The Association of Ghana Industries (AGI) has disclosed to JOY BUSINESS, it is in the final stages of securing a license for its bank from the Bank of Ghana (BoG).

The association wants to set up what it calls an Industrial Development Bank to cater for the financial needs of Small and Medium Enterprises which constitute about 70 percent of its membership.

This, it believes would significantly address the financing challenges affecting the growth of these enterprises.

President of AGI, James Asare Agyei said it is going very well and they are expecting a favourable response from the Central Bank.

"Industrial Development Bank focuses on industrialisation particularly in the areas of manufacturing so that we can be able to grow or develop the capacities of local industries," he said.