AGI confident of receiving license to operate industrial bank

Association of Ghana Industries, AGI said it is optimistic that the Bank of Ghana will grant it the license to operate an industrial bank once it finalizes the fund mobilization process.

The Association begun operating the Industrial Fund which it hopes to transform into a bank soon. 

This is expected to help businesses access credit for their operations.

President of the AGI, James Asare Adjei spoke to JoyBusiness after the release of the second quarter business barometer report.

The report which cites, High electricity Tariff as the topmost challenge of businesses during the second quarter of the year is the statistical mean of Situation and Expectation among the business community.

It also expresses the state of the business confidence as an index.

The Industrial bank when granted the license will be the 36th bank in the Ghanaian banking industry.

The move to establish a bank was ignited by the challenge faced by businesses in accessing credit and the high interest rates on lending.

AGI believes this phenomenon will be a thing of the past with the inception of its own bank.

Meanwhile, many businesses still have confidence in the business environment for the next quarter.

 

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