Development Bank Ghana: Difference between revisions
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date=14 June 2022 |author=Ghana Today |access-date=17 June 2022 | location=Accra, Ghana}}</ref> |
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The African Development Bank approved $23.04 million for a modern floating dock facility.<ref>{{Cite web |title=Ghana: African Development Bank approves $23.04 million for modern Floating Dock Facility |url=https://www.afdb.org/en/news-and-events/press-releases/ghana-african-development-bank-approves-2304-million-modern-floating-dock-facility-62286}}</ref> |
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Revision as of 19:40, 13 September 2023
| Company type | Parastatal |
|---|---|
| Industry | Finance |
| Founded | 2021 |
| Headquarters | Accra Financial Center Liberia Road, Accra, Ghana |
Key people | Yaw Ansu Chairman Kwamina Duker Chief Executive Officer |
| Products | Loans, equity partnerships, financial advisory services, management services, export/import finance |
| Total assets | US$800 million (2022) |
| Owner | Government of Ghana |
Number of employees | 40 (2022) |
| Website | Homepage |
The Development Bank Ghana (DBG) is a government-owned development bank in Ghana. Owned by the government of Ghana, the institution has received grants and loans for on- lending to Ghana's commercial banks, from the African Development Bank, the World Bank Group, the European Investment Bank, and the German Development Bank. The DBG focuses on providing indirect loans to small and medium enterprises (SMEs), with less than 100 employees each.[1][2] A key area of focus in the immediate and long term is environment, social and governance to help build a sustainable economy in Ghana.[3]
Overview
DBG was established in July 2021,[4] to provide loans to commercial banks and other financial institutions in Ghana, for on-lending to Ghanaian SMEs. The institution is owned by the Ghanaian government. Funding support has been received from international development institutions, as detailed in the previous section. As of June 2022, DBG's total assets were valued at almost $800 million. At that time, shareholders' equity was US$250 million).[5][6]
As of June 2022, four commercial banks had signed on to accept funds from DBG, for on-lending to eligible businesses, (a) CalBank (c) Consolidated Bank Ghana (c) Ghana Commercial Bank and (d) Fidelity Bank Ghana.[5][6]
History
The DBG was conceived in 2017 and launched in June 2022.[7] It was established to complement two other government-owned financial houses established before, namely the Agricultural Development Bank of Ghana and the National Investment Bank. However, they lacked long-term lending at reasonable rates to small businesses, "in the agriculture value chain, manufacturing, and high-value services".[8]
Future plans
The bank plans to increase its coffers by injecting more capital from the government of Ghana and its development partners.[6] It is the objective of DBG to increase the proportion of banking loans advanced to small businesses from 9 percent in 2022 to 15 percent in 2024.[8]
Functions
- The bank will ensure that it truly serves the industrial and export strategies of Ghana's economy.
- It will also encourage businesses to do more in terms of job creation and expansion.
- It will raise long-term funds from both the local and international capital markets and from international financial organizations based on the bank's own balance sheet.
- A wholesale bank to lend financial organizations for un-lending to businesses.[4]
Sectors
- Tourism
- Off-farm agribusiness farm value-chain activities
- Manufacturing
- ICT-software
- Housing[4]
Board of directors
As of December 2021, DBG's board of directors consisted of:
- Dr. Yaw Ansu (Chairman)
- Stephan Leudesdorff
- Charles Boamah
- Rosemary Yeboah
- Mary Boakye
- Yaw Nsarkoh and
- Nora Bannerman-Abbott.[9]
Management
As of 31 January 2022, Kwamina Bentsi Enchill Duker is the chief executive officer of the Development Bank Ghana. He also serves as a member of the bank's board of directors.[10]
See also
- Economy of Ghana
- List of banks in Ghana
- Agricultural Development Bank of Ghana
- National Investment Bank
- West African Development Bank
References
- ^ Rachel Savage (14 June 2022). "Ghana development bank aims to lend $600 million to small firms over 1-2 years". Reuters.com. London, United Kingdom. Retrieved 17 June 2022.
- ^ KfW (15 December 2021). "A new engine for Ghana's economic transformation - the Development Bank Ghana". German Development Bank. Frankfurt, Germany. Retrieved 17 June 2022.
- ^ "Sustainability – Development Bank Ghana (DBG)". Retrieved 13 September 2023.
- ^ a b c Awal, Mohammed (21 July 2021). "Does Ghana need new Development Bank?". The Business & Financial Times. Retrieved 24 August 2023.
- ^ a b Theresa Smith (16 June 2022). "Catalysing SME growth in Ghana through a Development Bank". ESI-Africa.com. Cape Town, South Africa. Retrieved 17 June 2022.
- ^ a b c Ghana Today (14 June 2022). "Development Bank Ghana secures $800 million from shareholders …ready to kick-start operations". Ghanatoday.gov.gh. Accra, Ghana. Retrieved 17 June 2022.
- ^ Komminoth, Leo (15 June 2022). "Ghana's long-awaited Development Bank finally launches". African Business. Retrieved 24 August 2023.
- ^ a b Ghana Today (14 June 2022). "President Akufo-Addo inaugurates Development Bank Ghana". Ghanatoday.gov.gh. Accra, Ghana. Retrieved 17 June 2022.
- ^ Mariam Naa Dedei Aryeetey (1 February 2022). "Government Appoints Board Of Directors & Ceo For Development Bank Ghana (DBG) Limited". PanAfricanvisons.com. Accra, Ghana. Retrieved 17 June 2022.
- ^ Nerteley Nettey (31 January 2022). "Gov't appoints 7-member Board for DBG; names Kwamina Bentsi Enchill Duker as CEO". CitiNewsroom.com. Accra, Ghana. Retrieved 17 June 2022.
External links
