{"id":258151,"date":"2024-11-30T08:42:57","date_gmt":"2024-11-30T08:42:57","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/11\/30\/investing-in-garments-and-textiles-industry-could-see-its-revival\/"},"modified":"2024-11-30T08:42:57","modified_gmt":"2024-11-30T08:42:57","slug":"investing-in-garments-and-textiles-industry-could-see-its-revival","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/11\/30\/investing-in-garments-and-textiles-industry-could-see-its-revival\/","title":{"rendered":"Investing in garments and textiles industry could see its revival"},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/590\/59001323.295.jpg\" alt=\"Kwamina Duker, CEO of Development Bank Ghana\" title=\"Kwamina Duker, CEO of Development Bank Ghana\" width=\"295\" height=\"197\" \/> <span class=\"image_caption\"><span>Kwamina Duker, CEO of Development Bank Ghana<\/span><\/span><\/p>\n<\/div>\n<div style=\"-webkit-user-select: none; -webkit-touch-callout: none; -moz-user-select: none; -ms-user-select: none; user-select: none;\">\n<p id=\"article-123\">The Development Bank Ghana (DBG) plans to invest at least GH\u00a2100million annually in the domestic textiles and garments industry over the next three years.<\/p>\n<p>This was announced during a memorandum of understanding (MoU) signing ceremony with the Association of Ghana Industries (AGI) in Accra recently. DBG\u2019s Chief Executive Officer, Kwamina Duker, said funding will be channeled through Partner Financial Institutions (PFIs) and Development Partners (DPs) via long-term financing.<\/p>\n<p>\u201cDBG\u2019s support for the textiles and garments industry aligns with our strategic focus on manufacturing as a priority sector for development,\u201d the CEO said.<\/p>\n<p>The collaboration with AGI provides an opportunity to support the sector\u2019s growth, leveraging global trade opportunities such as AfCFTA and AGOA.<\/p>\n<p>DBG will commit an initial GH\u00a2566,200 for AGI to execute various activities under the programme. These include identifying at least three investable projects within the textiles and apparel value chain, providing technical assistance, facilitating market development, organising capacity-building sessions and conducting regular monitoring and evaluation to assess the programme\u2019s impact.<\/p>\n<p>As part of the MoU, DBG and AGI will implement a three-year initiative to provide technical support, financial resources and market development assistance to selected textiles, garments and fintech companies.<\/p>\n<p>The programme aims to address critical challenges such as high production costs, limited skilled labour and restricted access to long-term financing. Additionally, DBG\u2019s Guarantee subsidiary, DBG Guarantee (DBGG), will provide partial credit guarantees to unlock further financing for businesses in the sector, enabling them to invest in growth and expand operations.<\/p>\n<p>Indeed, the programme is expected to enhance beneficiary companies\u2019 competitiveness and operational efficiency, create jobs and expand market linkages to boost Ghana\u2019s export potential. Through this partnership with AGI, DBG is committed to bridging financial and technical gaps that have hindered the sector\u2019s growth.<\/p>\n<p>This Paper is particularly enthused with this development since the textile industry has become a pale shadow of its former self when it provided thousands of jobs for Ghanaians. The Presidential Special Initiative for Garments and Textiles did not live up to its billing, since it couldn\u2019t even meet production targets under tariff-free and quota-free access to the US market under AGOA.<\/p>\n<p>It is therefore hoped that this partnership between AGI and DGB will revive the ailing sector and build necessary capacity and funding that facilitates access to more developed markets.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Kwamina Duker, CEO of Development Bank Ghana The Development Bank Ghana (DBG) plans to invest at least GH\u00a2100million annually in the domestic textiles and garments industry over the next three years. This was announced during a memorandum of understanding (MoU) signing ceremony with the Association of Ghana Industries (AGI) in Accra recently. DBG\u2019s Chief Executive [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":258152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-258151","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Investing in garments and textiles industry could see its revival - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/11\/30\/investing-in-garments-and-textiles-industry-could-see-its-revival\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investing in garments and textiles industry could see its revival - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Kwamina Duker, CEO of Development Bank Ghana The Development Bank Ghana (DBG) plans to invest at least GH\u00a2100million annually in the domestic textiles and garments industry over the next three years. 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