wmagine the headline; Ghana loses $750 million earmarked for Development Bank Ghana (DBG). Imagine the vitriol. Imagine the insults. Imagine the attacks. It would have been the biggest news item for weeks. The opposition would have made a feast out of it. And arguably so because deliberate losses in any form should not be countenanced.

Fortunately, Ghana has not lost $750 million.

Together with the European Investment Bank, World Bank, African Development Bank and Government of Ghana the country has raised $750 to set up the Development Bank Ghana. The purpose of this newly minted financial institution is simply to serve as a ‘bank’ for banks.

That is, DBG will act as an enabler and as a capital provider that will give out loans ranging from $3 million to $30 million to commercial banks who will then make out loans to private companies in the manufacturing, agriculture (primarily focusing on off-farm value chain activities), ICT and Allied Services, Tourism, and Mortgage and the Housing Market.

The commercial banks will underwrite these loans on a medium to long-term ( 3 years to 15 years) basis ranging from $20,000 to $3 million at extremely competitive rates.

In other words, Development Bank Ghana will work through commercial banks like National Investment Bank, Ghana EXIM Bank, ADB, etc and give out long-term loans at competitive rates to companies who hitherto had real challenges accessing long-term loans at favorable rates.

The idea behind the DBG – Commercial Bank – Customer approach is to ensure an impartial and non-political distribution of the loans to credible and viable private companies who really need long-term loans at rates that are lower than the conventional rates.

This is arguably the best news for Ghanaian businesses especially in these trying times.

Sadly, this wonderful intiative designed to solve a perennial problem that has confronted Ghanaian businessess for so many years has not received the needed promotion and projection by our media houses. Most of our social media influencers have gone quiet on the issue.

A game changer has been swept under the carpet denying Ghanaian business men and women access to vital information that could literally transform their businesses and our economy at large.

It is my fervent hope that our media houses will take this new bank very seriously, make time to understand its intended purpose and help the government spread the message far and wide so that viable companies in the aforementioned sectors can access this facility.

DBG can only be a game changer in the credit market, especially for small companies, if we all work extremely hard to promote and support it.

Ayekoo Akufo-Addo! Posterity will be kind to you whenever the issue of access to loans is discussed.