Ghana receives €170 million to establish new national bank

Ghana has received one hundred and seventy million euros (€170 million) from the European Investment Bank (EIB) for the establishment of a new national bank, ‘Development Bank Ghana’ (DBG) today, May 19.

This event took place on Wednesday, 19th May 2021, when the President of the Republic, Nana Addo Dankwa Akufo-Addo, held a meeting with the President of the European Investment Bank, Dr. Werner Hoyer, as part of his official visit to Belgium.

According to president Nana Addo Dankwa Akufo Addo, the Development Bank of Ghana (DBG) ”is one of the pillars of our GH¢100 billion Ghana CARES ‘Obaatampa’ Project, the programme to revitalise the Ghanaian economy, following the onset of COVID-19. It will stimulate growth in the private sector, and aid in our programme to transform the structure of the Ghanaian economy.”

Meanwhile the World Bank in 2020 approved a funding package for the new development bank in Ghana, as part of the Ghana development finance project, aimed at boosting access to long-term finance in the country.

The Minister for Foreign Affairs and Regional Integration, Hon. Shirley Ayorkor Botchwey, signed on behalf of Ghana, with Dr. Werner Hoyer, President of European Investment Bank (EIB), signing on behalf of the Bank.

Whilst describing the decision to establish DBG as “a wise one”, the EIB President added that the Bank sees the partnership with Ghana as a fruitful one, indicating that the EIB will follow keenly the development and workings of DBG in Ghana.