Development Bank Ghana (DBG) has partnered with Fidelity Bank to support New Okaff Industries Limited. The support is in line with DBG’s vision to accelerate inclusive and sustainable economic transformation by fostering the growth of a competitive private sector.
In pursuit of this vision, DBG has partnered with 10 Participating Financial Institutions (PFIs) including Fidelity Bank to address the financing gap in the country by offering patient capital at preferential rates to SMEs.
New Okaff Industries Limited, a wholly owned agro-chemical production company was founded in1989 and is located in the Atwima Mponua District of the Ashanti Region of Ghana.
Speaking about the loan, Akwasi Boama Adomako– Commercial Director of New Okaff Industries Limited said “The loan has supported New Okaff in various diverse ways. Looking at the challenges after the COVID era. Across the globe every company was wailing but then with this loan that we had we were able to maintain our working capital. We were able to also maintain our workforce despite the fact that most companies were laying off their workforce
One most important thing I want to say is that DBG’s support is real and New Okaff has benefitted from this offer every well and because of that I want to encourage our peers so that they can also go through their various banks to acquire for that support as we did through Fidelity Bank”
Kingsley Agyekum – Agribusiness Manager (Commercial & SME) of Fidelity Bank said “New Okaff deals in the production and sale of organic agro-chemicals. So, when they approached us for funding support, as a bank, we saw it as an opportunity because it falls within our strategy to support agriculture and exports”
DBG, acting as an enabler through its Participating Financial Institutions (PFIs), has disbursed 212.5 million to the Agric. Value Chain. This crucial investment secures not only food security but also ensures the adoption of sustainable agricultural practices