Banking and FinanceBusiness LoansSMEs

Development Bank set to offer long term financing to SMEs

1 Mins read

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

Related posts
Business Loans

MarketFinance is now Kriya! A note from our Co-Founder and CEO

3 Mins read
MarketFinance is now Kriya! A note from our Co-Founder and CEO The seeds that led me to co-found this company 12 years…
Banking and FinanceBusiness Loansfinance

African Development Fund approves $27.9m grant to Ghana

2 Mins read
African Development Fund approves $27.9m grant to Ghana The Board of Directors of the African Development Fund has approved a $27.9 million…
Banking and Finance

ADB appoints Yakubu-Tali as new MD

2 Mins read
ADB appoints Yakubu-Tali as new MD Alhassan Yakubi-Tali, Deputy Managing Director of Agricultural Development Bank has been appointed the substantive MD of…

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!