It is our firm expectation DBG will manage it affairs prudently – Ofori-Atta

Finance Minister Ken Ofori-Atta is expected to lead negotiations with the IMF
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Finance Minister Ken Ofori Atta has said the government expects the newly-launched Development Bank Ghana (DBG) to manage it affairs prudently.

The Bank was launched by President Nana Addo Dankwa Akufo-Addo on Tuesday June 14.

Mr Ofori Atta said during the event that “It is our firm expectation DBG will manage it 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.”

“In setting up DBG, we looked at all these experiences, including our experiences in Ghana and it is clear to us that the big differentiator for success is the governance of the institution and the professionalism with which they are run,” he added.

 President Akufo-Addo urged the Bank to partner with the private sector, and work with them to provide access to long term funds, access to markets both domestic and foreign, and skills developments.

He said the Bank will support all banks in the economy to have access to long term funds, including the National Investment Bank, the Agricultural Development Bank and the Ghana Exim Bank.

“It will also support private equity funds, and other capital market firms to have access to our bond market, and facilitate equity financing for SMEs,” the President assured.

He further stated that the Bank will partner research institutions to undertake sector research, support innovation centres and business accelerators, adding that “it will ensure that the requisite capital is directed towards business ideas with the most potential for growth and job creation, under the financial services ecosystem”.

He was delighted that the Bank has taken off despite what he described as unfortunate comments made about the plan for its creation.

“Today’s event is the culmination of years of painstaking efforts undertaken by the Akufo-Addo government to strengthen the infrastructure ,the transformation of the Ghanaian economy for private sector led growth.

“This launch comes on the heels of some unfortunate, unforgettable commentaries that accompanied the process leading to the establishment of the bank.

“A year on, the Development Bank Ghana has seen the light of the day as its foundation will help spearhead the vision of moving our nation, the situation beyond aid which involves positioning the private sector to take the lead in the socio economic transformation of our country and create quality jobs of our young people.

“The idea of setting up the Development Bank Ghana was indeed announced in the 2017 budget statement and economic policy when I first assumed office. It is one of the many policy initiatives that my government has come up with to help transform the Ghanaian economy. The overriding objective is to make long term funding available to the private sector and develop the ecosystem for market access technology and innovation,” he said.

By Laud Nartey|3news.com|Ghana

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