Press Releases

Cultivating A Thriving Private Sector With A GHS 623M Lending Boost in 2023

In the past year, Development Bank Ghana (DBG) has partnered with its Participating Financial Institutions (PFIs) to disburse GHS 623 million into the private sector. Our key highlights in 2023, captured in our year-end wrapped video, reflect our unwavering dedication to empowering businesses and stimulating development.

Our commitment to extending financial and non-financial support to underserved local businesses and MSMEs has been at the forefront of our operations. Through this, we’ve fostered job creation and spurred business expansion across key sectors.

The expansion of our partnership network to ten Participating Financial Institutions (PFIs), including the addition of three micro-finance institutions, has allowed us to amplify our reach and impact. This strategic move has enabled us to provide robust support to segments often marginalized in the financial landscape, underscoring our commitment to inclusive growth.

Capacity building remains a cornerstone of our mission. In collaboration with partners like the Ghana Incentive-Based Risk Sharing System for Agricultural Lending (GIRSAL) among others, we’ve equipped 9,729 SMEs with the tools to enhance their financial management and market access. The success of our Ghana Integrated Financial Ecosystem (GIFE) program further highlights our innovative approach to financial inclusion and economic acceleration.

As we move forward, DBG remains resolute in our vision to accelerate inclusive and sustainable economic transformation by fostering the growth of the competitive private sector.

Check out our 2023 journey and see the collective impact of our efforts.

DBG – SINAPI ABA Partnership Yielding Fast Results

In a bid to reach out to the grassroot businesses who are vital components of the Small and Medium-sized Enterprises (SMEs) sector, Development Bank Ghana (DBG) partnered with Sinapi Aba Savings & Loans, an indigenous microfinance institution which offers financial services to businesses predominantly located in the rural areas. The partnership which was signed in October 2023 has already began yielding immense results for business owners who have benefited from the allocated GHS15million DBG facility to Sinapi Aba.

Coming on as the first microfinance institution to partner DBG as a Participating Financial Institution (PFI), Sinapi Aba’s collaboration with the wholesale bank-modeled development bank has given strong hints of living up to expectation as it has already started delivering much-needed support to local businesses in the rural areas who hitherto were marginalised and encountered challenges in accessing facilities from commercial banks.

Through this approach, DBG seeks to mitigate, and where possible eliminate, the challenge of lack of access to financial support to numerous local businesses at the grassroot-level who require funding with longer time span. This partnership therefore makes available the DBG-arranged patient capital for these businesses to grow and expand.

Beneficiaries like Linda Osei Agyemang, the proprietor of Augusma Educational Complex in the Ashanti Region, who by virtue of the partnership, received funding has been able to expand her school by building additional classrooms thus offering her the opportunity to increase the number of students on roll. Similarly, Kwame Owusu Ansah, who is the owner of City Life Hybrid School also in the Ashanti Region has benefited from the partnership by securing a long-term loan to purchase a School Bus. By this, Kwame is able to offer students of his institution decent transportation to and from school and a readily available mode of transportation for field trips and other off-site learning activities.

Mr. Kwabena Amofa, Chief Executive Officer of Royal Company, a rice mill factory in Mampong Ashanti, indicated that he was initially skeptical about the benefits to clients like his company as a result of the DBG-Sinapi Aba partnership after seeing the story online. Today, he is glad that he went to the Sinapi Aba office to verify because his company is currently a beneficiary of a DBG facility. Full of praise for the partnership and what it offers local businesses like Royal Company, Mr. Kwabena Amofa says “but for the intervention of DBG, we would have not been able to secure a long-term loan for our business simply because all other banks regard our business as high-risk and are hesitant about offering us facilities to fund our business. Today, I am able to employ more hands, particularly women, to help with the packaging of our product as well as expanding other operations of our business”.

The partnership between the two institutions affords DBG the opportunity to tap into Sinapi Aba’s network of 44 branches located in 14 of the 16 regions of Ghana. This further offers DBG the window to reach the 65 percent of Sinapi Aba Saving & Loans’ customers who are in the rural areas and to offer them support with much-needed long-term capital for business growth. Sinapi Aba on the other hand will receive wholesale capital which it will on-lend to its base of SME customers, majority of whom are in the rural areas as patient-capital.

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.

DBG To Support Korle Bu Teaching Hospital Over The Next Five Years

Development Bank Ghana (DBG) has pledged financial support for the Breast Cancer Unit of Korle-Bu Teaching Hospital (KBTH) over the next five years.

Presenting an amount of GH¢100,000 to the Breast Cancer Unit in Accra, Chief Executive Officer-DBG, Kwamina Duker, explained that the decision to support KBTH is to help address certain needs of the facility over the five-year period.

