How Ghana's institutions can boost growth

In a bid to drive growth and sustainable development in Ghana, the Chief Executive Officer of the Development Bank Ghana, Kwamina Duker, believes that strong institutions are crucial. Speaking on CNBC Africa, Duker emphasized the importance of institutions like AfriXen in promoting economic prosperity on the continent. As Ghana celebrates the 30th anniversary of AfriXen, Duker highlighted the significance of honoring Ghana and its efforts towards becoming a leader in innovation and economic transformation. One of the key takeaways from the conference was the focus on building prosperity, a theme that resonated with Duker. He stressed the need to shift from the status quo and explore new strategies to drive economic growth, especially in the face of global challenges. Duker discussed the role of the Development Bank Ghana in supporting small businesses and organizations in unlocking their growth potential. Founded just over a year ago with substantial capital, the bank aims to serve as a catalyst for change, bringing together government, banks, and private businesses to foster collaboration and common understanding. Addressing the feedback from the private sector and SMEs, Duker acknowledged the longstanding concerns about banks' stringent requirements and the need for bankable deals. By facilitating dialogue and providing technical assistance, the Development Bank Ghana seeks to bridge the gap between lenders and borrowers while ensuring sustainable growth. Amidst the current economic crisis, both locally and globally, Duker sees an opportunity for institutions to influence behavior and drive investment in sectors like agriculture and digitization. By leveraging liquidity and promoting collaboration, the bank aims to support businesses in navigating external shocks and building resilience. Reflecting on the country's recent economic progress, Duker highlighted the importance of collaboration in driving sustainable development. He emphasized the need to focus on value chains and complement existing banking services to address gaps and promote a virtuous economic cycle. Looking ahead, the top three priorities for the Development Bank Ghana in the Ghanaian market are collaboration, agriculture, and digitization. Duker reiterated the bank's commitment to working closely with development partners and adhering to international standards to become a preferred partner for sustainable development initiatives. As Ghana charts its path towards economic growth, Duker's message resonates with the broader goal of fostering institutional collaboration and building prosperity for the nation's future.