DBG assures of finance support for SMEs to boost economic growth
The Chief Executive Officer of the Development Bank of Ghana (DBG), Kwamina Duker has indicated the bank is disbursing at least 600 million Ghana cedis in loans for on-lending to SMEs this year as part of efforts to resuscitate the economy.
He maintains that the challenges confronting the local economy can be partly resolved if the commercial banks deepen their collaboration with the development bank to enhance the lending capacity to businesses.
Speaking at the DBG/GAB Ghana’s Medium-Term Outlook presentation in Accra, the Chief Executive Officer of DBG, Kwamina Duker assured of the bank’s continuous support to the growth of the economy.
“DBG remains steadfast in its commitment to support the growth and development of businesses in Ghana, and it is with great pleasure that we share with you some key achievements that highlight our commitment to the cause,” he said.
“In the first quarter of the year, we increased our lending portfolio by disbursing GH₵57.2 million to three PFIs for onward lending to businesses in the Agriculture and Manufacturing sectors, bringing our loan book size to GH₵302 million. We onboarded Zenith Bank as our latest PFI, expanding our network of partners and enhancing our ability to reach more SMEs across various sectors,” he added
“We have committed to disbursing at least 600 million Ghana cedis in loans for on-lending to SMEs this year. We possess the capacity to provide additional loans to back sustainable projects as they are presented to us, demonstrating our unwavering dedication to growing with our partners,” he noted.
Meanwhile, the Chief Executive of the Ghana Association of Bankers, John Awuah says loanable funds to the Participating Financial Institutions (PFIs) will mitigate the unemployment challenges that confront the country.
“The birth of DBG is considered timely and strategic: its establishment would ensure a significant increase in loanable funds available to participating financial institutions; create the enabling environment for long-term funding; improve the country’s unemployment challenges through direct and indirect job opportunities; deepen financial intermediation and ensure the timely release of funds to business at reasonably low rates,” said.
On his part, an Economist and Statistician, Professor Eric Osei- Assibey opined of a positive economic outlook as the inflationary rate has recorded a decline.
Source: Ghana Business
