The Development Bank Ghana (DBG) is stepping up efforts to unlock long-term financing for businesses in the textile sector.
The report indicates that the Development Bank Ghana (DBG) is stepping up efforts to unlock long-term financing for businesses in the textile sector.
It further notes that the bank says it has identified five textile projects that are now being presented to participating financial institutions for possible financing.
Chief Executive Officer of DBG, Prof Randolph Nsor-Ambala, stated the textile industry remains one of the bank’s priority areas under manufacturing.
He stated DBG is providing more than just credit to businesses in the sector.
“It’s actually one of our priority areas under manufacturing.”
Prof Nsor-Ambala stated DBG’s broader mandate covers agriculture, manufacturing, ICT and high-value services.
He stated the bank has made significant investments across these value chains.
Within manufacturing, the bank is focusing on textiles, pharmaceuticals and energy transition.
Prof Nsor-Ambala stated DBG is also prioritising youth-led and women-owned businesses. It is also seeking to expand financing beyond Greater Accra.
“Currently, about 40% of our investments, or a little bit above 40% of our investments, are into hard-to-reach areas that are outside Greater Accra or what you call the Golden Triangle.”
The CEO stated DBG has adopted a whole-of-value-chain approach to supporting the textile sector.
He stated that the bank signed a three-year memorandum of understanding with the Association of Ghana Industries focused specifically on textiles.
Under the agreement, DBG committed to financing textile businesses and supporting market development and capacity building.
It also committed to providing technical assistance to help businesses develop investor-ready projects.
