Accra, 31 August 2023 – The Deputy Chief Executive Officer of Development Bank Ghana (DBG), Mr. Michael Mensah-Baah, has charged local businesses to consider the importance of ensuring sustainable growth in their businesses. The Deputy CEO made the statement whiles delivering a speech during a one-day seminar in Accra organised by Fidelity Bank Ghana in partnership with the Federation of Associations of Ghanaian Exporters, Eco. Business Fund, and DBG under the theme “Empowering Businesses to drive sustainable growth through compliance to regulatory and environmental principles – The Agric and Export perspective.”
The seminar which attracted over two hundred participants was aimed at echoing the essence of regulatory compliance, promote sustainability and ESG principles among local businesses in the agricultural and export sector. The seminar also featured various presentations, an interactive panel discussion, and lectures from sector experts who shared valuable insights on topics ranging from ‘understanding the regulatory landscape’, to ‘integrating sustainability into business operations’ and ‘tax compliance for agriculture and export businesses’ among others.
The agricultural export industry has been a significant contributor to the country’s total Non-Traditional Exports (NTE) with the exportation of key agricultural products such as cashew nuts, cocoa seeds and beans, peanuts, groundnuts, and other kinds of farm produce. According to the Ghana Export Promotion Authority’s annual report on Ghana’s Non-Traditional Exports (NTE) for the year 2022, the agricultural sub-sector contributed 14.4 percent of the total NTE earnings for the year reviewed.
Delivering his remarks, Mr. Mensah-Baah, emphasised on DBG’s mission of accelerating an inclusive and sustainable economic transformation agenda by fostering the growth of a competitive private sector and also ensuring that the Bank’s interventions lead to sustainable transformation. He added that, the Bank is currently pursuing a sustainability standard certification index which is a green rating for deploying sustainable governance principles across the organisations the Bank works with.
According to the Deputy CEO, “the Bank does not only support the private sector by providing long-term patient capital, but we also complement that effort with the provision of technical capabilities training and sharing knowledge about the environment in which the businesses operate in, including the need to have a strong governance framework.”
In attendance were representatives from the Federation of Associations of Ghanaian Exporters (FAGE), members of the National Farmers and Fishermen Winners Association, and producers, including commercial farmers involved in the agricultural and export sector.
Following this training event, two other seminars have been held in Sunyani and Takoradi in the Bono and Western Regions respectively for the same target group. Structured just as the earlier one, the two seminars offered capacity building to the attendees.
Development Bank Ghana (DBG) is a Development Finance Institution established by the Government of Ghana, in accordance with the Development Finance Act, 2020. DBG acts as an enabler for businesses in Ghana and as a long-term capital provider in the market. DBG’s mission is to foster strong partnerships to finance economic growth, create jobs and build capacity for SMEs, and to provide long-term financing and de-risking services underpinned by technology and evidence-based research/insights. DBG aims to promote Environment, Social and Governance (ESG) excellence within the businesses the bank supports. The bank has received funds from the World Bank, European Investment Bank, Kreditanstalt Für Wiederaufbau (KfW), and the African Development Bank.