President of the Association of Ghana Industries (AGI), Dr Yaw Adu Gyamfi has expressed confidence in the sustainability of Ghana’s development bank.
According to him, the development bank will be a panacea for addressing the long-term financing challenges that local industries face.
The Government of Ghana in partnership with the European Investment Bank, and other international development institutions have committed to the establishment of a new development finance institution in Ghana to provide patient capital for Ghana’s industrialization agenda.
Speaking to in an interview on the sidelines of a corporate dinner series for CEOs of Large Corporates organized by the Association of Ghana Industries, Dr. Yao Adu Gyamfi stated that governance the structures being built for the Development Bank give confidence.
“This is an investment bank and not a depository bank. No one has asked anyone to go and put money there. In terms of the policies and the laws that have been passed, this bank should not be like NIB or ADB, and we are hoping for the best,” Dr. Yao Adu Gyamfi said.
He added that the business community has its “eyes open to ensure that the bank survives” because its survival will mean a lot to the nation’s industrial development and also curb the growing number of unemployment.
When fully operational, the Development Bank Ghana will function as a wholesale bank, attracting cheap capital and lending to special sectors of the economy through commercial banks.
Source: citibusinessnews
