A Ghanaian delegation led by the Chief Executive Officer of Development Bank Ghana (DBG), Mr. Kwamina Duker, has paid a courtesy call on the Senior Minister of the Republic of Singapore, Mr. Tharman Shanmugaratnam, during the Singapore Fintech Festival 22.
The team, including the Managing Directors of GCB Bank (GCB), Mr. Kofi Adomakoh, and Consolidated Bank Ghana (CBG), Mr. Daniel Wilson Addo, updated the Senior Minister on work being done with the Monetary Authority of Singapore on the Ghana Integrated Financial Ecosystem (GIFE).
They informed the Senior Minister that an MOU would be signed by the Monetary Authority of Singapore (MAS), Bank of Ghana (BOG) and DBG at the Fintech Festival 22 to develop the Ghana Integrated Financial Ecosystem (GIFE).
The GIFE project aims to enhance financial capabilities and access for micro, small and medium enterprises (MSMEs) in Ghana and generate greater opportunities for trade and financial services cooperation between Singapore and Ghana. Over time, it is envisaged that the integrated financial ecosystem model can serve the Asia-Africa SME trade corridor more broadly.
GIFE will offer an open digital infrastructure for MSMEs in Ghana and Singapore in four key areas such as the SME Financial Empowerment Programme, which will help Micro, Small and Medium Enterprises (MSMEs) build foundational digital financial literacy skills and gain a good understanding of cross-border financial services.
It will also provide MSMEs in Ghana and Singapore the opportunity to expand their international business connections in Asia and Africa, through a network of business-to-business e-commerce platforms.
In addition, DBG and partner financial institutions will provide digital trade finance and guarantees for eligible MSMEs through a digital platform.
Also, the MAS, BOG, DBG and financial institutions will jointly develop financial trust frameworks² to assess credit worthiness for financing by enabling financial institutions to use alternative data sets, such as the track record of successful payments to suppliers and tax payments to relevant authorities.
In his remarks, Mr Duker, Chief Executive Officer, DBG, said the bank’s partnership with the Monetary Authority of Singapore and Bank of Ghana marked a pivotal moment in DBG’s mission to provide sustainable finance solutions to Ghanaian businesses and facilitate multi-generational, sustainable economic growth.
He also expressed his gratitude to the Senior Minister for his continuous support in promoting the healthy bilateral relations between Ghana and Singapore.
The Senior Minister, Mr. Tharman Sharmugantan, on his part, affirmed his country’s commitment to support Ghana especially at this time of economic difficulty.
He explained that there were challenges globally and expressed the hope that Ghana would successfully overcome its difficulties.
He pledged to further strengthen the relationship between the two countries.
DBG is a development finance institution established by the Government of Ghana which aims to accelerate the transformation of Ghana’s economy by supporting the growth of the private sector.
DBG employs a wholesale banking business model whereby it funds micro, small and medium enterprises through its partner financial institutions designated as participating financial institutions (PFIs) and offers technical support through other partners. DBG focuses on the segments of agribusiness, manufacturing, ICT and other high value services including transport and tourism. DBG’s mandate is to play a catalytic role in Ghana’s economic development.