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

• Akufo-Addo said the bank would be pivotal for the economic transformation of Ghana in the wake of the COVID-19 pandemic

• The Ministry of Finance and the European Investment Bank signed the agreement on Wednesday May 19, 2021 in Belgium

President Akufo-Addo has said the establishment of a new national bank, the Development Bank of Ghana (DBG) will play a significant role in the rapid economic transformation of the country in the wake of the COVID-19 pandemic.

His remarks come after Ghana through the Ministry of Finance secured some €170 million from the European Investment Bank for the establishment of the bank.

President Akufo-Addo after a signing ceremony of the agreement on Wednesday May 19 as part of his official visit to Belgium assured that the funds will be used for its intended purposes.

“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.”

Explaining the module of operations and design for the Bank which the President said has been on the drawing board for the last two years, he pointed that it will satisfy the highest standards, scrutiny and best practices of Development Banks across the world.

Akufo-Addo commended the President of the EIB, Dr. Werner Hoyer for the facility and urged for further long term partnerships between Ghana and the EU.

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

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