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Business News of Monday, 10 May 2021

Source: atinkaonline.com

National Development Bank to start work by end of July – Finance Minister

Ken Ofori-Atta, Finance Minister Ken Ofori-Atta, Finance Minister

Finance Minister, Ken Ofori-Atta, has revealed that the National Development Bank is set to commence operations by the end of July.

Delivering the State of the Nation Address in Parliament on Tuesday, March 9th 2021, the president of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo mentioned that the establishment of the National Development Bank, under the Ghana CARES programme, is expected to provide support to businesses in Ghana.

Akufo-Addo mentioned that government found the resources to cushion the impact of the pandemic because we are good managers of the economy, and we are good protectors of the public purse.

According to the President, government expects GDP growth to rebound strongly this year to nearly five percent (5%), above the IMF’s 2021 January projection of 3.2% growth for Sub-Saharan Africa for 2021.

“The medium-term outlook supported by the implementation of the Ghana Programme is bright. We are confident that, together, we will emerge from the coronavirus pandemic with a stronger and more resilient economy”, Akufo-Addo added.

Addressing concerns raised by Ghanaians as part of the viral #FixTheCountry campaign at a press conference on Sunday 9th May 2021, Finance Minister, Ken Ofori-Atta stated that the National Development Bank is expected to commence operations by the end of July.

Capitalized at over 500 million dollars, Ken Ofori-Atta, mentioned that National Development Bank will provide long-term wholesale financing the private sector through commercial banks and non-bank financial institutions.

“The good people of Ghana have given us the mandate to get things done. This is a clarion call for a national conversation on the shared burden to renew the social contract of our democracy. At our best, we should open for all Ghanaians, an economic system under which each citizen shall be guaranteed the opportunity to show the best in him or her.”

“By the end of July, we will have a new development bank capitalized at over 500 million dollars that will provide long-term wholesale financing not retail as happened in the past to the private sector through commercial banks and non-bank financial institutions such as venture capital companies or SMEs to ensure financing to support the youth,” Ken Ofori Atta explained.

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