“Bank of Ghana Initiates Commercial Paper Market, Urging Stakeholder Collaboration”

At the Ghana Venture Capital Association (GVCA) Annual Conference 2024, Michael Mensah-Baah, the Deputy Chief Executive Officer of Development Bank Ghana (DBG), made a significant announcement regarding the establishment of a fund of funds aimed at supporting Venture Capital and Private Equity Firms. This newly created fund is a crucial component of DBG’s strategic approach, designed to enable the Bank to channel investments into carefully selected venture capital and private equity firms that demonstrate strong potential to drive sectoral growth.During his keynote address at the conference, Mr. Mensah-Baah highlighted the pivotal role that Venture Capital and Private Equity play in enhancing corporate governance, efficiency, competitiveness, and Environmental, Social, and Governance (ESG) principles and practices in Ghanaian businesses. He emphasized the importance of addressing the lack of long-term financing, which is essential for driving the kinds of investment that lead to sustainable growth. This gap in financing is one that DBG aims to fill through its initiatives.In addition to providing long-term capital to the market, DBG has also established a fund of funds to provide Venture Capital and Private Equity firms with the necessary capital to make substantial investments across diverse sectors such as technology, healthcare, and green energy. This initiative is expected to amplify the impact of these firms on Ghana’s economy.Mr. Mensah-Baah further underscored DBG’s commitment to supporting the growth of local businesses, with the ultimate goal of contributing to an economy where entrepreneurs can invest and build sustainable businesses that can expand their products and services across West Africa and globally.As part of its efforts to foster collaboration and innovation in driving sustainable economic growth, DBG will be hosting the 3i Africa Summit in May 2024. The summit, which is an initiative of DBG, Bank of Ghana, and the Monetary Authority of Singapore, will bring together venture capital and private equity entities, impact investors, insurance companies, family offices, sovereign wealth funds, pension funds, FinTech companies, Development Finance Institutions (DFIs), policymakers, and regulators. The aim is to create a platform for sharing ideas and discussing ways to further enhance the venture capital and private equity landscape in Ghana.