DBG commits to resolve bottle necks limiting economic resilience
The Development Bank Ghana (DBG) has indicated that it is committed to enhancing strategic measures to resolve the bottle necks that limit economic resilience in the country.
The Development Bank explains that stimulation techniques towards economic transformation must be championed across all sectors of the economy including agricultural to spur economic growth.
Speaking at the DBG- UGBS Development Finance Dialogue Series in Accra, the Deputy Chief Executive Officer of the Development Bank Ghana, Michael Mensah- Baah assured of the bank’s preparedness in building a financial ecosystem that will inspire women and young entrepreneurs towards inclusive growth.
“We know as DBG that to create economic resilience and accelerate social mobility, we must champion the role of Knowledge, Innovation and be able to measure impact of our interventions,”
“The word inclusive is also extremely important; we cannot all benefit and thrive if some groups are underserved,”
“Supporting Women-led businesses, for example, is a core part of DBG’s focus. We are partnering with Ghana Enterprise Agency to support female entrepreneurs through providing customized capacity building for women led businesses. We are also focusing on supporting young entrepreneurs; there is enormous potential here,”
Michael Mensah- Baah further highlighted DBG’s investment support already activated to support food security in Ghana.
“We have already invested 300 million cedis to local Industries and we have also committed half a billion cedis to long term funding to be invested in the maize, soyabean and poultry value chain in the next 12 to 18 months,” he said.
Meanwhile, an Associate professor at the university of Ghana Business School, Professor Vera Fiador is urging stakeholders to leverage on development financing to address the structural gaps in the financial market.
“Our markets are not really structured to provide us with the needed access to finance that is seen in developed economies. The private sector capital market work quite efficiently at such places, so they always evolve and come out with products,” she said.
“In our case, we have not gotten to that stage yet so development finance tries to bridge the gaps: So if we could harness development finance adequately, then we will get to the point where we will be able to develop the various markets that will speak to both the public and private sector needs,” he added.
On his part, the Chief Executive Officer of Consolidated Bank Ghana, Daniel Addo, underscored the need for innovation in rolling out development finance.
The DBG- UGBS Development Finance Dialogue Series under theme: Deepening Development Finance Knowledge, Innovation and Impact was preceded with the signing of a MoU between the Development Bank Ghana and the University of Ghana Business School to bridge the gap between industry and academic research policy.
Source: Ghana Business
