Ken Ofori-Atta<\/strong><\/p>\nGOVERNMENT
\nHAS announced it is working with the World Bank and other development partners
\nto capitalize the National Development Bank (NDB) to commence operations next
\nyear. <\/p>\n
Ken
\nOfori-Atta, Finance Minister, disclosed this to Parliament yesterday in Accra, when
\nhe presented government\u2019s budget statement for 2020.<\/p>\n
According
\nto him, \u201cWe have secured US$250.0 million from the World Bank as initial
\ncapitalization to kick- start the operations of the NDB and an interim board
\nwas set-up. In view of the high level of interest generated, other donors such
\nas DFID, KFW and AfDB are expected to provide additional capitalization for the
\nbank once it becomes operational in 2020.\u201d <\/p>\n
He
\nsaid the NDB, as envisioned, would refinance credit to industry and agriculture
\nas a wholesale bank as well provide 80 guarantee instruments to encourage
\nuniversal banks to lend to specific sectors of the economy.<\/p>\n
\u201cIt
\nis expected that the National Development Bank will provide cheaper and long
\nterm funding for the growth and expansion of key companies operating in the
\nagriculture and industry sectors. The development bank will also lend through
\nspecialized banks to key anchor industries at the Metropolitan, Metropolis and
\nDistrict Assemblies level to support the Governments IDIF initiative,\u201d the minister
\nnoted. <\/p>\n
Banking sector condition<\/strong><\/p>\nCommenting
\non the current status of the banking sector, Mr Ofori-Atta said government had
\nmade significant strides with the banking clean-up process which it started in
\n2017. <\/p>\n
\u201cWe
\nhave so far spent close to GH\u023c13 billion to provide various bailouts to the
\nfinancial sector. In addition, government has successfully restructured the
\nfundraising model for the Ghana Amalgamated Trust (GAT) initiative set up to
\nsupport solvent and well-run indigenous banks to meet BOG\u2019s minimum capital
\nrequirement of GH\u023c400 million. <\/p>\n
\u201cGAT has already committed funds from pension funds and other investors, through a bond programme, with proceeds of up to GH\u00a22.0 billion, which was used for equity investment in eligible indigenous banks, as determined by the investors. To date four banks have received support from GAT,\u201d he added.<\/p>\n
BY Samuel Boadi <\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"Ken Ofori-Atta GOVERNMENT HAS announced it is working with the World Bank and other development partners to capitalize the National Development Bank (NDB) to commence operations next year. Ken Ofori-Atta, Finance Minister, disclosed this to Parliament yesterday in Accra, when he presented government\u2019s budget statement for 2020. According to him, \u201cWe have secured US$250.0 million […]<\/p>\n","protected":false},"author":1,"featured_media":743785,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-744698","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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