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Bank of Ghana grants DBG operational license
DBG to provide access to medium and long-term loans at affordable interest rates
DBG commences operations with initial total funding of over US$750 million
Government has announced the appointment of finance and investment expert, Kwamina Bentsi Enchill Duker, as the first Chief Executive Officer of the Development Bank Ghana (DBG), Asaase News has reported.
The development according to the portal comes after government through an open and competitive selection process coordinated by PwC (Ghana) has appointed a seven-member board of directors to oversee the affairs of the DBG.
Kwamina Duker however comes to the position with vast knowledge in finance and investment spanning over 30 years.
He is said to have expertise in Treasury and Foreign Exchange (FX) markets from Deutsche Bank (UK and Singapore), Nomura Bank (UK) and Midland Bank (UK).
Prior to his latest appointment as CEO of DBG, Kwamina Duker served as Managing Director of Fidelity Bank Asia which is a subsidiary of Fidelity Bank Ghana.
He was also a board member of the Consolidated Bank Ghana.
Kwamina Duker has also worked in various capacities both locally and internationally as he served as Head of Global Markets FX and Deutsche Bank (UK), a firm that had assets under management in Europe of over €122 billion.
Meanwhile, Finance Minister, Ken Ofori-Atta earlier revealed government has formally received its operational licence for the establishment of the Development Bank Ghana.
According to him, the DBG is expected to provide a powerful response to a long-standing desire of our businesses to have easier access to medium and long-term loans at affordable interest rates.
Delivering the 2022 budget statement before Parliament in November last year, Ken Ofori-Atta said, “Mr. Speaker, I have great news. On Friday, November 12 2021, The Governor of the Bank of Ghana formally handed over the license for the Development Bank Ghana.
“Not only will DBG, as a wholesale bank provide loans to financial institutions, it will also provide partial credit guarantees to complement the efforts of GIRSAL in agriculture and agribusiness.” Ken Ofori-Atta revealed.
The DBG, when fully operational, will facilitate business growth and job creation.
The Bank, according to government will also accelerate economic transformation by supporting the financial sector through Participating Financial Institutions (PFI’s) in both the banking and capital market sectors.
