Ghana Launches Development Bank To Support Akufo-Addo’s Vision Of Development Beyond Aid

• President Nana Akufo-Addo has formally launched the $750 million Development Bank of Ghana in Accra
• The development bank is expected to strengthen the infrastructure for the transformation of the Ghanaian economy for private sector-led growth
• The National Investment Bank, Agricultural Development Bank, and Ghana Exim Bank are all expected to get support from the bank

President Nana Akufo-Addo has formally launched the Development Bank Ghana, to spearhead his vision of Ghana Beyond Aid.

The president’s vision involves positioning the private sector to lead the socio-economic transformation of Ghana and create quality jobs for Ghanaians.

Speaking at the launch event at the Kempinski Hotel, Accra, Akufo-Addo said the formal outdooring of the $750 million bank is the culmination of years of painstaking efforts undertaken by his administration to strengthen the infrastructure for the transformation of the Ghanaian economy for private sector-led growth.

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According to the President, the idea of setting up a Development Bank was announced in the 2017 Budget Statement and Economic Policy when he first assumed office.

“It is one of many policy initiatives that my government has come up with to help transform the Ghanaian economy. The overriding objective is to make long-term funding available to the private sector, and develop the ecosystem for market access, technology and innovation,” he said.

The Development Bank’s focus, the President said, is to help transform the key sectors of the economy, over a period of time, by supporting all institutions that are essential for SME transformation.

“This launch comes on the heels of some unfortunate but forgettable commentary that accompanied the processes leading to the establishment of the bank. A year on, I am delighted the Development Bank Ghana has seen the light of day, as its foundation will help spearhead the vision of moving our nation to a situation beyond aid, which involves positioning the private sector to take the lead in the socio-economic transformation of our country, and create quality jobs for our young people,” the president said.

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He posted on Facebook that the Development Bank Ghana will support all banks in the economy to have access to long-term funds, including the National Investment Bank, the Agricultural Development Bank, and the Ghana Exim Bank.

“It will also support private equity funds, and other capital market firms to have access to our bond market, and facilitate equity financing for SMEs. Additionally, it will partner research institutions to undertake sector research, support innovation centres and business accelerators,” the president added.

He said the Development Bank Ghana will ensure that the requisite capital is directed towards business ideas with the most potential for growth and job creation, under the financial services ecosystem.

Photos show Tamale International Airport with multipurpose terminal almost completed

Meanwhile, in a separate story, YEN.com.gh reported that Vice President Dr Mahamudu Bawumia has shared photos of the soon-to-be-completed Tamale International Airport that started in 2018.

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In a Facebook post on Monday, June 13, 2022, the vice president revealed that work is 95% completed.

“The Tamale International Airport is an ultramodern edifice with a separate multipurpose terminal which will serve as a Hajj Terminal. Works are 95% complete and I commend the contractors for the excellent work done,” he posted on Facebook.

Source: YEN.com.gh