“We are a long-term bank and we believe in staying with our partners and donors; and in this particular case, as we make our contribution, we are committing to do this for the next five years so there is continuity. You will see us again next year,” he assured.

He underlined that the decision to support the breast cancer unit is solely an initiative of company staff who collectively worked as a team and raised the money, and leadership of the bank only topped up what the staff raised. He concluded that the step taken by the institution illustrates “how passionate the staff and organisation feel about breast cancer”.

Head-Surgical Department, KBTH, Professor J.E. Mensah underscored poverty as the biggest challenge to practicing medicine in the country. According to him, patients transferred to the hospital come with major cases yet some do not have means to pay for the service.

He commended the bank for their donation and explained how such kind gestures from corporate bodies and individuals continue to support needy patients at the hospital.

“If anybody asks me of the biggest challenge to practicing medicine in Ghana, my response will be poverty; because if patients are financially stable, they can afford the cost of medical care and all. But most people don’t have financial strength, and these are our brothers and sisters. So, we sometimes have to bend corners to solve their problems’ and we can only do so with assistance from people like you [DBG],” he said.

Furthermore, he said, as a teaching hospital KBTH has to open its doors to attract more people, even those with financial challenges, so that others can be trained through pure apprenticeships in the hospital.

Head-Corporate Social Responsibility, DBG, Barbara Wricket mentioned that as a bank that is passionate about women and children, the staff in October embarked on rolling out an initiative to support women with treatment for breast cancer.

She indicated that their contributions as staff also got some assistance from leadership of the bank, bringing the money to GH¢200,000 – adding that they are donating GH¢1,000 each to the KBTH and 37 Military Hospital.

“In the month of October, we embarked on rolling out an initiative to support women with breast cancer. Internally, we were able to raise funds which were co-funded by DBG; and with the push of management we raised GH¢200,000 – of which we will be donating GH¢100,000 to KBTH and GH¢100,000 to the 37 Military Hospital,” she said.

Additionally, she said, the bank aims at supporting the children’s hospital by renovating some old structures and identifying the diseases that are prominent among them to offer their assistance. Also, she mentioned that the bank hopes to increase the amount of money they give to KBTH.

A surgeon at the Breast Surgery Unit of KBTH, Dr. Josephine Nsaful, mentioned that breast cancer cases continue to increase as more deaths are being recorded in developing countries; especially in West Africa, including Ghana, because women hardly go for breast-screening.

DBG Partners with Fidelity Bank to Support New Okaff Industries Limited

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

Development Bank Ghana Introduces ‘DBG Connect’

In line with its vision of propelling growth of Ghana’s private sector, the Development Bank Ghana (DBG) has introduced DBG Connect; a digital platform for thought-provoking discussions with industry leaders, experts and key stakeholders on pivotal themes of financial and economic transformation. It is a platform where ideas converge, where knowledge is shared and where sustainable solutions are generated.

DBG’s mandate includes fostering strong partnerships to finance Small and Medium Enterprises (SMEs), creation of jobs and capacity building. Driven by this mandate, the DBG Connect platform was launched to stimulate conversations that will generate right interventions to drive financial transformation of businesses in Ghana. DBG Connect is structured on a podcast format. Discussions are moderated by a host who engages panelists on in-depth conversations on topical issues like challenges and opportunities in agriculture, leveraging of technology to support industry, policy advocacy and agricultural financing, etc. The video version of DBG Connect is available on the DBG’s YouTube channel (@DevelopmentBankGhana) whiles the audio version is available on online streaming platforms including Spotify, Apple Podcasts and Google Podcast.

Touching on the relevance of the initiative, K. Duker, Chief Executive Officer of DBG mentioned that the challenges faced by businesses, especially SMEs, include lack of access to capital, regulatory bottlenecks, little or no capacity building. He stated that unfortunately there is no one person with the answer to all these challenges and therefore called for collaboration from all captains of industry and leaders of institutions to dialogue and find sustainable solutions to the challenges. “There is a complex problem out there and there is no one messiah, but the fact that we are beginning to have these discussions is so important because all these issues can be resolved by people collaborating. I urge all who are interested in this country’s economic transformation to watch every episode of DBG Connect.

DBG Connect can be accessed on DBG’s official youtube channel: @developmentbankghana. For more information, kindly check out DBG’s social media accounts via the following handles:

LinkedIn: @development bank ghana

Facebook: @development bank ghana

Twitter: @devbankghana

Instagram: @devbankghana

35 Financial Institutions Trained On Social Management Risk by DBG, World Bank & MoF

Development Bank Ghana has organized a workshop for financial institutions in efforts to building a robust banking sector with a well-implemented environmental and social management system. The five-day workshop, organized by DBG in partnership with the World Bank and the Ministry of Finance, seeks to sensitize environmental and social principal officers drawn from over 35 financial institutions comply with the Bank of Ghana’s Sustainable Banking Principles, thereby positioning them to receive development financing from DBG.

