Audio By Carbonatix
Government has secured $250 million to kickstart operations of a new financial institution National Development Bank (NDB), the Finance Minister has said.
Ken Ofori-Atta told Parliament on Wednesday during his 2020 Budget presentation that feasibility study for the establishment of the Bank has been completed.
He spelt out the specifics of the study explaining the rationale, mandate, business model, legal and regulatory framework, ownership, governance and sustainability of the Bank has been completed.
“Government is working with the World Bank and other development partners to capitalize the bank in 2020 for it to commerce operations.
“The National Development Bank as envisioned will refinance credit to industry and agriculture as a wholesale bank; and also provide guarantee instruments to encourage universal banks to lend to these specific sectors of the economy,” he said.
Mr Ofori-Atta said NDB will be an independent institution with a strong corporate governance framework and “would be globally rated to enable it to leverage foreign private capital for industrial and agriculture development in the country.”
According to him, government will also provide periodic dedicated funds for intervention in key areas of the economy such as large scale agro-processing, housing, through various schemes and funds as needed for economic and social development and jobs.
“It is expected that the National Development Bank will provide cheaper and long term funding for the growth and expansion of key companies operating in the agriculture and industry sectors,” he said.
He added that “the National Development Bank will also lend through specialized banks to key anchor industries at the Metropolitan, Metropolis and District Assemblies level to support the governments IDIF initiative.”
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Wa West Agric Director calls for stronger gov’t support after difficult farming year
2 minutes -
‘Agriculture isn’t only for village folks’ — President Mahama pushes professionals to take up farming
4 minutes -
82-year-old man emerges overall National Best farmer for 2025
20 minutes -
Calls grow for stronger oversight as free trade and lax regulation fuel fake medicines
40 minutes -
World Cup 2026: Tuchel keeps group stage opponents under wraps, shuns Ghana
55 minutes -
Volta Region received a significant share of Big Push road projects – Mahama
59 minutes -
Togbe Afede XIV lauds government’s $10bn ‘big push’ programme for boosting farm produce transport
2 hours -
FDA urges consumers to prioritise safety when purchasing products during festive season
2 hours -
President Mahama calls for single-digit interest rates on agricultural loans
2 hours -
President Mahama urges Ghanaians in formal jobs to take up farming
3 hours -
Farming interventions paying off, lifting incomes and food security, says Agric minister
3 hours -
Gov’t pledges science-backed interventions in agriculture, says Agric minister
3 hours -
Ghana unveils $3.4bn plan to accelerate national clean energy transition
3 hours -
Interior minister urges security agencies to maximise use of new NSB regional command in Ho
3 hours -
Photos: Ghana celebrates 41st National Farmers’ Day
3 hours
