The Managing Director of CBG Bank, Daniel Addo has tasked executives of the Development Bank of Ghana (DBG) to creatively operate in order not to go out of business like former development financial institutions in the country.
Quoting the words of former British Prime Minister, Winston Churchill, “those that fail to learn from history are doomed to repeat it,” Mr Addo stressed the importance of taking some cues from the past in order to succeed.
He said this when delivering a speech at the DBG-UGBS Development Finance Series on Tuesday, March 28.
“To firmly establish itself as a leading Development bank in Ghana it is essential that DBG does not repeat the mistakes of the past,” he said.
The Managing Director advised that they constantly adopt innovative practices that would keep them afloat regardless of the economic situation.
Mr Wilson further urged the Development Bank of Ghana to strive to remain autonomous in order to have full control over its operations without government intrusion.
“DBG has been created at a very pivotal moment in our country’s history. As we seek to build back better from the ravages of the pandemic and the recent exogenous shocks to the economy, it is important that we begin to do things differently,” he stated.
In response, the Deputy Chief Executive of DBG, Michael Mensah-Baah accepted the advice.
He also added that the constant fear of history repeating itself is the reason DBG has chosen a different path.
For government intrusion, Mr Mensah-Baah said it had been handled.
According to him, investors in the bank including The World Bank have a member on the board, thereby, will break any attempt of the government to interfere.
On Tuesday, the Development Bank of Ghana and the University of Ghana Business School signed a Memorandum of Understanding (MoU).
Themed, ‘Deepening Development Finance Knowledge, Innovations and Impact’ the two parties seek to gather evidence-based research on the core issues the country faces and explore tailor-made solutions to address them.
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