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GHANA SECURES $170 MILLION TO ESTABLISH “DEVELOPMENT BANK GHANA”
On 19th May, 2021, the Government of Ghana and the European Investment Bank (EIB) signed an agreement for a EUR 170 million facility for the establishment of the Development Bank Ghana (DBG). This facility is a critical component of the “Ghana Cares” GHC100 billion 'Obaatampa' Project, which is tasked with reviving the Ghanaian economy.

H.E. President Nana Addo Dankwa Akufo-Addo stated that the Bank will play a critical role in Ghana's rapid economic transformation following the inception of COVID-19. The €170 million facility is the largest ever provided by the European investment bank for the creation of a development bank in Africa, according to Dr. Werner Hoyer, President of the EIB.

The Bank's design and operation will adhere to the highest international standards, scrutiny, and best practices for development banks. Dr. Hoyer expressed confidence that the establishment of Development Bank Ghana will help unlock growth opportunities in Ghana. He noted that the Bank's establishment is consistent with the European Union's objectives and will aid in the development of Ghana's private sector, agribusiness, manufacturing and ICT initiatives.

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