DBG injects GH¢623m into private sector 2023
Development Bank Ghana (DBG) partnered its participating financial institutions (PFIs) to disburse GH¢623 million to private sector companies last year.
Advertisement
This capital injection has contributed to the creation of jobs, expansion of businesses, increased revenue and generation of foreign exchange, DBG said in a statement.
It said its key highlights for 2023 had been captured in a year-end wrapped video on its key media channels, YouTube, Linked-In, Facebook, Instagram and X(Twitter).
It said the highlights reflected DBG’s unwavering dedication to empowering businesses and stimulating development.
The DBG year-end wrapped video has been made available across the bank’s digital and multiple social media touchpoints to offer stakeholders, the public, a glimpse of DBG’s impact in the areas of lending, partnerships, capacity-building and testimonies from beneficiaries.
“Playing the crucial role as an enabler of businesses in the country by providing long-term patient capital, DBG made significant progress in 2023 by distributing a total of GH¢623 million out of the total GH¢869 million disbursed since the bank started operations in 2022,” the statement said.
In all, the disbursed loans within the calendar period led to the creation of some 6,000 direct jobs across the country, the development financial institution said.
It added that the funds were also disbursed to local businesses and small and medium-sized enterprises (SMEs) which fell under the key sectors of DBG.
Other Trending Stories
The sectors are agribusiness, manufacturing and high value services.
Wholesale banking
Employing the wholesale banking model, DBG since its inception has been working with eligible partner universal banks, also known as PFIs, who receive funding from DBG to on-lend to targeted businesses.
In 2023, DBG increased the number of their PFIs to 10 to include Ecobank and Absa in addition to the existing partners comprised of Consolidated Bank Ghana, Cal Bank, Fidelity Bank, Zenith Bank and Access Bank.
Furthermore, three microfinance institutions – Sinapi Aba Savings & Loans, Opportunity International and Advans Ghana – were also added as PFIs in a bid to extend DBG’s offerings to the often-marginalised customer segment in the micro-finance space.
In the area of capacity-building, DBG said it worked with its partner organisations, including the Ghana Stock Exchange, the Association of Ghana Industries, the Ghana Enterprises Agency (GEA), the Ghana Incentive-Based Risk Sharing System for Agric Lending (GIRSAL), the African Network of Entrepreneurs (TANOE) and a host of others to provide training and capacity-building programmes to SMEs.
The training focused on financial management, business planning and market access, the DBG stated.
Within the period, 9,729 SMEs benefited from DBG and its partners’ capacity-building programmes carried out across the length and breadth of the country.
A further 4,634 participated in DBG’s Ghana Integrated Financial Ecosystem (GIFE) programme which is a collaborative initiative by the Monetary Authority of Singapore (MAS), the Bank of Ghana (BoG) and Proxtera, to build a robust financial ecosystem that leveraged technology, fostered financial inclusion and accelerated economic growth in the country.
Proud catalyst
Commenting on the achievements and impact for the year 2023, the Chief Executive Officer (CEO) of DBG, Kwamina Duker, said: “At DBG, we take pride in being a catalyst that unites diverse stakeholders for the empowerment of the private sector.
This includes forging meaningful partnerships, both locally and internationally, which have been the cornerstone of our successes.”
He added that the bank’s impact was not just a collection of indicators of its success but also testaments to the potential and resilience of the private sector.
“As we move forward, we will continue to innovate, collaborate and lead with purpose, ensuring that our impact resonates not just within the businesses we support, but across the entire nation,” Mr Duker stated.
Advertisement
The bank
Development Bank Ghana is a wholesale financial institution established by the government.
It acts as a provider of long-term capital to the market with a mission to foster strong partnerships to finance economic growth, create jobs and build capacity for SMEs.
The organisation is committed, aligned and strengthened to achieve the UN Sustainable Goals (SDGs), while implementing environmental, social and governance (ESG) strategy aimed at creating shared value and impact with purpose.