Ghanaian President Nana Akufo-Ada has supported calls for additional resources for the African Development Bank Group (www.AfDB.org) to accelerate its role in transformation on the continent.
President Akufo-Ada received the President of the African Development Bank Group, Dr. Aquinum of Odessa, at the State House in Accra on Wednesday.
President Akufo-Ada strongly expressed support for the significant replenishment of the African Development Fund, a unit of preferential financing of the African Development Bank Group. He noted that the work of the fund has become even more critical in connection with the Covid-19 pandemic, climate change and more recently – the Russian-Ukrainian war.
The President of Ghana said: “We all need to focus on how best to expand the capital base of the African Development Bank and the African Development Fund to give them more importance in terms of raising money in the global bond market … so we can play a leading role in financing our development ”.
He praised Odessa for saying his dynamism as head of the African Development Bank and his advocacy for Africa’s development on the world stage.
Odessa is visiting Ghana ahead of the 2022 annual meetings of the African Development Bank Group in Accra from 23 to 27 May. Accompanying him to the capital of Ghana in this preparatory mission, the Secretary General of the Banking Group Vincent Nmehiel; Acting Chief Economist and Vice President of Economic Management and Knowledge Management Kevin Urama; Alex Mubiru, Director General of the Office of the President; Executive Director representing Gambia, Ghana, Liberia, Sierra Leone and Sudan, Kenya Barlay; and the head of the Banking Group in Ghana Jerusalem Fasica.
The 2022 Annual Meeting also celebrates 50th anniversary of the African Development Fund. Since its inception, the fund has invested more than $ 45 billion in low-income countries and fragile states.
Akufo-Ada said Ghana is pleased to host the upcoming annual meetings of the Bank Group, which will be attended by several African leaders.
According to Odessa, during the annual meetings of the African Development Bank will seek a strong replenishment of the African Development Fund-16. He stressed the importance of allowing the fund to use its own capital to use the global capital market to use much more resources for low-income African countries.
Odessa said, “Sir. President, your personal propaganda of this, along with other heads of state and government, will be critical. ”
The active portfolio of the Banking Group in Ghana consists of 18 operations totaling $ 751.5 million in various sectors. The largest share is occupied by transport – 42%, agriculture – 23%.
A key among the Bank-financed projects is the four-level Pokuase interchange, which is part of the Accra multi-component 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 local transport union and passengers say that since the completion of the interchange has reduced travel time from two hours to 30 minutes.
Selina Avevor, leader of the Kpobiman Women’s Association, which teaches women life support skills such as catering, batik and other crafts, said: “Thanks to the African Development Bank, the Ghanaian government has provided us with 20 air-conditioned dormitory beds to accommodate interns. We were also given a new 150-liter soap machine, flour-making machines with electric motors, and four rollers with electric motors. In addition, they made a well and gave us water storage capacity and office furniture. “
Odessa thanked the Ghanaian authorities for ensuring cost and quality in the implementation of the project, in particular through the use of funds originally intended for a three-tier structure for the construction of a four-tier facility. “I am just as pleased with the impact of the facility on people’s lives,” he said.
The President of the African Development Bank and his team also held discussions with Ghanaian Finance Minister Kenneth Ofari-Ata, the current Chairman of the Board of the Bank Group. The Bank’s delegation was fully informed of Ghana’s readiness for the annual meetings. The delegation also visited the Accra International Conference Center, the main venue for the meetings.
Distributed by APO Group on behalf of the African Development Bank Group (AfDB).
Kwasi Kpodo |
Department of Communications and External Relations
About the African Development Bank Group:
The African Development Bank Group (AfDB) is Africa’s leading financial institution in the field of development. It includes three separate entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). Located in 44 African countries with an external office in Japan, the AfDB promotes the economic development and social progress of its 54 regional member states. For more information: www.AfDB.org
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