Accra, 26 February 2024 – Development Bank Ghana (DBG) and Ghana Enterprises Agency (GEA), formerly known as National Board for Small Scale Industries, under the Ministry of Trade and Industry have commenced the Phase 2 of their capacity building training programme focused on Women-led Micro, Small and Medium Enterprises (WMSMEs).  

GEA which is one of the key partners of DBG in the provision of DBG’s Business Development Services initiated a training programme last year dubbed Enterprise Growth Project aimed at training 3,200 Women-led/owned MSMEs. The initiative which was designed by DBG and GEA seeks to especially support female entrepreneurs through capacity building to grow their businesses and to also equip them with the right knowledge and training which will make them attract the right funding to upscale their operations and make their businesses bankable.  

This has become of utmost importance since women-led businesses have contributed significantly to the growth and development of the economy, accounting for 44 percent of all Micro, Small and Medium Enterprises in the country. This development has attracted the support of DBG and GEA, two institutions who are keen on nurturing the potential offered by this group. 

The Phase 1 of the training programme which took place from August to September last year across the southern zone of the country comprising the Greater Accra Region, Western, Eastern, Central, Volta and the Oti Regions, recorded at total of 1,204 Entrepreneurs (1,197 Females and 7 Males) in attendance.  

The Phase 2 of the project which began in February this year, is set to engage about 1800 WMSMEs across the remaining 10 regions in the middle and northern sectors of the country. Participants will be taken through a series of training modules spanning Business Planning process, Financial Management, Marketing which includes advertising, promotion and using social media as a tool for growth as well as an Introduction to Women’s Empowerment Principles. 

Participants will also be introduced to DBG’s Ghana Integrated Financial Ecosystem (GIFE), a unique digital platform which takes MSMEs through a digital journey beginning with a financial literacy programme leading to the creation of trusted credentials, better access to finance, and increased trust in cross-border trade via a Financial Trust Corridor (FTC). 

With regards to the rollout of the second phase of the project, the Business Development Services Manager, (Gender & Youth) of DBG, Sefakor Carlotta Boadu intimated that “These interventions would seek to address the challenges that hinder the scale–up plans of WMSMEs by equipping them with skills to accelerate their businesses through the upgrading of their technical competencies and the streamlining of their business processes. The training will build the capacity of these MSMEs to improve their product quality and increase their productivity, to enable them to create job opportunities and improve their livelihoods.  

Aside the 3,000 participants who will be engaged at the end of both phases, the programme is further expected to lead to the creation of 1,000 sustainable jobs, 1,000 participants who will be onboarded unto the GIFE platform and 1,000 businesses which will be linked to wider markets. 

Development Bank Ghana is a wholesale financial institution established by the Government of Ghana. DBG 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 UN Sustainable Goals (SDGs) ambitions and targets while implementing environmental, social, and governance (ESG) strategy aimed at creating shared value and impact with purpose. 

Accra, 26 February 2024 – – In a bid to develop innovative financing strategies to address the peculiar needs of Micro, Small and Medium Enterprises (MSME), the Bank of Ghana (BoG), Development Bank Ghana (DBG) and the University of Ghana Business School (UGBS) have embarked on a collaborative effort by launching the ‘MSMSE Innovative Finance Study’.  

In a brief event held at the offices of the Central Bank, Dr. Maxwell Opoku-Afari, First Deputy Governor of Bank of Ghana, Mr. Kwamina Duker, CEO of Development Bank Ghana and Prof. Justice Bawole, Dean of University of Ghana Business School signed a Memorandum of Understanding (MoU) to formally commission the research project which will promote understanding of the MSME sector whiles providing anecdotal evidence on the financing challenges that MSMEs face in Ghana. The study is also expected to provide recommendations on innovative ways of closing the funding gap as well as providing a reliable document that will encourage innovation in financing the critical mass of the economy, that is the MSMEs. 

MSMEs in general have been challenged with securing access to finance for their businesses. Traditional banking models have often failed to meet the unique needs of MSMEs primarily due to high-interest rates, strict collateral requirements, and a lack of tailored financial products. 

Data from Ghana’s Registrar General’s Department (RGD) indicates that 92 percent of businesses are registered as micro, small, and medium-sized enterprises (MSMEs). The majority of businesses within the MSME sector are mainly sole proprietorships, and include small retailers, market women, farmers and artisans. Evidently, MSMEs have the potential to accelerate economic development necessary for wealth creation and poverty reduction. This is due to the sector being the largest employer of vulnerable groups such as women, youth, and low-skilled workers who are most likely to be financially excluded. 

