Government says the €170 million facility secured for the establishment of the National Development Bank will not be paid by the taxpayer, but the institution itself.

Speaking on PM Express, the Financial Sector Division Director, Sampson Akligoh, noted that the bank has been structured to be self-reliant and financially independent.

“If you look at the way things have been done, everything will be taken on by the National Development Bank. This is a concessional facility, and the bank can surely pay for everything,” he told host George Wiafe.

The Akufo-Addo government in 2017 hinted it will establish a National Development Bank in the country to provide innovative and long term financing instruments for specific sectors of the economy.

The new institution, which will take off in July, is expected to transform access to finance by small business and larger companies across Ghana and unlock investment in agribusiness, manufacturing, informational technology and tourism.

This will empower and grow many businesses in that sectors into giant ones.

To insulate the newly created bank from political interference, Mr Akligoh said measures have been implemented to ensure that the bank stays on its course and lives up to its mandate.

“The nomination to the Board of the Bank is also being given an international perspective to ensure that it has the necessary corporate governance structures in place or call it the best international practice in terms of the way things are done.

“There has been the necessary legal protection in terms of workings of the bank to insulate it from any external influence,” he stated.

He continued, “Government is also working closely, World Bank so they can institute the needed structures that one can all world-class development bank in Ghana.”