“SMEs Are the Game Changers for Ghana’s Economy’’ – GCB Bank MD

The Development Bank Ghana (DBG) was officially launched by President Nana Akufo-Addo on Tuesday 14th June, 2022. The DBG, which received its license from the Bank of Ghana in November last year, will help provide long-term, competitively priced loans to small and medium-sized enterprises in industry sectors that have the potential to transform the economy namely, agribusiness, manufacturing, ICT, and high-value services.

With a wholesale banking business model, the DBG with over $700million in capital, will be providing funding to eligible financial institutions to on-lend to Ghanaian businesses in targeted industry sectors. As a partner bank working with the DBG, GCB Bank was represented at the event by the Managing the Director Mr. Kofi Adomakoh, who took part in a panel discussion on the role of partner institutions in helping the DBG achieve its mandate.

“SME’s are the game changers for Ghana’s economy and GCB looks forward to working with DBG to support SMEs, create opportunities for funding, create new markets, develop capital and capacity building,” Mr. Adomakoh said.

He also encouraged owners of SMEs to build capacity for their businesses to enable them adapt in the ever changing business environment and better position them for financial aid.

Addressing the issue of perceived risk to operations of the DBG, the President of the Republic of Ghana, H.E. Nana Addo Dankwa Akufo-Addo gave the assurance that government would not interfere in the Bank’s decision making to ensure operational independence.

“I want to assure the Board of the Bank that government will not interfere in its decision-making process, so as to guarantee its independence of operation and enable it to work professionally and efficiently in the larger interest and overarching objective of helping drive private sector-led growth of the national economy,” the President said at the Bank’s launch in Accra.

The Finance Minister, Mr. Ken Ofori-Atta, also charged DBG to be prudent in the management of its affairs.“It is our firm expectation that DBG will manage its affairs prudently, that soon it will be able to go to the market, both domestic and international, to raise its own funds on the basis of its balance sheet. This, therefore, requires the Board and Management to work hard towards getting an international rating for the Bank within the shortest possible time,” he said.

Mr. Kwamina Duker, CEO of DBG, said that the Bank is also working with partners such as the Association of Ghana Industries, the Ghana Stock Exchange and the Ghana Enterprises Agency to help improve the services and products available to SMEs.

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