The Association of Ghana Industries (AGI) wants development banks such as the National Investment Bank (NIB) and Agricultural Development Bank (ADB) to scale up their long term funding for industries to enable them expand their investment projects.
Chief Executive, Seth Twum Akwaboah, says despite the expected take off of the National Development Bank, he wants the two development banks to complement the efforts of the new state bank.
He told Joy Business this will make Ghanaian businesses competitive on the African continent and accelerate economic development through job creation.
“I believe that the other financial institutions like the NIB’s and ADB's who are suppose to be providing development funding needs to be recapitalised. If you are able to augment their capital and provide them funding, it will help a great deal.”
“For you (industry) to do an expansion and upscaling, we need medium to long term capital and it's the reason why AGI has been clamouring for a development bank”, he said, adding “fortunately, the government is now setting up one. In fact they’ve gone quite far and we have met them and they are going to be working with us so that we are able to enhance access to medium to long term capital to expand their project.”
“So we think that with that kind of development it will help a great deal”, Mr. Akwaboah explained.
Industry have been clamouring for long term, flexible term and competitive interest rates loans to enable them expand rapidly and create more jobs.
This will also ensure the competitiveness of Ghanaian manufacturers in the Africa region, particularly the advent of the African Continental Free Trade Agreement.
Latest Stories
-
MPs’ Repeated Attempts to Sue the Speaker: Unintended Consequences for the 2024 Elections?
2 mins -
Today’s front pages: Tuesday, November 5, 2024
12 mins -
Galamsey: Investigation into attack on Joy News’ Erastus Asare and colleagues already growing cold
43 mins -
Mahama promises construction of stadia in all 16 regions if elected
1 hour -
Dampare has transformed Police training school – Bawumia
1 hour -
America braced as two stark visions collide on election day
1 hour -
NAPO urges Ghanaians to support NPP’s vision for national development
1 hour -
About 95% of PWDs in Obuasi have source of livelihood – MCE
1 hour -
Immigration Service intercepts 54 gallons of fuel
2 hours -
Election 2024: Roman Fada selected as flagbearer for Ghana Freedom Party
2 hours -
Bawumia to launch Ghana’s credit scoring system on Nov. 7
2 hours -
Alan to combat galamsey with strategic youth-centred business model
2 hours -
Agona Swedru chiefs commit to ending child marriage within their jurisdiction
2 hours -
Sunyani Traditional Council endorses Bawumia – NAPO government
2 hours -
Adutwum defends double track in Free SHS, citing research and positive outcomes
2 hours