DBG advocates tailored financing for Ghana’s ICT sector

Development Bank Ghana (DBG) is pushing for customized financing solutions and enhanced business development support to unlock the full potential of Ghana's Information and Communication Technology (ICT) sector, warning that a one-size-fits-all approach is ineffective. The state-owned financial institution identified financing, policy alignment, investor preparedness, and business development as the main challenges confronting ICT businesses after conducting a nationwide feasibility study.

During an ICT roundtable discussion in Accra, DBG CEO Prof. Randolph Nsor-Ambala argued that while access to capital is crucial, the structure of financing is equally important. "It goes beyond just financing. The structure of the financing also matters," he emphasized. Prof. Nsor-Ambala pointed out that the ICT sector comprises diverse value chains, each with unique needs, necessitating tailored interventions.

The next step, he said, is to dissect the challenges across various segments of the ICT value chain and devise targeted solutions that yield measurable outcomes. "We need to break away from the notion that a single solution fits all," he advised. Prof. Nsor-Ambala also stressed that DBG's mission is to foster a competitive and inclusive private sector, rather than concentrating opportunities exclusively among a select few businesses.

"Our mandate is to nurture a competitive private sector, where opportunities are not confined to a select few," he stated. In addition to supporting the ICT sector, DBG is leveraging technology to tackle information disparities in Ghana's agribusiness sector. Limited access to reliable technical information has hindered farmers' ability to view their activities as viable businesses, according to Prof. Nsor-Ambala.

To address this, the Bank is utilizing ICT to provide farmers with affordable and relevant technical information and extension support, facilitating their growth and competitiveness. By employing ICT as a low-cost means of disseminating information, DBG aims to democratize access to knowledge. DBG's interventions are evidence-based, targeting key barriers to private-sector competitiveness and overall economic growth.