DBG, guided by its vision of accelerating inclusive and sustainable economic transformation by fostering the growth of a competitive private sector, has been providing medium to long-term financing designed to address the gaps in traditional banking, thus providing MSMEs access to the needed funds and time to grow their businesses. 

Reflecting on the MOU signing ceremony, K. Duker (CEO of Development Bank Ghana) expressed his delight at this partnership with BoG and UGBS on this collaborative project. He underscored the importance of the project aimed at innovatively and sustainably easing the financing constraints that MSMEs) face in Ghana through research and emphasized that providing innovative and sustainable finance is critical to the nation’s growth and prosperity. He also highlighted the strong collaboration between DBG and academia and cited DBG’s already existing partnership with UGBS to deepen development finance knowledge, build capacity for small and medium-sized enterprises (SMEs), support youth-led businesses. 

Speaking at the MOU signing ceremony Prof. Eric Osei-Assibey (Project Co-ordinator) indicated that the study had become necessary in view of the role MSMEs played in job creation and economic growth, currently accounting for about 90% of jobs and contributing 70% to the country’s GDP. He stated that “When we talk about socio-economic development, there is no way we can transform our economy without transforming the micro small and medium enterprises (MSMEs)” 

Commenting on the partnership, the Chief Economist and Head of Research at DBG, Dr. Kwabena Opuni-Frimpong said that “We at DBG believe it is crucial for all stakeholders, that is, government, the private sector, the regulator, academia, and international organisations to work together to continue supporting the development and adoption of innovative financial solutions. By doing so, we can unlock the immense potential of Ghana’s MSME sector, driving growth, creating jobs, and advancing our nation’s socio-economic development. 

DBG’s mandate is to provide additional support in resolving some of the supply-side constraints of private sector growth through the provision of medium to long-term financing to 4 key sectors of agriculture, manufacturing, ICT and high-value services including tourism and transportation” he added. 

The tripartite agreement which has been described as a historic collaboration between public sector, private sector and academia is expected to bridge the gap between academia and policy and also encourage future collaborations aimed at addressing the challenges that face the financial sector and the economy as a whole. 

Development Bank Ghana is a wholesale financial institution established by the Government of Ghana. DBG 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 UN Sustainable Goals (SDGs) ambitions and targets while implementing environmental, social, and governance (ESG) strategy aimed at creating shared value and impact with purpose. 

In a world where global business, trade and commerce are making effective use of technology, Mr. Kwamina Duker, the CEO of Development Bank Ghana (DBG) has echoed the essence for local entrepreneurs to make good use of technology to gain swift access to financial products and services on the global stage. 

Speaking at the official opening ceremony of the 2nd edition of the Africa Prosperity Dialogues under the theme “Delivering Prosperity in Africa: Produce. Add Value. Trade”, Mr. Duker who joined other African business leaders and executives highlighted in his opening statement, the efforts of DBG in driving an enhanced financial inclusion and literacy programme by the provision of a secured digital platform that empowers businesses with reliable financial tools and services. According to Mr. Duker, this is being made possible through DBG’s Ghana Integrated Financial Ecosystem (GIFE), a unique digital platform setup in collaboration with the Bank of Ghana and Monetary Authority of Singapore. 

“Envision a scenario where an African entrepreneur leverages GIFE to gain swift access to financial products from across the continent. Through trusted credentials, this entrepreneur can seamlessly engage with financial institutions and trade partners, fostering confidence and transparency in every transaction. This is the embodiment of the African Prosperity Dialogues’ vision of creating a seamless and integrated marketplace underpinned by trust and digital innovation. A vision which also aligns with the mandate of Development Bank Ghana.” Mr. Duker said. 

Furthermore, in empowering local business to take advantage of technology, Mr. Duker mentioned DBG’s strategic partnership with the Central Bank towards the maiden 3i Africa Summit scheduled for May this year. The summit promises a stellar global assembly of FinTech & tech enthusiasts, policymakers, banking industry leaders, and investors to forge lasting partnerships toward enhancing Africa’s Digital and FinTech potential. Mr. Duker also used the opportunity to highlight DBG’s impact over the previous year. The development bank invested just under a GHC1billion into the private sector, strengthening over 80 businesses, and fostering the creation of more than 6,000 jobs, with 38 percent empowering women, while also generating substantial foreign exchange revenue exceeding US$40 million. 

