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New bank will enhance capacity of ADB, others – MoF.

Director of Financial Services at the Ministry of Finance, Mr Sampson Akugoh, has thrown more lights on the rationale behind the establishment of the National Development Bank (NDB). He said the bank will enhance the capacity of other banks inclduing the Agricultural Development Bank (ADB) to enable them achieve their objectives.

Speaking on the Business Focus with Alfred Ocansey on TV3 Monday May 24, he said “When the Minister of Finance mentioned about the establishment of the National Development Bank, the key focus he talked about is medium to long term financing.

“The way commercial banks work, fundamentally commercial banks mobilize deposits, e it has short term. And it is based on these deposits that they create credits in the economy. “…The need for the Development Bank Ghana is really to create a superior institution that does not do the work of ADB but actually enhances the capacity of ADB to provide financing that is currently not in.”

The Ministry of Finance and the European Investment Bank have signed an agreement for the provision of a one hundred- and seventy-million-euro (€170 million) facility for the establishment of a new national bank, the Development Bank Ghana (DBG).

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Alfred Ocansey Development Bank Ghana Finance Ministry of Finance Sampson Akugoh

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