At the official opening of the Training of Trainers Workshop in Koforidua, Eastern Region, on Tuesday, DBG CEO Kwamina Duker expressed the bank’s commitment to strengthening the environmental and social management capacity of Ghana’s financial institutions and their stakeholders.

He expressed hope that the training would equip DBG’s partner financial institutions and potential partners to evaluate and mitigate their credit decisions on the environment.

“We also hope that the sessions over the next few days will fully equip DBG’s partner financial institutions and potential partners to evaluate and mitigate the inherent E&S exposures in their credit decisions. This program, we hope, will serve to accelerate the compliance of our banks with the Bank of Ghana Sustainable Banking Principles and better position them to receive development financing from DBG,” the CEO of DBG expressed hope. Mr. Duker acknowledged that their projects hinge on the intricate interplay between development initiatives, environmental, and social impact.

“At the heart of DBG’s mission lies a deep acknowledgment of the environmental and social dimensions of development. We recognize that responsible and sustainable development is a fundamental necessity. Our economic progress, the well-being of our communities, and the success of our projects all hinge on the intricate interplay between development initiatives and environmental and social impact.”

John Boateng Akuoko-Tawiah, Head of ESG, Sustainability, and Climate Finance at DBG, emphasised the need for the bank to build the capacity of the financial institutions.

“As a development bank whose mandate also includes building the ecosystem in terms of building capacity within the financial institutions’ players, we believe that being able to provide additionality to the private sector is a very important task which eventually will build the financial capacity for these institutions to evaluate the environmental exposure that exists in investments and credit decisions they make,” He added.

Carlos Leonardo Vicente, Senior Financial Sector Economist at the World Bank, expressed hope that the participants would be equipped with the necessary tools to aid their work, expressing gratitude to DBG and the Ministry of Finance for joining forces to train staff in the banking sector. “I hope that the training will exceed your expectations. Let me express my gratitude to DBG and the Ministry of Finance for joining forces with the World Bank to make this training a reality,” he said.

Andy Ameckson, Head of the Banking and Non-Banking Unit at the Ministry of Finance, underscored the importance of building a robust financial banking sector, citing DBG’s agenda of nurturing businesses. “It is a known fact that for any nation to flourish, its financial architecture needs to be robust, inclusive, and dynamic. And the Development Bank Ghana, I believe, is the fulcrum around which this architecture pivots. It is not just about providing credit or helping commercial banks nurture businesses, but about crafting an environment where dreams find wings, and visionaries find means,” he stated.

DBG is a Development Finance Institution established by the government of Ghana to facilitate and strengthen long term financing to the Ghanaian businesses along with delivery of appropriate non-financial services to strengthen the ecosystem in which businesses operate. The Bank ensures that sustainable and global best practices are applied across all of its operations.

Source: citinewsoom.com

DBG Provides GHS10M Support To Access Bank Ghana To Boost SME Digital Financing Platform

Accra, 31 October 2023 – Access Bank Ghana has taken a significant step by securing an initial GHS10m support from Development Bank Ghana (DBG) to facilitate access to essential funding for Small and Medium Enterprises (SMEs). This is in recognition of the indispensable role SMEs play by being the very backbone of thriving economies around the world, being pivotal in generating employment and fostering innovation.

This crucial support is earmarked to enhance Access Bank’s digital platform designed to provide SMEs with unprecedented access to funding. The platform, built by the partner financial institution was meticulously crafted in collaboration with Development Bank Ghana to address the unique needs and challenges faced by SMEs in Ghana.

The digital platform offers SMEs streamlined access to loans, with a cap of GHS200,000 per transaction, ensuring broad accessibility for various business needs. It revolutionizes the loan approval and disbursement process, promising a turnaround time of just 72 hours as opposed to the traditional timeframe of four to six weeks. In a move to foster inclusivity, the platform is open to all SMEs, not just those currently banking with Access Bank. This inclusive approach significantly broadens the platform’s reach and impact.

This collaboration between Access Bank and DBG unlocks a treasure trove of opportunities for SMEs in sectors like Agribusiness, Manufacturing, ICT, Tourism, and Healthcare. The platform not only simplifies the financing process but also acts as a catalyst for SMEs looking to scale and innovate in their respective sectors.

Commenting on the DBG funding, Olumide Olatunji, the Chief Executive Officer of Access Bank said, “This partnership with DBG is a testament to our commitment to SMEs in Ghana. By offering a streamlined digital solution, we aim to propel our SMEs to new heights, empowering them to compete and thrive in the global marketplace.”

