AGI hoping for survival of New Development Bank

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 serve as a panacea for addressing long term financing challenges experienced by local industries.

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 industrialisation agenda.

Speaking to Citi Business News on the sidelines of a corporate dinner series for CEOs of Large Corporates organised by the Association of Ghana Industries, Dr. Yao Adu Gyamfi noted that governance structures being put together for the Development bank inspires hope.

“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.

The Development Bank Ghana, when fully operationalised, will serve as a wholesale bank, attracting cheap capital and lending to special sectors of the economy through commercial banks.