• Ghana has secured €170 million for the establishment of a new national bank

• Dr Werner described the decision as a wise one that will foster economic growth

• He also said the bank will develop Ghana’s private sector, agri-business, manufacturing and ICT initiatives

President of the European Investment Bank, Dr Werner Hoyer has described Ghana’s decision to establish a national development bank as a “wise one.”

Dr Hoyer believes the Development Bank Ghana when fully operational will help unlock opportunities for growth in Ghana as well as assist in the rapid recovery economy from the ravages of COVID-19 pandemic.

“The establishment of the bank which is a wise one is in line with the objectives of the European Union, and will help develop Ghana’s private sector, agri-business, manufacturing and ICT initiatives.”

The EIB President made the remarks after a signing ceremony in Belgium between Ghana and the European Investment Bank (EIB) to secure some €170 million for establishment of the bank.

Meanwhile, President Nana Addo Dankwa Akufo-Addo has assured that the funds will be used for the intended purposes.

He pointed that the bank when established will satisfy the highest standards, scrutiny and best practices of Development Banks across the world.

“The Development Bank Ghana is going to play a very important part in the rapid economic transformation of Ghana, following the onset of COVID-19. We want to restructure the economy and move it from being a mere producer and exporter of raw materials to one that places much greater emphasis on value addition activities. We see this Bank (DBG) as one that will play a pivotal role in this,” the president said.

Meanwhile, Finance Minister, Ken Ofori-Atta had earlier disclosed that the Development Bank Ghana will in July this year commence operations.

The bank according to the minister will serve as a wholesale entity that will offer guarantee investment instruments to woo in universal banks to lend to critical growth sectors.