Kwamina Duker<\/em><\/strong><\/p>\n\u00a0<\/p>\n
Development Bank Ghana (DBG) Chief Executive Officer, K. Duker, has unveiled the bank\u2019s plans for this equity fund, aimed at expanding the range of financial products available to both institutions and borrowers at different stages of development.<\/p>\n
DBG, established in June 2022, has already disbursed GH\u00a2731 million across various sectors, contributing to Ghana\u2019s economic growth and development.<\/p>\n
Mr. Duker shared the bank\u2019s vision for the future, stating, \u201cOur vision is clear, and our processes are streamlined. With our enhanced lending system, we\u2019ve become more efficient, enabling faster disbursements to our partners. By the end of 2023, we aim to have disbursed an impressive GH\u00a21 billion.\u201d<\/p>\n
\u201cWe are in the final stages of launching an equity fund. Initially, it will be relatively small, but when your only tool is lending, everything seems like a loan, which isn\u2019t always the case. So, we need to offer other products,\u201d emphasized Mr. Duker.<\/p>\n
\u201cWe are currently in the final stages of regulatory approval to establish an equity fund, which will provide us with more patient capital. This will allow us to offer equity, loans, and other products to the market, creating a virtuous circle of diverse products suitable for different stages of an institution\u2019s or borrower\u2019s journey.\u201d<\/p>\n
DBG\u2019s focus extends beyond becoming the largest lender in Ghana, emphasizing its commitment to transforming the private sector. Mr. Duker added, \u201cIf I become the largest lender without transforming the private sector, I would have failed.\u201d<\/p>\n
Established by the government, DBG serves as a Development Finance Institution with the primary goal of facilitating and strengthening long-term financing for Ghanaian businesses. Beyond financial services, DBG is dedicated to delivering appropriate non-financial support to enhance the country\u2019s business ecosystem while adhering to sustainable and global best practices.<\/p>\n
Mr. Duker reaffirmed DBG\u2019s dedication to supporting the growth of small and medium-sized enterprises (SMEs), job creation, and promoting inclusive and sustainable development in Ghana.<\/p>\n
To achieve this, the bank plans to expand its network of participating financial institutions (PFIs) by identifying and onboarding new PFIs. DBG aims to have at least ten PFIs by the end of the year, with Sinapi Aba being the latest addition to the network alongside existing partners such as Ecobank, Absa, and Zenith Bank.<\/p>\n
In April of this year, DBG made headlines when it announced a seed fund of US$70 million for its partial credit guarantee scheme. This scheme was designed to provide additional support for Participating Financial Institutions (PFIs) to manage risks associated with loan defaults.<\/p>\n
The initiative aims to encourage more investments in high-risk sectors of the economy, strengthening the PFIs\u2019 ability to serve the SME sector while sharing the risk of investment with DBG.<\/p>\n
\u201cAs we move forward, we will rely on the support of all our banking partners in our initiative to digitally transform financial services,\u201d Mr. Duker emphasized, highlighting DBG\u2019s commitment to innovation.<\/p>\n
\u201cWe seek your continued support as we aim to be a conduit for financial institutions to collaborate on innovations, such as common underwriting standards and co-creating robust alternative credit scoring models. These joint efforts will allow us to better serve the needs of businesses while also promoting prudent lending practices and risk management within our industry.\u201d<\/p>\n
DBG\u2019s expansion into equity funding marks a significant milestone in the bank\u2019s mission to drive economic growth, foster innovation, and support the transformation of Ghana\u2019s private sector. With a clear vision and strategic initiatives, DBG is poised to play a pivotal role in shaping the future of Ghana\u2019s financial landscape.<\/p>\n
A Daily Guide Report<\/strong><\/p>\n\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
Kwamina Duker \u00a0 Development Bank Ghana (DBG) Chief Executive Officer, K. Duker, has unveiled the bank\u2019s plans for this equity fund, aimed at expanding the range of financial products available to both institutions and borrowers at different stages of development. DBG, established in June 2022, has already disbursed GH\u00a2731 million across various sectors, contributing to […]<\/p>\n","protected":false},"author":1,"featured_media":111090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-111089","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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