Development Bank shouldn’t focus on startups only – GUTA

President of the Ghana Union of Traders’ Association (GUTA), Dr. Joseph Obeng, says the newly inaugurated Development Bank of Ghana (DBG) should not only concentrate on supporting startups grow.

Although the DBG has been officially launched, GUTA is unaware of the target of the bank. They have made unanswered enquiries into businesses the bank has been set up to support.

Making sure members of GUTA seeking expansion with credit facilities from the DBG do not lose out, Dr. Obeng said, “For now, what I have heard is that the bank is going to support startups so do I define myself as a startup? That means those of us who want to expand our business might not benefit from the bank.”

He charged government to be clear with beneficiaries of the bank. “The gov’t needs to be clear and tell us the bank is not going to provide credit to startups only, but also to those of us who want to expand and migrate from trading into captains of industry,” he told e.tv Ghana’s Samuel Eshun on the ‘Fact Sheet Show’.

According to him, the business community needs to know beneficiaries of the bank and the criteria for applying to the bank. “A lot more information has to be given about the bank and its role.”

The President of the Republic, Nana Addo Dankwa Akufo-Addo, on Tuesday, 14th June 2022, launched formally the Development Bank Ghana (DBG).

DBG is aimed at helping to spearhead the vision of a Ghana Beyond Aid, which involves positioning the private sector to take the lead in the socio-economic transformation of our country, and create quality jobs for our young people.

According to the President, the idea of setting up a Development Bank, was, indeed, announced in the 2017 Budget Statement and Economic Policy when he first assumed office. “It is one of many policy initiatives that my government has come up with to help transform the Ghanaian economy.

The overriding objective is to make long-term funding available to the private sector, and develop the ecosystem for market access, technology and innovation,” he said.