A Ghanaian delegation led by the Chief Executive Ocer 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. Ko 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 nancial capabilities and access for micro, small and medium enterprises
(MSMEs) in Ghana and generate greater opportunities for trade and nancial services cooperation between
Singapore and Ghana. Over time, it is envisaged that the integrated nancial 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 nancial literacy skills and gain a good understanding of cross-border nancial 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 nancial institutions will provide digital trade nance and guarantees for eligible
MSMEs through a digital platform.
Also, the MAS, BOG, DBG and nancial institutions will jointly develop nancial trust frameworks² to assess credit
worthiness for nancing by enabling nancial 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 Ocer, 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 nance 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, armed his country’s commitment to support Ghana
especially at this time of economic diculty.
He explained that there were challenges globally and expressed the hope that Ghana would successfully overcome
its diculties.
He pledged to further strengthen the relationship between the two countries.
DBG is a development nance 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 nancial institutions designated as participating nancial 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.
GNA