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Ghana Needs Specialized Industrial Bank for Long-Term Capital, Says Deloitte Partner

Ghana requires a specialized industrial bank to achieve its industrialization goals, according to Yaw Appiah Lartey of Deloitte. He argues that existing commercial banks cannot provide the long-term, affordable financing needed for large-scale manufacturing and processing projects. This new institution would offer patient capital, similar to Nigeria's Bank of Industry, which provides loans with interest rates as low as 5% to 7% for industrial businesses. The proposal highlights a critical gap in Ghana's financial system, which currently struggles to support the country's ambition to reduce reliance on raw commodity exports and develop local supply chains. However, experts caution that such a bank must avoid politicized credit decisions and ensure strong underwriting to prevent fiscal risks to taxpayers. Its success would depend on transparent commercial criteria, professional management, and a focus on catalyzing broader investment rather than solely funding projects.