‘We can’t wait to see the Development Bank come to fruition’ – AGI tells Prez Akufo-Addo
President of the Association of Ghana Industries (AGI), Dr Yaw Adu Gyamfi, has expressed eagerness towards the establishment of the National Development Bank Ghana (DBG).
Speaking at the maiden Presidential Business Summit in Tuesday, Dr Adu Gymafi averred the Association is highly expectant of the creation of the Bank as its establishment will see to the elimination of poor access to long term financing for businesses which has been the bane of Ghanaian industries.
“As industry players, poor access to medium and long term financing at a manageable rates has been the bane of our growth and therefore we cannot wait to see the Development Bank come to fruition,” he stated.
Speaking further at the Summit, Dr Adu-Gyamfi noted the Association is determined to scale-up and build local productivity in terms of capacity of its industries to enable them become African giant in view of the commencement of the African Continental Free Trade Agreement (AfCFTA).
“We are determined to scale-up and build local productivity in terms of capacity of our enterprise development to become African giants with the right support from our government. We reckon the changes in our business environment today and therefore align our operations to this new normal vis-a-vis the government’s digitalisation agenda being implemented today.
“Key development challenges such as unfair competition from imports, high interest rates among others are still areas we are battling with and working harder to eliminate so we can position Ghanaian industries to be competitive and take full advantage of the AfCFTA.
“We commend government for the steps taken to alleviate the pandemic on businesses and Ghanaians through the many initiatives and incentives given. The AGI remains committed to deepening its collaboration with the government and acknowledges all efforts made by the government towards economic recovery from the pandemic.
“We welcome the opportunity to work closely with the government to accelerate the implementation of the industrial policies and initiatives within a broader framework of the government’s Ghana CARES Obaatanpa programme.
“AGI is happy government has made industrialisation a key pillar in its transformational agenda because for us we believe the best strategy for creating sustainable jobs in our current dispensation is through industrialisation,” he stated.
The DBG in its operations is expected to over the medium-term focus on and transform the industry, agriculture, agro-processing, and housing and mortgage sub-sectors of the economy.
When operational, DBG will deploy products and instruments such as credit guarantee funds, refinancing of Participating Financial Institutions (PFIs) loans, term loans, business development services and factoring, among others.