President Akufo-Addo receives €170 million for a new National Bank.

Business

The Ministry of Finance and the European Investment Bank have agreed to provide a 170 million euro (€170 million) facility for the creation of a new national bank in Ghana, the Development Bank Ghana (DBG).

DBG is a key component of Ghana Cares’ GH100 billion ‘Obaatampa’ Project, which is aimed at reviving the Ghanaian economy following the onset of COVID-19.

“Especially given the importance of counter-cyclical support in stimulating private enterprise,” he said, the Development Bank of Ghana will be a key player in Ghana’s economic recovery and structural transformation.

Dr. Hoyer, for one, is optimistic that the establishment of the Development Bank of Ghana would aid in the unlocking of growth opportunities in Ghana as well as the gradual recovery of the Ghanaian economy from the effects of COVID-19.

He said that the Bank’s establishment is in line with the European Union’s goals and will aid in the development of Ghana’s private sector, agribusiness, manufacturing, and ICT initiatives.

The EIB President described the decision to create DBG as “wise,” adding that the Bank sees the relationship with Ghana as fruitful, suggesting that the EIB will closely monitor DBG’s growth and operations in Ghana.