Ghana’s Finance Minister, Mr. Ofori Atta revealed this while delivering the 2020 budget statement to Parliament adding that Bank is expected to commence operations in 2020.
The Finance Minister also revealed that the soon to be set up Bank had generated a lot of interest from other international donors.
“In view of the high level of interest generated, other donors such as DFID, KFW, AfDB are expected to provide additional capitalization for the Bank once it becomes operational in 2020,” said Mr. Ofori Atta.
“The National Development Bank as envisioned will refinance credit to industry and agriculture as a wholesale bank, and also provide guarantee instruments to encourage universal banks to lend to these specific sectors of the economy,” he added.
Providing access to cheap and long-term funding to this critical sector of the country’s economy will thus have a significant effect especially in adding value to the country’s exports and providing additional employment opportunities to citizens.
Mr Ofori-Atta said the government will also provide periodic dedicated funds for intervention in key areas of the economy such as large scale agro-processing and housing for economic and social development.
The Bank according to Mr. Ofori Atta, is expected to act as an independent institution with a strong corporate governance framework.
It will also be globally rated to enable it to leverage foreign private capital for industrial and agriculture development in the country.