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President Akufo-Addo has secured €170 Million for the establishment of Development Bank Ghana

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President Akufo-Addo has secured €170 Million for the establishment of Development Bank Ghana

President Akufo-Addo has secured €170 Million for the establishment of Development Bank Ghana

President Akufo-Addo has secured €170 Million: The Ministry of Finance and the European Investment Bank have signed an agreement for the provision of a one hundred- and seventy-million-euro (€170 million) facility for the establishment of a new national bank, the Development Bank Ghana (DBG).

DBG is an integral feature of the GH¢100 billion Ghana Cares ‘Obaatampa’ Project, which is seeing to the revitalization of the Ghanaian economy following the onset of COVID-19.

This event took place on Wednesday, 19th May 2021, when the President of the Republic, Nana Addo Dankwa Akufo-Addo, held a meeting with the President of the European Investment Bank, Dr. Werner Hoyer, as part of his official visit to Belgium.

The €170 million facility, according Dr. Hoyer, is the largest facility provided by the European Investment Bank for the establishment of a development bank in Africa or for any other project, for that matter, on the continent.

Speaking at the signing ceremony, President Akufo-Addo noted that “the Development Bank Ghana is going to play a very important part in the rapid economic transformation of Ghana, following the onset of COVID-19.”

According to him, “We want to restructure the economy and move it from being a mere producer and exporter of raw materials to one that places much greater emphasis on value addition activities. We see this Bank (DBG) as one that will play a pivotal role in this”.

The President indicated that the design and operation of the Bank, “which has been on the drawing board for the last two years”, will satisfy the highest standards, scrutiny and best practices of Development Banks across the world, assuring further that the €170 million facility from the EIB will be used for the purposes for which it was sought.”

President Akufo-Addo reiterated that the provision of this facility signals the determination of the Ghana to continue partnering with the EU, with the President informing Dr. Hoyer that Ghana will fall on the EIB to continue to finance other projects in the pipeline, as the country works to recover from the impact of COVID-19.

The Minister of State-designate for Finance, Mr. Charles Adu Boahen, who was also present at the signing ceremony, explained that the focus of Government, since the onset of COVID-19, has been to put in place the building blocks for an inclusive and sustainable economic recovery.

“With the overall objective of creating a favourable environment to spur private sector-led growth, the Government of Ghana recognizes the importance of a substantial allocation of development capital to critical economic sectors at sustainable interest rates and longer tenures. Accordingly, there has been a heightened need to establish the Development Bank Ghana.

He stressed that the Development Bank Ghana will be a central player for Ghana’s economic recovery and structural transformation, “especially given the importance of counter-cyclical support in stimulating private enterprise.”

Dr. Hoyer, on his part, was confident that the establishment of Development Bank Ghana will help unlock opportunities for growth in Ghana, as well assist in the rapid recovery of the Ghanaian economy from the ravages of COVID-19.

He noted that the establishment of the Bank is in line with the objectives of the European Union, and will help develop Ghana’s private sector, agri-business, manufacturing, and ICT initiatives.

Whilst describing the decision to establish DBG as “a wise one”, the EIB President added that the Bank sees the partnership with Ghana as a fruitful one, indicating that the EIB will follow keenly the development and workings of DBG in Ghana.

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African News

Woman gives birth to 10 babies at a go

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Woman gives birth to 10 babies

Woman gives birth to 10 babies at a go

A South African woman by the name Gosiame Thamara Sithole at age 37 has given birth to 10 babies in one pregnancy. This breaks the Guinness World Record held by Halima Cissé, a Malian, who gave birth to nine children in Morocco.

Gosiame successfully gave birth to her decuplets at a hospital in Pretoria last Monday.

Sithole, who has six-year-old twins, said that her pregnancy was natural and wasn’t on fertility treatment.

Speaking to Pretoria News a month ago, Ms. Sithole said her pregnancy was “tough at the beginning” and she had prayed for a healthy birth, with many a sleepless night worrying about what was to come.

“How would they fit in the womb? Would they survive?” she asked herself, but was reassured by doctors that her womb was expanding.

Gosiame Thamara Sithole

Gosiame Thamara Sithole when pregnant at a later month
PHOTO CREDIT: Africa News Agency

A family member, who did not want to be identified, told the BBC News that Ms Sithole has had 10 babies – 5 via natural birth and 5 via caesarean section.

“It’s seven boys and three girls. I am happy. I am emotional. I can’t talk much,” her husband Teboho Tsotetsi told Pretoria News after the birth.

Most pregnancies involving large numbers of babies end prematurely, says BBC Africa’s health reporter Rhoda Odhiambo.

Multiple births involving more than three babies are rare and often the result of fertility treatments – but in this case the couple say they conceived naturally.


CREDIT: BBC

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FAQ

Is abortion legal in Ghana?

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Is abortion legal in Ghana

Is abortion legal in Ghana?

By law, abortions in Ghana are legal in cases of rape, incest, fetal abnormality or disease, or “defilement of a female idiot,” or if they are performed to protect physical or mental health; they must be provided by registered and trained health personnel in an approved facility.

Abortion in Ghana is faced with serious stigmatization to the extent that people who patronize it feel ashamed to make it known. This makes it difficult to capture accurate information on abortion incidence and unintended pregnancy in official records. This in effect has had a negative impact on planning reproductive health services in the country.

The legal status of abortion in Ghana

  • According to Ghanaian law, abortions are legal in cases of rape, incest, fetal abnormality or disease, or “defilement of a female idiot,” or if they are performed to protect physical or mental health; they must be provided by registered and trained health personnel in an approved facility.
  • Despite efforts by the Ministry of Health and the Ghana Health Service to expand postabortion care and safe abortion services, several factors impede the use of these services. These include stigmatization of abortion, poor knowledge of abortion’s legal status among the public and medical professionals, misperceptions about the safety of legal abortion, and inadequate access to services.
  • Many women in Ghana seek illegal abortions, which vary widely in terms of safety. Complications from unsafe abortions contribute substantially to Ghana’s high maternal mortality, which was estimated at 310 maternal deaths per 100,000 live births in 2017.

 


CREDIT: Guttmacher Institute

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General News

Izwe Savings and Loans belongs to me – Abedi Pele reveals

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Izwe Savings and Loans belongs to me

Izwe Savings and Loans belongs to me – Abedi Pele reveals

Abedi Pele owns Izwe savings and loans: Former Ghana star, Abedi ‘Pele’ Ayew has revealed that he owns the biggest microfinance company in the West African country.

According to the Olympique Marseille legend, he is the owner of Izwe Savings and Loans, a microfinance company that has been in existence since 2011.

Speaking to the French ambassador to Ghana, Anne Sophie, he said his decision to set up a microfinance business was to lessen the burden on the ordinary Ghanaian.

“I have done so many things but my character is very calm, I am always in the dark and I believe in that,” he said.

“I have been in the country working very hard, I have a microfinance company which is very huge and number one in the country called Izwe Loans.”

“We give loans to teachers, military, police to support them in their daily lives.

“They have to send their children to school and so we give them these loans to manage and buy things for their children,” he stated.

Pele is one of the best footballers to have ever emerged from the country. He was part of the 1982 squad that won the Africa Cup of Nations.

He also won the Champions League with Marseille and also emerged as Africa’s best player of the year four times.

 

modernghana.com

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