DBG provides GHS 300m in loans, technical assistance to 1,000 local businesses
Deputy CEO of Development Bank Ghana, Michael Mensah Baah, has stated that DBG, which was launched in June 2022, has already provided loans of up to GHS 300m and technical assistance to over 1,000 local businesses.
He made the assertion while delivering a keynote address at the DBG-UGBS Development Finance Series MoU Signing and RoundTable Meeting on Tuesday, 28 March 2023, emphasizing the importance of knowledge, innovation, and impact measurement in promoting inclusive and sustainable economic development in Ghana.
With a vision to accelerate inclusive and sustainable economic growth, Mr. Mensah Baah stressed the critical role of DBG in measuring the impact of interventions to promote economic resilience and social mobility.
A key focus of Mr. Mensah Baah’s speech was inclusivity, with a particular emphasis on supporting women-led businesses and young entrepreneurs. In partnership with the Ghana Enterprise Agency, DBG is providing customized capacity building for women-led businesses, while also working with UG to provide financial literacy skills to students.
To drive sustainable growth, Mr. Mensah Baah underscored the importance of allocating sufficient capital to productive sectors of the economy. Agribusiness, ICT, high-value services, and manufacturing were identified as sectors with the potential to transform the Ghanaian economy and create new opportunities for businesses and entrepreneurs.
Mr. Mensah Baah’s remarks come at a time when Ghana’s economy is showing signs of recovery, with GDP growth expected to reach 4.8% in 2023, up from 2.9% in 2022. However, there remain significant challenges to sustainable economic development, including high levels of youth unemployment, income inequality, and access to finance for small businesses.
DBG’s focus on supporting local businesses and promoting entrepreneurship is thus a welcome development, as it has the potential to drive sustainable and inclusive growth in Ghana. By providing capital and technical assistance to small and medium-sized enterprises in sectors with high growth potential, DBG is helping to create new opportunities for job creation and economic development.
Mr. Mensah Baah’s address highlights the critical role of organizations like DBG in promoting sustainable economic development in Ghana. By emphasizing the importance of inclusivity, innovation, and impact measurement, DBG is contributing to a more prosperous and resilient future for all Ghanaians.
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