In a significant move to boost Ghana’s economy, Development Bank Ghana (DBG) has partnered with the Association of Ghana Industries (AGI) to revitalize the country’s textiles and garments industry. The partnership aims to strengthen local businesses, scale up production, improve competitiveness, and create jobs.
The collaboration is part of DBG’s mandate to accelerate the growth of key sectors of Ghana’s economy. As part of the agreement, DBG will provide technical support, financial resources, and market development assistance to selected textile, garment, and fintech companies over the next three years.
DBG’s CEO, K. Duker, emphasized the importance of the textiles and garments industry in Ghana’s economic growth. “This collaboration with AGI provides an opportunity to support the sector’s growth, leveraging global trade opportunities such as AfCFTA and AGOA,” he said.
The partnership is expected to address key industry challenges, including high production costs, limited skilled labor, and access to long-term financing. DBG will invest an initial GHS 566,200.00 in dedicated financial support to AGI to execute various activities during the program.
The CEO of DBG announced that the bank aims to invest at least GHS 100 million annually through long-term financing over the next three years in Ghana’s textile and garments industry. Additionally, DBG’s Guarantee subsidiary, DBG Guarantee (DBGG), will provide partial credit guarantees to unlock significant financing for the sector.
Dr. Humphrey Kwesi Ayim Darke, President of AGI, praised the partnership, saying it will empower businesses to improve their operational efficiency, create jobs, and gain access to both local and international markets.
The partnership between DBG and AGI is a vital step towards revitalizing the textiles and garments industry, paving the way for long-term economic growth and sustainability in Ghana.
Ruth Abla ADJORLOLO
