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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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Black Stars players silently arrived in Ghana at 3:00am after shameful AFCON defeat

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Black stars players silently arrive in Ghana

Black Stars players silently arrived in Ghana at 3:00am after shameful AFCON defeat

Black Stars players silently arrived in Ghana at 3:00am: The day of shame that Ghanaians can never forgive its national team is when the team conceded 3-2 goals defeat to Comoros in the 3rd round of play at the group stages of the AFCON 2022.

Most Ghanaians are very disappointed in the national team after they performed abysmally in the tournament that got them out of the game.

Ghana was in Group C with Morocco, Gabon, and Comoros and couldn’t win any of their three matches. This placed Black Stars at the bottom of the group with a single point.

Black Stars since 2006 has never been eliminated from AFCON at the group stages, therefore this leaves behind a humiliating defeat history.

Some sports lovers on social media have some updates regarding the secret arrival of the Black Stars team players in Ghana at the blind side of Ghanaians.

TV3 Sports journalist, by the name Thierry Nyann tweeted that; “Correct source says Black Stars arrived in Ghana at 3AM this morning. 3AM !!!!!!!! If they won the trophy, they’d have arrived in the afternoon to get fans. They’ve gone to their homes silently.”

Meanwhile, the Youth and Sports Ministry has summoned the leadership of the GFA to an emergency meeting following the poor performance at the AFCON 2022 in Cameroon.

A statement signed by the Sports Minister, Mustapha Ussif said the performance of the team was hugely disappointing and Ghanaians want an urgent response.

It further stated that an emergency meeting has been scheduled for Friday, with the leadership of the Ghana Footbal Association (GFA) summoned to discuss how to get the team back on track.

“The entire country is extremely disappointed by the abysmal performance and early exit of the Black Stars from the ongoing 2021 Africa Cup of Nations in Cameroon, and the Ministry of Youth and Sports shares in the nation’s sentiment,” a section of the statement said.

“With the government providing the team all the needed logistical and financial support including resources for preparation and participation in the qualifier stage to the tournament and eventually a pre-tournament camping in Qatar, the ministry is particularly disappointed in the team’s performance.

“The Ministry has summoned the Ghana Football Association (GFA) leadership to an emergency meeting scheduled for Friday, 21st January, 2021,” it added.

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NDC’s Ato Forson charged for causing financial loss to the state; granted GHC3 million bail

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NDC's Ato Forson charged for causing financial loss to the state

NDC’s Ato Forson charged for causing financial loss to the state; granted GHC3 million bail

The trial of Dr. Cassiel Ato Baah Forson, the former deputy finance minister and the current member of parliament for Ajumako-Enyan-Esiam Constituency in the Central Region has begun in Accra High Court.

During the initial sitting, honorable Ato Forson pleaded not guilty to charges including “willfully causing financial loss to the Republic” and the presiding judge granted him GHC3 million self-recognizance bail.

The Ranking Member on the Finance Committee of Parliament is in court with two other people, Sylvester Anemana, a former Chief Director of the Ministry of Health, and Richard Jakpa, a businessman. They also pleaded not guilty to their respective charges.

In court on Tuesday, January 18, 2022, the Attorney General (AG) Godfred Yeboah Dame who was in court together with his two deputies – Alfred Tuah-Yeboah and Diana Asonaba Dapaah and two State Attorneys did not oppose the grant of bail.

Except to urge the court to admit Hon. Ato Forson to a self recognizance bail as he is a public officer while the two others who are businessmen admitted bailing sums that will compel them to stand trial.

The trial was adjourned to February 15, 2022.

They have been charged five counts in total. These include:

  1. wilfully causing financial loss to the Republic of Ghana, contrary to Section 179A (3) (a) of the Criminal Offences Act 1960 (Act 29),
  2. 2. abetment of crime, namely wilfully causing financial loss to the state, contrary to Sections 20 )1) and 179 A (3) (a) of the same Criminal Offences Act 1960,
  3. contravention of the Public Procumbent Act 2003 (Act 663), contrary to Section 92 (2)(b) of the said act, and
  • intentionally misapplying public property, contrary to Section 1 (2) of the Public Property Protection Act 1977 (SMCD 140).

 

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Milovan is the best coach we have now; we can’t just sack him – Kurt Okraku preaches calm

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Milovan is the best coach

Milovan is the best coach we have now; we can’t just sack him – Kurt Okraku preaches calm

The Ghana Football Association (GFA) boss Mr. Kurt Okraku has said the immediate calls from Ghanaians for the dismissal of coach Milovan Rajevac is premature as Milovan is the best coach the country has for now.

Speaking on Asempa FM for the first time after the humiliating defeat of the national team in the ongoing AFCON tournament, Mr. Kurt cleared that the FA in due course will take the necessary decision for the country in this regard.

“It is important we have cool heads, engage and take the right decisions for Ghana”, he said.

The FA boss also emphasized that the selection of the players for the tournament was the sole responsibility of the coach and that the FA in no way has an influence on the coach’s decision.

“Milovan is the ultimate selector of players for the national team. When he names his squad, he sends it to a committee and justifies his call-ups to them. Nobody selects players for the coach,” the GFA boss emphasized.

“Any Ghana coach that allows people to select players for him doesn’t deserve to coach the Black Stars.”

“Milovan and his assistants selected the players and gave us the best players available at this time. He selected players who are very dedicated and ready to serve our dear nation.”

Mr. Okraku further stressed that he understands the frustration Ghanaians are going through after the unfortunate exit of the national team Black Stars from the AFCON tournament.

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