Connect with us

General News

President Akufo-Addo Named “Champion” Of The African Union Financial Institutions

Published

on

The 33rd Ordinary Session of the Assembly of Heads of State and Governments of the African Union has appointed President Akufo-Addo as “Champion of the African Union Financial Institutions.”

The decision of the Assembly was made on Monday, 10th February 2020, in Addis Ababa, Ethiopia, by the Chairperson of the AU, His Excellency Cyril Ramaphosa, President of the Republic of South Africa.

The creation of African Union Financial Institutions is one of the flagship projects of Agenda 2063, aiming at accelerating integration and socio-economic development of the continent.

The agreed timeframes in the first 10-Year Plan of Agenda 2063 were for the African Investment Bank and Pan African Stock Exchange to be established by 2016; the African Monetary Fund by 2018; and the African Central Bank and Single African Currency by 2034.

Whilst thanking the Assembly for the honour of the appointment, President Akufo-Addo stated that the “establishment of the AU Financial Institutions has always been at the centre of our agenda for continental integration, and that is why, over the years, we have adopted a treaty and several legal instruments to that effect.”

Currently, only twenty-two (22) Member States have signed the African Investment Bank (AIB) charter, with only 6 ratifications obtained, whilst twelve (12) countries have signed the African Monetary Fund charter, with only one (1) ratification.

 

At least, nine (9) more countries are needed to ratify the AIB charter for it to enter into force, and, in the case of the African Monetary Fund, fourteen (14) ratifications.

“The task to ensure these are done will be one of my immediate priorities. I will see to it that Ghana ratifies these charters promptly upon my return to Accra,” the President said.

nana addo at au meeting

He continued, “the establishment of the African Union Financial Institutions is critical for not only enhancing resource mobilization on the continent but also for providing the necessary impetus for growth and job creation. Their establishment is crucial for the effective implementation of the African Continental Free Trade Area (AfCFTA), and for achieving Agenda 2063: ‘The Africa We Want’. Financing our own development agenda remains our primary goal, and will require bold commitments from us.”

Amongst others, President Akufo-Addo pledged to ensure the prompt ratification of the various charters establishing the Financial Institutions; help take, under the direction of the Assembly, all necessary steps to facilitate the creation of the continental financial architecture essential for the realisation of AU Agenda 2063 and the integration process of the continent; and work with the host countries, i.e. the Republic of Cameroon for the African Monetary Fund, the Federal Republic of Nigeria for the African Central Bank, and Libya for the African Investment Bank towards their establishments.

nana addo at au meeting

 

Background

Article 19 of the Constitutive Act of the African Union provides for the creation of three institutions namely the African Central Bank, the African Monetary Fund and the African Investment Bank.

Furthermore, in January 2006, in Khartoum, Sudan, the Commission was requested by the Assembly of the African Union (Assembly/AU/Dec.109), to conduct a feasibility study on the creation of a Pan-African Stock Exchange (PASE). The three financial institutions and the PASE, constitute the African Union Financial Institutions (AUFIs).

In January 2005, the Assembly decided, in Abuja, Nigeria, decision No. Assembly/AU/Dec.64 (IV), that the African Central Bank should be located in West Africa, the African Investment Bank in North Africa, and the African Monetary Fund in Central Africa.

Following this decision, the Northern Region decided that the African Investment Bank should be located in Libya, the Central Region designated Cameroon as the host country of the African Monetary Fund, while the Western Region designated the Federal Republic of Nigeria as the host country for the African Central Bank.

Submit your stories or articles to us via WhatsApp +233 558210224 or [email protected]

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

General News

Ghana to receive more COVID-19 vaccines from Johnson & Johnson in August

Published

on

Ghana to receive more COVID-19 vaccines from Johnson & Johnson in August

Ghana to receive more COVID-19 vaccines from Johnson & Johnson in August

The Health Minister Hon. Kwaku Agyeman-Manu, has announced that government will receive the first batch of Johnson & Johnson COVID-19 vaccines in August this year from the Africa Medicines Platform.

The Food and Drugs Authority (FDA) has already approved this vaccine for use in Ghana.

Addressing the media in Accra on Wednesday 16 June, Hon. Agyeman-Manu said the exact date for the arrival of the vaccines is not yet confirmed.

“We have indications that our first batch of vaccines to come from the AU supported procurement will begin to arrive in this country sometime in August. We are still waiting for the exact date,” he said.

Agyeman-Manu also revealed that government would in the middle of July receive more doses of the AstraZeneca vaccines from the UK and USA.

“The government is also making frantic efforts to procure more vaccines to complete the second jabs for those who have not received them, and to continue the mass vaccination of the 20 million people targeted. So, there is hope for those who have not received their jabs. Be assured,” the health minister said.

The President’s call for Ghana to produce its own vaccines

Meanwhile, the President, Nana Akufo-Addo, has said his administration is keen on supporting industry players to develop COVID-19 vaccines locally, as part of efforts to vaccinate the entire adult population in Ghana.

Ghana recorded its first COVID-19 infection in March 2020 after the novel coronavirus was first detected in the Chinese city of Wuhan in December 2019.

Launching Ghana’s financing road map for the 2030 Sustainable Development Goals (SDGs) in Accra, the first of such road map to be produced in Africa, Akufo-Addo said recent scramble for vaccines by African countries to fight the COVID-19 pandemic is a clear indication that the continent and for that matter Ghana, must take the bull by the horn and produce its own vaccines.

