Development Bank Ghana (DBG) signed a tripartite memorandum of understanding with the Association of Ghana Industries (AGI) and Ghana Stock Exchange (GSE) to help empower small-medium enterprises in the country.
The short event took place at the Swiss Spirit Alisa Hotel at North Ridge on Thursday, October 6, 2022.
This is part of DBG’s mandate of building capacity and empowering banks and entrepreneurs through financial innovation and other advisory services to strengthen the financial ecosystem in which businesses operate.
DBG views partnerships as critical to the execution of its mandate.
In his remarks, DBG’s Deputy Chief Executive Officer, Mr. Michael Mensah-Baah intimated that “DBG’s primary objective is to ensure that SMEs are in a better position to receive and use funds from participating Financial Institutions. A critical role here for DBG, therefore, is to provide long-term funding to banks and to engage in partnerships with institutions like AGI and GSE to ensure the empowerment of the private sector for growth”.
This collaboration with partners seeks to fashion innovative solutions that demonstrate that principles and profits are not mutually exclusive.
The Managing Director of the Ghana Stock Exchange (GSE), Mr. Ekow Afedzie in his address said: “The GSE, DBG and AGI share the same ambition of supporting Ghanaian SMEs to become giants in their industries by making patient capital available to them to expand their businesses.
“This tripartite MoU represents a significant step in catalysing the growth of our SMEs by providing access to much-needed capital.”
The Ghana Alternative Market was specifically set up by GSE in 2013 to support SMEs to build sustainable businesses.
He added that GSE is committed to all the action plans outlined in the MoU “including this capacity-building workshop”.
DBG is a development finance institution which with the support of international development
finance partners such as the African Development Bank, European Investment Bank, the World Bank and the German development bank (KFW) seeks to improve financing and technical support to the private sector through a wholesale model which operates via commercial banks designated as participating financial institutions (PFIs).
DBG is a Development Finance Institution established in 2017. In 2020, the bank received its license from the regulator at the Bank of Ghana.
DBG’s mission is to:
- Facilitate and strengthen long-term credit flow to Ghanaian businesses to drive long-term economic growth and transformation.
- Empower banks and entrepreneurs through financial innovation and other advisory services to strengthen the ecosystem in whichbusinesses operate.
- Promote excellence within the businesses we support in terms of Environmental, Social and Governance.
More information available at www.dbg.com.gh
The Stock Exchange was established in July 1989 as a private company limited by guarantee
under the Companies Code of 1963. It was given recognition as an authorized Stock Exchange
under the Stock Exchange Act of 1971 (Act 384) in October 1990. The Council of the Exchange
was inaugurated on November 12, 1990, and trading commenced on its floor the same day The
Exchange changed its status to a public company limited by guarantee in April 1994
GSE’s Mission Statement:
To provide an efficient securities market for national economic development through access to
capital and investment.
The Association of Ghana Industries (AGI) is a voluntary business association of over 1200
members, made up of small, medium, and large-scale manufacturing and services industries in
agro-processing (food and beverages), agri-business, pharmaceuticals, electronics and electrical, telecommunications, information technology, utilities, service industries, transport,
construction, textiles, garments and leather, banking and advertising.
AGI Mission and Vision Statement
To influence the development and growth of the construction industry, through effective
stakeholder engagements and policy reform initiatives that will enhance the capacity and
competitiveness of construction sector service providers in Ghana.