In addition to Mr. Duker, other prominent African leaders delivered their statements at the opening ceremony of the event. These included H.E. Joaquim Alberto Chissano, Former President of the Republic of Mozambique and Chairperson of Africa Forum, Wamkele Mene, Secretary-General of AfCFTA Secretariat, Njack Kane, Acting CEO of Africa Prosperity Network (APN) Secretariat, Wale Tinubu, CEO of Oando PLC, and Alex Dadey, Chairman of KGL and Chairman of Ghana Investment Promotion Centre (GIPC). 

The Africa Prosperity Dialogues, organised by the Africa Prosperity Network in partnership with the Africa Continental Free Trade Area (AfCFTA) Secretariat and the Government of the Republic of Ghana, among others, serve as a dedicated annual platform that brings together Africa and Global Africa’s business executives and organizations, thought leaders, and political leaders to think together, plan together, and work together with the needed urgency to drive the goal of building the world’s largest single market in Africa. 

Development Bank Ghana is a wholesale financial institution established by the Government of Ghana. DBG 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 UN Sustainable Goals (SDGs) ambitions and targets while implementing environmental, social, and governance (ESG) strategy aimed at creating shared value and impact with purpose.

The Chief Executive Officer of Development Bank Ghana (DBG), Mr. Kwamina Duker, has highlighted the pivotal role of Public-Private Partnerships (PPPs) in the acceleration of economic development especially in Ghana and on the African continent as a whole. He described such partnerships as a crucial investment model where the merging of public objectives and private capital creates tangible results.  

According to the National Policy on Public-Private Partnerships, a PPP is a contractual agreement between a public entity and a private sector party with a clear agreement on shared objectives for the provision of public infrastructure and services traditionally provided by the public sector.  

Mr. Duker, who gave an address at the Africa Prosperity Dialogues event held at the Peduase Presidential Lodge, bemoaned the hugely untapped potential of PPPs which have been proven to mobilize investments, bring in technical expertise, and accelerate project completion. He also shared some key highlights of PPPs in Ghana which have contributed to the increase in scale of investments and growth from US$23.37 billion for 27 projects in 2021 to US$24.17 billion for 23 projects in 2022. Furthermore, PPPs have supported a wide range of projects, from ports to infrastructure, demonstrating their ability to meet diverse public needs and bring specialized expertise and innovation across various sectors. Also, government’s contribution of US$23.22 million to projects like the Teshie Nungua Desalination Project highlights its role in risk-sharing and supporting essential public welfare projects, making them more viable for private investment. 

On the other hand, the Chief Executive of Development Bank Ghana pointed out some challenges such as complex regulatory environments, political and economic instability, and financial and capacity constraints of Governments as some factors which have hindered the progress and success stories of PPPs in the country. He recommended some proposals including ensuring transparent and efficient regulatory processes, maintaining political and economic stability, and leveraging on the taxation powers of the government to generate revenue which can be used to support infrastructural development indirectly, thus reducing the financial burden on the state and allowing for more efficient use of public funds, among others. 

Mr. Duker described his outfit, DBG, as uniquely positioned to be a mediator between the public and private sectors due to its structure. Although it operates as a private entity, its shareholder, the Government of Ghana gives it a unique advantage in fostering collaborations between these two critical sectors. This catalytic function of DBG helps the country make further inroads with regards to PPPs especially when Ghana, according to Fitch Solutions, is positioned as the 2nd ranked country in West Africa in terms of Private Public Partnership pipeline projects with a cumulative market size of $8.4 billion. 

The 2nd edition of the African Prosperity Dialogues held under the theme “Delivering Prosperity in Africa: Produce. Add Value. Trade” brought together decision makers and business leaders across the continent to have business and policy dialogues aimed at delivering prosperity whiles driving towards the goal of building the world’s largest market in Africa. The event was organised by the Africa Prosperity Network (APN) in partnership with the Africa Continental Free Trade Area (AfCFTA) Secretariat, and the Government of the Republic of Ghana. 

Development Bank Ghana is a wholesale financial institution established by the Government of Ghana. DBG 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 UN Sustainable Goals (SDGs) ambitions and targets while implementing environmental, social, and governance (ESG) strategy aimed at creating shared value and impact with purpose.