The Association of Ghana Industries (AGI) wants development banks such as the National Investment Bank (NIB) and Agricultural Development Bank (ADB) to scale up their long term funding for industries to enable them expand their investment projects.
Chief Executive, Seth Twum Akwaboah, says despite the expected take off of the National Development Bank, he wants the two development banks to complement the efforts of the new state bank.
He told Joy Business this will make Ghanaian businesses competitive on the African continent and accelerate economic development through job creation.
“I believe that the other financial institutions like the NIB’s and ADB's who are suppose to be providing development funding needs to be recapitalised. If you are able to augment their capital and provide them funding, it will help a great deal.”
“For you (industry) to do an expansion and upscaling, we need medium to long term capital and it's the reason why AGI has been clamouring for a development bank”, he said, adding “fortunately, the government is now setting up one. In fact they’ve gone quite far and we have met them and they are going to be working with us so that we are able to enhance access to medium to long term capital to expand their project.”
“So we think that with that kind of development it will help a great deal”, Mr. Akwaboah explained.
Industry have been clamouring for long term, flexible term and competitive interest rates loans to enable them expand rapidly and create more jobs.
This will also ensure the competitiveness of Ghanaian manufacturers in the Africa region, particularly the advent of the African Continental Free Trade Agreement.
Latest Stories
-
Reality of critical patient care when nurses and midwives withdraw services
6 minutes -
Ghana to vaccinate 2.2 million girls against Human Papillomavirus (HPV)
7 minutes -
I’m not just passionate about music, I’m hungry for it – Gyakie
21 minutes -
I haven’t started spending the $5,000 gift from Davido – Ananzo Official
23 minutes -
Smart Procurement: Using AI to combat fraud and boost efficiency in Ghana’s public spending
25 minutes -
Lions Club commissions modern Diabetes Clinic and Emergency Ward for Suntreso Government Hospital
30 minutes -
Asutifi North fire officer urges strict compliance with traffic rules to save lives
32 minutes -
Telecel Ghana celebrates sportsmanship and Heritage at 68th Asantehene Golf Open
40 minutes -
U.S. and Israeli Strikes on Iran: A racist, colonialist assault on sovereignty
41 minutes -
Scientists make case for intercropping amidst climate change impacts
43 minutes -
Government urged to boost TVET to reduce unemployment
46 minutes -
Leading NPP member proposes revision of requirements for higher party roles
52 minutes -
Embedding Ethical AI in Public Procurement: Ghana’s path to trustworthy automation in E-governance
54 minutes -
Seth Terkper to launch book on Ghana’s VAT journey and lessons for Africa
57 minutes -
The silence around Nana Pooley’s case: When justice sleeps, society suffers
58 minutes