Development Bank of Ghana

The Development Bank of Ghana (DBG) is a government-owned development bank in Ghana. Owned by the government of Ghana, the institution has received grants and loans for on-lending to Ghana's commercial banks, from the African Development Bank, the World Bank Group, the European Investment Bank, and the German Development Bank. The DBG focuses on providing indirect loans to small and medium enterprises (SMEs), with less than 100 employees each.[1][2]

Development Bank of Ghana
TypeParastatal
IndustryFinance
Founded2021; 1 year ago (2021)
HeadquartersAccra Financial Center
Liberia Road, Accra, Ghana
Key people
Yaw Ansu
Chairman
Kwamina Duker
Chief Executive Officer
ProductsLoans, equity partnerships, financial advisory services, management services, export/import finance
Total assetsUS$800 million (2022)
OwnerGovernment of Ghana
Number of employees
40 (2022)
WebsiteHomepage

OverviewEdit

DBG was stablished in 2021, to provide loans to commercial banks and other financial institutions in Ghana, for on-lending to Ghanaian SMEs. The institution is owned by the Ghanaian government. Funding support has been received from international development institutions as detailed in the previous section. As of June 2022, DBG's total assets were valued at almost US$800 million. At that time, shareholders' equity was US$250 million).[3][4]

As of June 2022, four commercial banks had signed on to accept funds from DBG, for on-lending to eligible businesses, (a) CalBank (c) Consolidated Bank Ghana (c) Ghana Commercial Bank and (d) Fidelity Bank Ghana.[3][4]

HistoryEdit

The DBG was established to complement two other government-owned financial houses established before; namely the Agricultural Development Bank of Ghana and the National Investment Bank. However, there lacked long-term lending at reasonable rates to small businesses, "in the agriculture value chain, manufacturing and high-value services".[5]

Future plansEdit

The bank plans to increase its coffers by injecting more capital from the government of Ghana and its development partners.[4] It is the objective of DBG to increase the proportion of banking loans advanced to small businesses from 9 percent in 2022 to 15 percent in 2024.[5]

Board of directorsEdit

As of December 2021, DBG's board of directors consisted of: 1. Dr. Yaw Ansu (Chairman) 2. Stephan Leudesdorff 3. Charles Boamah 4. Rosemary Yeboah 5. Mary Boakye 6. Yaw Nsarkoh and 7. Nora Bannerman-Abbott.[6]

ManagementEdit

As of 31 January 2022, Kwamina Bentsi Enchill Duker is the chief executive officer of the Development Bank of Ghana. He also serves as a member of the bank's board of directors.[7]

See alsoEdit

ReferencesEdit

  1. ^ Rachel Savage (14 June 2022). "Ghana development bank aims to lend $600 million to small firms over 1-2 years". Reuters.com. London, United Kingdom. Retrieved 17 June 2022.
  2. ^ KfW (15 December 2021). "A new engine for Ghana's economic transformation - the Development Bank Ghana". German Development Bank. Frankfurt, Germany. Retrieved 17 June 2022.
  3. ^ a b Theresa Smith (16 June 2022). "Catalysing SME growth in Ghana through a Development Bank". ESI-Africa.com. Cape Town, South Africa. Retrieved 17 June 2022.
  4. ^ a b c Ghana Today (14 June 2022). "Development Bank Ghana secures $800 million from shareholders …ready to kick-start operations". Ghanatoday.gov.gh. Accra, Ghana. Retrieved 17 June 2022.
  5. ^ a b Ghana Today (14 June 2022). "President Akufo-Addo inaugurates Development Bank Ghana". Ghanatoday.gov.gh. Accra, Ghana. Retrieved 17 June 2022.
  6. ^ Mariam Naa Dedei Aryeetey (1 February 2022). "Government Appoints Board Of Directors & Ceo For Development Bank Ghana (DBG) Limited". PanAfricanvisons.com. Accra, Ghana. Retrieved 17 June 2022.
  7. ^ Nerteley Nettey (31 January 2022). "Gov't appoints 7-member Board for DBG; names Kwamina Bentsi Enchill Duker as CEO". CitiNewsroom.com. Accra, Ghana. Retrieved 17 June 2022.

External linksEdit

Coordinates: 05°33′19″N 00°12′06″W / 5.55528°N 0.20167°W / 5.55528; -0.20167