national economy.”

“The Board has been tasked to scale up the Bank’s resource envelope so as to drive the country’s economic transformation agenda and entrench the institution’s international pedigree,” he added.

According to him “Government expects the Development Bank Ghana to use its strong financial position to support the growth of private sector companies to help create high quality jobs, and enable Ghana’s private sector to compete more favorably within the framework of the African Continental Free Trade Area.”

The Bank has equity funding from Ghana, the European Union, the World Bank and the African Development Bank.

Source: www.myjoyonline.com

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