Deloitte partner proposes industrial bank for Ghana

Yaw Appiah Lartey, a Deloitte partner and Africa Infrastructure and Capital Projects Leader, has proposed the creation of a specialized financial institution in Ghana to support industrial development. Speaking at the Africa Oil Week Energy Conference in Accra, Lartey suggested that Ghana should model this new entity after Nigeria’s Bank of Industry (BOI).

The proposal aims to address the high cost of borrowing for Ghanaian manufacturers and energy sector firms. While Nigerian businesses can access state-backed financing at interest rates between 5% and 7%, Ghanaian companies often face commercial lending rates that have historically exceeded 25–30%.

Lartey noted that such an institution would provide affordable, long-term credit to capital-intensive sectors, including oil, gas, and manufacturing. He emphasized that this specialized bank would complement existing institutions like the Agricultural Development Bank and the National Investment Bank, supporting both large-scale industrial expansion and SME development.