COVID-19 vaccine reality

Akufo-Addo said Ghana has “so far through the Covax facility”, received some “one million, two hundred doses of the AstraZeneca vaccine which has enabled us to vaccinate completely some 350,000 people and some 850,000 have received their first dose.”

“Unfortunately, we are the victims of this worldwide shortage of vaccines especially the poorer, less advantaged nations. It has provided us a very important lesson, among the many lessons that the COVID-19 has revealed to us, the need for self reliance in future in these areas” President Akufo-Addo stated.

“We cannot continue to be dependent on alms and on charity of foreigners and foreign tax payers for our basic sustainability. We need to be able to put in place the structures that will enable us in the future not to be caught with our pants down and that is we have to learn and find the avenue to produce our own vaccines and I am particularly keen on providing the assistance for the institutions of our country to do so,” Akufo-Addo added.

Submit your stories or articles to us via WhatsApp +233 558210224 or [email protected]

Continue Reading

African News

Why Ghana needs a new presidential jet: a look at Presidential jets of neighboring African countries at Kotoka

Published

on

Presidential Jet of the President of Ghana

Why Ghana needs a new presidential jet : a look at Presidential jets of neighboring African countries

Why Ghana needs a new presidential jet: As the debate to procure a new and bigger presidential jet for the President of the Republic of Ghana continues, we are privileged to see the Presidential jets of our neighboring countries who are attending the ECOWAS 59th ordinary session in Accra.

A look from the Kotoka International Airport has revealed the various Presidential jets from other neighboring ECOWAS leaders who are attending the session.

The Presidential Jet of the Nigerian President

The luxurious aircraft used by President Muhammadu Buhari, the president of Nigeria, to travel to Ghana to attend the ECOWAS meeting is Boeing Business Jet (BBJ) 737.

This luxurious jet has a seating capacity of between 25 and 50 passengers with a master bedroom, a bathroom with showers, a conference/dining area and a living room, along with state-of-the-art security equipment for the safety of the president.

Nigeria presidential jet

Presidential Jet of Nigerian President

The aircraft is nicknamed “Eagle One” and is marked NAF-001. The BBJ 737 is believed to cost between US$90 million and US$150 million. There is no doubt that the Nigerian government could afford this luxurious jet looking at the countries GDP which is one of the highest in Africa.

Aside this jet, the government of Nigeria also have another jet Gulfstream V-SP in its fleet of aircrafts which is mostly used by the foreign affairs minister for international travels.

Nigeria Presidential jet 2 Gulfstream V-SP

Gulfstream V-SP used by Nigeria’s Foreign Affairs Minister

Presidential Jet of Cote D’Ivoire

President Alassane Ouattara of Côte d’Ivoire, Ghana’s neighboring state to the west, arrived in Ghana in the Ivorian presidential jet, an Airbus 319.

The Airbus 319 is a member of the Airbus A320 family of short-to-medium-range, narrow-body, commercial passenger twin-engine jet airliners manufactured by Airbus.

The Airbus 319 is capable of carrying between 124 and 146 passengers.

Cote d'Ivoire presidential jet Airbus-319

The government also have smaller jet Gulfstream-IV for travels within the sub-region.

 

Ivorian-Presidential-Jet-2

Ivorian Presidential Jet 2

Presidential Jet of the President of Niger

The Nigérien president, Mohamed Bazoum, travelled to Ghana in a Boeing 737-700. 

This luxurious jet is worth USD 40 million and according to the Boeing website, the airline provides its users with superior reliability, fuel efficiency and high-value returns. 

Although with a population of nearly 18 million, and about 60% of the populates living below the poverty line, the government of Niger saw the need to procure this expensive aircraft.

The jet can carry at least 126 and at most 149 passengers.

Presidential Jet of the President of Niger

Presidential Jet of the President of Niger at Kotoka International Airport

Looking at these countries who are not too far from Ghana and the kind of jets they own for presidential assignments, Ghana should indeed be at the critical point of decision making in procuring a new jet for the president.  Do you think Ghana should a new presidential jet?

Submit your stories or articles to us via WhatsApp +233 558210224 or [email protected]

Continue Reading

General News

Mahama’s Joyce Bawah Mogtari gives birth to triplets

Published

on

joyce bawah mogtari gives birth to triplets

Mahama’s Joyce Bawah Mogtari gives birth to triplets

Joyce Bawah Mogtari gives birth: The Special Aide to former President John Dramani Mahama, Joyce Bawa Mogtari has delivered triplets.

A picture of the former Deputy Minister of Transport is seen carrying one of the babies together with her husband, Hudu Mogtari who was the former CEO of Food and Drugs Authority (FDA), and John Dramani Mahamaand the former President John Mahama and his wife Lordina Mahama.

joyce bawah mogtari gives birth to triplets

Bawah who is also a lawyer served as Mahama’s special and was defending the former president on any platform during the 2016 and 2020 elections.

We believe this development will save John Mahama’s name from the numerous allegations of him having an affair with Madam Joyce as people didn’t know much about the fact that she was a married woman especially those in the other parties.

The now mother of four has received tons of congratulatory messages on social media.

A social media user shared this news in his Facebook post;

Submit your stories or articles to us via WhatsApp +233 558210224 or [email protected]

Continue Reading

Trending