The Association of Ghana Industries (AGI) is asking the newly launched Development Bank of Ghana to tackle critical sectors that are contributing to the rising inflation in the country.
According to the AGI, this will help address the cost of borrowing and thereby reduce the cost of operations of industry
President of the AGI, Humphrey Ayim Darke, told Joy Business these sectors including agriculture should be highly prioritised to help bring down the rate of inflation and consequently make the Ghanaians economy better.
“Go in for the critical areas that are the drivers of the inflationary basket. It will aid in the structural transformation we seek in the economy”.
“This calls for deep value chain intervention and not a shallow intervention. “If you take the agricultural sector it goes all the way to even One District One Factory (1D1F) and the consumer. So it’s a very ambitious project which we seek to collaborate with the Development Bank Ghana in selecting specific areas for intervention”, he opined.
Development Bank Ghana commenced full operations on Tuesday, June 14th, 2022, after a short official launch ceremony in Accra.
The bank which is a wholesale financial service provider will be playing the role of removing the high risk of lending to the Small and Medium Enterprises in the country as well as partner support some key sectors of the economy.
Minister for Finance, Ken Ofori-Atta, urged the board of the Development Bank Ghana to work prudently to gain international standard recognition which will support its quest to go to the capital market to secure some funds.
He believes this will also complement the already existing capital that the bank has received so far which he described as moderate.
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