Ghana’s development bank gets off to a good start

By Jonas Nyabor, in Accra
Posted on Tuesday, 14 June 2022 14:15

Ghana's Finance Minister Ken Ofori-Atta speaks during the G-24 news conference at the World Bank/IMF Spring Meetings, in Washington, Thursday, April 19, 2018. ( AP Photo/Jose Luis Magana)/
Ghana's Finance Minister Ken Ofori-Atta speaks during the G-24 news conference at the World Bank/IMF Spring Meetings, in Washington, Thursday, April 19, 2018. ( AP Photo/Jose Luis Magana)/

The Development Bank Ghana (DBG) is a work in progress. The rationale is clear: helping fix the financing crunch for domestic companies unable to afford the high interest rates of the commercial banking space, which hover at around 22%. Cronyism and corruption have dogged many previous attempts to provide soft loans to industrial players in the country. Can Ghana make it work this time?

Observers see positive signs. The bank’s board was constituted in 2021 through a process coordinated by PwC (Ghana), and the two top executives have impressive professional records. Yaw Ansu – who worked at the World Bank for 26 years and was country director for Zambia, Zimbabwe and Nigeria – is chairman of the board. Kwamina Bentsi Enchill Duker, a former director of Fidelity Bank Asia. is DBG’s chief executive officer.

Professionals, not politics