The Board of Directors of the African Development Bank Group approved on Friday, November 12, a grant of more than 20 billion CFA francs to the African Development Fund for the Republic of Ghana. This fund will be used to further capitalize The Development bank of Ghana (Dbg), a new development finance institution in Ghana.

Ghana is pursuing an economic transformation agenda that requires the availability of affordable capital for medium to long term investments by the private sector. The Development Bank of Ghana is designed, according to the AfDB note, to provide finance to micro, small and medium enterprises as well as small businesses in agribusiness, manufacturing and information technology and communication (ICT).