The Association of Ghana Industries (AGI) wants development banks like the National Investment Bank (NIB) and the Agricultural Development Bank (ADB) to increase long-term finance for businesses so they may extend their investment initiatives.
Despite the National Development Bank’s scheduled launch, Chief Executive Seth Twum Akwaboah wants the two development banks to complement the new state bank’s work.
According to him, this will make Ghanaian enterprises more competitive on the African continent and expedite economic development by creating jobs.
“I feel that other financial organizations that are supposed to provide development money, such as NIBs and ADBs, need to be recapitalized.” It would be quite beneficial if you could supplement their money and offer them with funding.”
“We need medium to long term funding for you (business) to expand and upscale, and that’s why AGI has been clamoring for a development bank,” he said, adding, “fortunately, the government is now establishing up one.” They’ve come a long way, and we’ve met them. They’re going to work with us to improve access to medium to long-term funding so that they may extend their project.”
Mr. Akwaboah explained, “We believe that with that kind of development, it will benefit a great deal.”
Long-term, flexible-term, and low-interest loans have been requested by industry to help them develop quickly and create more jobs.
This will also ensure Ghanaian manufacturers’ competitiveness in Africa, especially with the introduction of the African Continental Free Trade Agreement.