DBG’s wholesale banking model has engendered partnerships with commercial banks and agencies seeking support for the growth of the SME sector such as Access Bank. Through the collaborations, DBG aims to catalyse the transformation of the economy by providing long-term capital and capacity building to SMEs in its key focus areas of Agribusiness, Manufacturing, High Value Services and ICT.

Reflecting on the partnership, K. Duker, Chief Executive Officer of DBG, said, “our collaboration with Access Bank underscores DBG’s unwavering commitment to the future of SME financing in Ghana. Through our involvement in the SME Financial Empowerment (SFE) platform and our financial backing, we are setting the stage for a new era. It is imperative for SMEs to recognize this trust by ensuring diligent loan repayments, establishing a thriving and sustainable financial ecosystem. DBG is not stopping here. The Bank is committed to providing continuous support to the platform, always aligning with its strategic objectives and the broader goal of empowering SMEs to be formidable players in the economy.”

Operating from 54 business locations across the country with over 3000 agents, Access Bank continues to build solid long-term relationships with customers based on trust, digital innovation, good customer service and transparency. Access Bank has over the years developed a deep understanding of its customers, delivering excellent services and empowering them to achieve more through financial inclusion and digital innovation.

Rural MSMEs in Ghana’s 14 Regions Now Able To Access Capital via DBG’s Partnership with Sinapi Aba

Accra, 02 October 2023 – The Development Bank Ghana (DBG) has added Sinapi Aba Savings & Loans Ltd to its list of strategic partners through who it lends to local businesses. DBG since commencing operations in June 2022 has been forming strategic alliances with key Participation Financial Institutions (PFI) including universal banks in order to be able to support the Micro, Small and Medium Enterprises (MSMEs) sector.

Sinapi Aba is the first Savings & Loans company to be onboarded as a PFI by DBG owing to the former’s rich, credible, and trusted reputation in delivering proven financial services to MSMEs and individuals who may have limited access to traditional banking services.

The partnership between the two institutions will afford DBG the opportunity to tap into Sinapi Aba’s network of forty-four branches located in 14 of the 16 regions of Ghana. This will further offer DBG the window to reach the 65 percent of Sinapi Aba Saving & Loans’ customers who are in the rural areas and to support with much-needed long-term capital to bring about business growth and expansion. Sinapi Aba on the other hand will receive wholesale capital which it will on-lend to its base of MSME customers, majority of whom are in the rural areas as patient-capital.

Highlighting the relevance of the partnership, Mr. K. Duker, Chief Executive Officer of Development Bank Ghana, indicated that the partnership with Sinapi Aba allows the Bank to reach an untapped target group, which are the grassroot businesses who are also a vital component of the whole MSME sector. According to Mr. Duker, the partnership will among many other benefits bring about enhanced access to financial support to local businesses, business growth opportunities, capacity building, and preservation of livelihood especially among the lower-income strata communities.

In his remarks, Mr. Anthony Gyasi Fosu, CEO of Sinapi Aba Savings and Loans, who, together with his management team, paid a working visit to the office of DBG, also mentioned that the alliance with DBG opens a new door of offering long-term patient capital to the numerous local businesses who desire facilities with longer time span to allow them grow their businesses and return value to their stakeholders. He also added that “the acknowledgment by DBG of Sinapi Aba’s pivotal role in the noble mission of building lives through financial inclusion and empowerment stands as a profound endorsement of our enduring commitment spanning 29 years. This recognition underscores our capacity to broaden financial access across a more extensive market, augmenting our capacity to provide enhanced financial solutions.”

Sinapi Aba Savings and Loans Ltd. has been licensed and supervised by the Bank of Ghana since 2013. Sinapi Aba is committed to providing innovative financial solutions and training to entrepreneurs in MSMEs in Ghana to improve their business and enhance income-generating opportunities for the economically disadvantaged to improve their standard of living and positively transform their lives. The company focuses on Agriculture, Business, Housing, and Education.

Catalysing SME Growth in Ghana – Development Bank Ghana Launched 14th June, 2022

Development Bank Ghana (DBG) launches today as a new development finance institution designed to help catalyse growth in the SME sector.

BMZ press release (23.05.22): German Parliamentary State Secretary Dr. Bärbel Kofler (BMZ) visits German supported Development Bank Ghana (DBG)

The German Delegation, led by Dr. Bärbel Kofler, the Parliamentary State Secretary of BMZ (Federal Ministry for Economic Cooperation and Development), visited the Development Bank Ghana (DBG) on Monday, 23rd May, 2022 as part of her mission to Ghana to attend the Annual General Meeting of the African Development Bank in her capacity as Governor. Dr. Kofler seized the opportunity to engage with the CEO of DBG, Mr. K. Duker.