The government has raised the required seed capital for the establishment of the National Development Bank in January 2021.
According to Finance Minister, Ken Ofori-Atta, the government had secured $250 million from the World Bank as initial capital to kick-start operations.
The government in 2017 hinted it will establish a national development bank in the country.
The move was to provide innovative and long term financing instruments for specific sectors of the economy.
In that regard, the development bank would inject extra capital into the agriculture and industrial sectors.
This will empower and grow many businesses in that sectors into giant ones, ADB and NIB which were established specifically as development banks have ventured into retail banking, taking some attention from their merchant and development banking status.
Source: Mybrytfmonline/Kofi Atakora
