Stakeholders dialogue on New Development Bank today

Stakeholders are set to hold the first ever dialogue on the role of the Development Bank in the transformation of the Ghanaian economy today, Thursday, June 17, 2021.

The event organized by Impact Investing Ghana (IIGh) will be the first ever public Dialogue Series on Financing for Development in the country.

The forum is dubbed “What is the Role of the Development Bank in Ghana’s Economic Transformation?”.

As the theme suggests, the Forum aims at providing more clarifications on the proposed development bank in the country. As such, it will provide answers to questions raised by Ghanaians following the announcement of the government’s intention to set up the New Bank.

Even though the Minister of Finance, Ken Ofori-Atta, held a press briefing to throw more light on the new Bank, there are still questions that remain unanswered. As a result, the Forum seeks to answer questions such as;

“Will the development bank actually enable Ghanaians to access financing to grow their businesses? Will the capital be patient and at affordable terms? How do they position themselves to benefit from these activities and how can citizens hold the government accountable to deliver the promised results?” – series of questions raised by expects.

Forum to take place online

Due to the COVID-19, the event will take place online via zoom from 10am to 11.30am. The Forum promises to be exciting as it brings together government representatives, development bank experts and other stakeholders.

It will feature a presentation by a leading expert in the field of development financing and experts from the Ministry of Finance. Also, among the speakers is a young Ghanaian entrepreneur, Nora Bannerman-Abbot of Sleek Garments Export Ltd & ASICT.

More specifically, some speakers at the event include; Alex Asiedu, Impact Investment Ghana (IIG) and Sampson Akligoh, Head of Financial Services Division at the Ministry of Finance. Others include Dr. Richmond Atuahene, Banking Consultant and Jerry Parkes of the Ghana Venture Capital Association.

Objectives of the Forum

Organizers of the event have outlined four (4) key goals of the forum. Firstly, the Forum will explain in very simple terms what a national development bank is, their successes and failures and what would be needed for a development bank to succeed in Ghana.

Also, it will explain in very simple terms the current set up of the development bank that is to launch soon in Ghana and how it has been structured to avoid the failures of the past and position it for success.

Additionally, the Forum will outline the needs of MSMEs and how the development bank will lead to financial products that meet their needs. Last but not the least, the Forum will help the public, especially businesses, to understand how MSMEs can position themselves to access this support.

Development Bank Ghana

The new National Development Bank or the Development Bank Ghana (DBG) is a wholesale and non-deposit taking bank.

According to the government, the DBG will provide access to long-term finance and boost job creation for Ghanaians in key sectors of the economy. These sectors include agribusiness, manufacturing, ICT tourism and other services across Ghana.

In a nutshell, the DBG is expected to provide long-term business financing in local currency and will also play a critical role in Ghana’s economic recovery process. It forms part of the government’s GH¢100 billion CARES Program.

The aim of this program is to mitigate the impact of the pandemic on the lives and livelihoods of Ghanaians.  As such, it will ensure that Ghana quickly emerge from the pandemic with a stronger and more resilient economy.

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