Ghana president calls for more resources to develop Africa
Akufo-Addo spoke during a visit by the African Development Bank Group president, Dr. Akinwumi Adesina, to Accra in Ghana last week.
Akufo-Addo expressed strong support for a significant replenishment of the African Development Fund, the African Development Bank Group’s concessional financing arm. He said that the work of the Fund has become even more critical in the wake of the Covid-19 pandemic, climate change, and most recently, the Russia-Ukraine war.
“We must all focus on how best we can expand the capital base of the African Development Bank and the African Development Fund to give them greater significance in terms of being able to raise money on the global bond market… This way, we can play the lead role in financing our development,” he said.
The African Development Bank Group’s 2022 annual meeting will be held in Accra next week. This year’s meeting will mark the 50th anniversary of the African Development Fund. Since its establishment, the fund has invested more than USD45-billion in low-income countries and fragile states.
Fund needs to tap global capital markets
According to Adesina the African Development Bank would make a case for a strong African Development Fund-16 replenishment during next week’s gathering. Adesina stressed the importance of allowing the fund to use its equity to tap global capital market and assist low-income African countries. Akufo-Addo’s backing of this proposal will be critical.
The African Development Bank Group’s active portfolio in Ghana is made up of 18 operations worth a total commitment of USD751.5- million across various sectors. Transport accounts for the largest share of 42% while agriculture amounts to 23%.
Key bank financed projects
Key among the bank’s financed projects is the four-tier Pokuase road interchange in Ghana, which is part of the multi-component Accra Urban Transport Project. Completed in July 2021, the interchange is the first of its kind in West Africa and the second largest in Africa.The interchange has reportedly eased travel time from two hours to 30 minutes.
According to Selina Avevor, leader of the Kpobiman Women Association (which trains women in livelihood skills such as catering, batik tie-dye, and other crafts) the government of Ghana was able to provide the association with a 20-bed hostel with air-conditioning to house trainees thanks to financial support from the African Development Bank.
“They also provided us with a new 150-liter soap-making machine, flour mixing machines with electric motors, and four rollers with electric motors. In addition, they constructed a borehole and gave us a water storage tank and office furniture,” said Avevor.
Adesina commended the Ghanaian authorities for ensuring value for money in the execution of the project, particularly by utilising funds initially meant for a three-tier structure to build a four-tier facility. “Similarly gratifying for me is the facility’s impact on people’s lives,” he said.
Ghana president calls for more resources to develop Africa
WhyAfrica provides you with business intelligence that matters. WhyAfrica specialises in African affairs and natural resources. Africa is our business, and we want it to be yours too. To subscribe to WhyAfrica’s free newsletter or digital magazine, and for more news on Africa, visit the website at www.whyafrica.co.za or send a direct message. WhyAfrica launched its first ever digital magazine in November 2021. The company will undertake a road trip through South Africa, Namibia, Zambia, Zimbabwe and Botswana in June and July 2022. If you are interested in sponsorship or advertising opportunities, please contact me at firstname.lastname@example.org. We have a wide range of different packages and combo deals to give your company the greatest exposure to a rapidly growing, African readership.
The April issue of WhyAfrica’s magazine is now available in print. The magazine will also be distributed in South Africa, Namibia, Zambia, Zimbabwe, and Botswana during WhyAfrica’s Southern Africa Overland Road Trip, the company’s new and innovative platform. WhyAfrica has expanded its product range and now offers its readers, followers, advertisers, subscribers and partners the following:
- Daily 24/7 online articles on WhyAfrica’s website (FREE)
- Daily updates on WhyAfrica’s social media platforms (FREE)
- Newsletters delivered to a handpicked audience every two weeks (FREE)
- Two printed magazine per year distributed at large events and during our road trips across Africa featuring original, in-depth articles (FREE) with great, on-site photographs by the WhyAfrica team (FOR SALE UPON REQUEST)
- Three digital magazines per year (FREE)
- Live updates, video clips, articles, and podcasts during and after WhyAfrica’s annual road trips (Southern Africa in 2022, East Africa in 2023 and West Africa in 2024) (FREE)
- Sponsorship and advertising opportunities for the annual WhyAfrica Overland Road Trips (PAID FOR)
- A library where companies doing business in Africa can display scientific or research papers (PAID FOR)
- A product section where companies doing business in Africa can display new offerings or services (PAID FOR)
- Media partnerships with, and a presence at, most of the major conferences and exhibitions in the African mining, energy, agriculture, infrastructure, water management, ESG, environmental management, tourism, development, and conservation sectors (FREE)
- WhyAfrica connects potential investors with new ventures in Africa and suppliers and service providers with existing companies in Africa (PAID FOR)
- WhyAfrica assists companies in generating content focused on the wider African business community (PAID FOR)
- Partnerships with companies doing business in Africa (PAID FOR)
- Partnerships with companies thinking about expanding into Africa (PAID FOR)
- In 2023 subscribers will have access to our in-depth articles about the African political economy, research, and country reports about the countries we visit on our road trips, and trends in the sectors that we cover (PAID FOR)
- A WhyAfrica book is in the pipeline and if all goes according to plan, should be published towards the end of 2023 (PAID FOR)
- The WhyAfrica consultancy arm assists and advises companies doing business in Africa through utilising our extensive global business network (PAID FOR)
Become part of the WhyAfrica community. Tell us your story. Expand your footprint across Africa and partner with us to make the most of your African experience.