The Chief Executive Officer of Development Bank Ghana (DBG) has emphasized the financial institution's importance to the country's economy.
The yet-to-be-launched bank, according to Kwamina Bentsi Enchill Duker, aims to disrupt the status quo in Ghana's financial industry, which does not favor small and medium-sized businesses.
The CEO stated in a speech on Monday that SMEs are a significant contribution to the country's labor and GDP, but that the existing banking system makes it practically difficult for SMEs to obtain loans to support their diverse businesses. As a result, the DBG is attempting to "do things differently" in order to assist SMEs.
We want to do things differently, says DBG's CEO.
"To do things differently, we'll work together with our partners, banking buddies, and the SMEs we're all trying to help." We need to be unique in how we assist SMEs in resolving some of their issues.
We want to do things differently, says DBG's CEO.
"The DBG is intended to assist alleviate significant bottlenecks that have hampered the provision of long-term, competitively priced loans to small and medium-sized firms in industrial areas with the potential to reshape the economy," he explained.
With the help of the government, the World Bank, the European Investment Bank (EIB), and the African Development Bank, Mr Duker stated that the Bank now has a capital structure of approximately $800 million (AfDB).
We want to do things differently, says DBG's CEO.
"DBG has a capital of 1.2 billion dollars. We've received more than $700 million in funding from our shareholders and partners to on-lend to PFIs and develop capacity. We are humbled by the assistance we have gotten from these institutions and the government thus far, and continue to receive.
We want to do things differently, says DBG's CEO.
"Our goal is to create an impact by doing things differently and well. We're also thrilled to be collaborating with our partner. Institutions of finance CalBank, CBG, GCB, and Fidelity Bank are among the banks with whom we have already cooperated. "We're excited to see the benefits that these partnerships will bring," he said.
The CEO stated that the Bank cooperated with organizations that would assist strengthen the services and products accessible to SMEs in order to assure success.
We want to do things differently, says DBG's CEO.
"DBG is eager to make a difference by doing things differently. "Our crew is in place and ready to go," he stated emphatically.
We want to do things differently, says DBG's CEO.
Meanwhile, all is prepared for DBG's debut tomorrow, and Mr Duker says the bank is excited to "mark the start of a momentous journey."
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