DBG to inject over a $1bn into Ghana’s economy

The Minister of Finance, Mr. Ken Ofori-Atta has revealed that the establishment of the Development Bank Ghana (DBG) will inject over a billion dollars into Ghana’s economy.

He made the announcement on Thursday, May 20, 2021 at a press briefing in Accra.

According to the minister, government is taking conscious steps to set the economy back to full throttle.

Ghana’s Ministry of Finance and the European Investment Bank on Wednesday reached an agreement for the provision of €170 million facility for the establishment of a new national bank, the Development Bank Ghana (DBG).

According to Government, DBG is an integral feature of the GH¢100 billion Ghana Cares ‘Obaatampa’ Project, which is seeing to the revitalisation of the Ghanaian economy following the onset of COVID-19.

On Wednesday May 19 2021, President Nana Addo Dankwa Akufo-Addo held a meeting with the President of the European Investment Bank, Dr Werner Hoyer, as part of his official visit to Belgium.

The €170 million facility, according Dr Hoyer, is the largest facility provided by the European Investment Bank for the establishment of a development bank in Africa or for any other project, for that matter, on the continent.

Speaking at the signing ceremony, President Akufo-Addo noted that “the Development Bank Ghana is going to play a very important part in the rapid economic transformation of Ghana, following the onset of COVID-19.”

He also indicated that, “We want to restructure the economy, and move it from being a mere producer and exporter of raw materials, to one that places much greater emphasis on value addition activities. We see this Bank (DBG) as one that will play a pivotal role in this”.

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