DBG takes GH¢2.5bn development funding beyond Accra as it pushes industrial transformation

The Development Bank of Ghana (DBG) has distributed over GH¢2.5 billion in development funding since its establishment, with a significant portion of the beneficiaries situated outside the Greater Accra Region. Prof Randolph Nsor-Ambala, the bank's CEO, explained that this funding has been strategically directed towards sectors vital to Ghana's economic growth.

Currently, the bank has extended its support to nearly 1,000 businesses nationwide. Prof Nsor-Ambala highlighted that more than two-thirds of the funds have been allocated to women-led and women-owned enterprises, with over half of the disbursements directed towards agribusiness, agriculture, and manufacturing. Notably, about 40% of the funding has been allocated to micro, small, and medium enterprises.

Of the businesses reached by DBG, around 50% are located outside Greater Accra. The bank's priorities are based on thorough studies and data, focusing on agriculture, manufacturing, ICT, and high-value services such as education, health, transportation, and tourism. These sectors, Prof Nsor-Ambala noted, have substantial growth potential but currently face market failures and constraints that necessitate intentional interventions.

Agriculture remains a cornerstone of their strategy due to its potential to generate employment, enhance food security, and alleviate economic pressures arising from inflation, exchange-rate volatility, and import dependency. Investments in key agricultural value chains like maize, rice, cassava, sorghum, and poultry have been a significant portion of their funding.

The bank's development partners, including the World Bank, European Investment Bank, European Union, German government, KfW, African Development Bank, France, and Switzerland, have expressed satisfaction with DBG's performance over its first five years.