The Association of Ghana Industries (AGI) is optimistic about its partnership with the Development Bank Ghana (DBG), describing it as a transformative step for Ghana’s textile and garment industry.

The collaboration, formalised through a Memorandum of Understanding (MoU) signed on November 26, aims to address key challenges in the sector while fostering growth, innovation, and economic empowerment.

Speaking at the signing ceremony, AGI President Dr. Humphrey Kwesi Ayim Darke emphasized the initiative's potential to revolutionize the textile and garment industry.

“This partnership will empower businesses to improve their operational efficiency, create jobs, and gain access to both local and international markets,” he said.

Dr. Ayim Darke highlighted the importance of collaboration in addressing the financial and technical challenges faced by businesses in the sector.

He urged beneficiary companies to adhere to the partnership's terms, demonstrating fidelity and commitment to the vision of transformation.

“Without a doubt, there will be technical support, developmental resources, and funding to support our cause,” he noted.

He added that the hand-holding approach would help businesses navigate challenges and leverage opportunities.

"The promoters of this agreement and this concept are courageous, and you've demonstrated courage to tackle the obvious, which is the joblessness of our economy, and seeking to correct that curve with this particular partnership, to drive in this collaboration, as well as to promote an enterprising economy where competition and other associated factors will be the hallmark of engagement."

The three-year initiative will provide technical assistance, financial resources, and market development support to selected companies. With an annual investment target of GHS 100 million, DBG will focus on scaling production, improving competitiveness, and creating jobs in the textile and garment sector.

DBG CEO K. Duker explained that the program aligns with DBG’s strategic focus on supporting manufacturing and leveraging global trade opportunities such as the African Continental Free Trade Area (AfCFTA) and the African Growth and Opportunity Act (AGOA).

“This collaboration will help local businesses overcome barriers, increase production capacity, and tap into new markets, ultimately strengthening Ghana’s economy,” Mr. Duker stated.

The initiative also seeks to integrate sustainable practices, including recycling textile waste and adopting eco-friendly production methods. Beneficiary companies will receive capacity-building support, regular monitoring, and market linkage opportunities to boost export potential.

“The textile and garment sector has immense potential to contribute significantly to Ghana’s economic growth,” said Prof. Eric Osei-Assibey, DBG’s Chief Economist Designate.

“This partnership will help bridge financial and technical gaps, ensuring the sector grows responsibly while contributing to environmental preservation.”

As the partnership unfolds, AGI and DBG anticipate a revitalized textile and garment industry that drives long-term economic growth, job creation, and sustainability. The program's overarching goal is to position Ghana as a competitive player in local and international markets while fostering industrial innovation.