Ghana remains an active member of the African Development Bank Group (AfDB) with a voting power of 2.552% and as such, enjoys several benefits in terms of projects funded by the Bank across all the sectors of the economy.
The Bank Group disclosed that it’s active portfolio in Ghana is made up of 18 operations worth a total commitment of $751.5 million across various sectors.
According to the African Development Bank Group, transport accounts for the largest share of all projects currently underway in the West African nation. Presently, 42% of AfDB-sponsored projects in Ghana are within the transport sector while agriculture accounts for 23% of the projects.
Key among Bank-financed projects is the four-tier Pokuase road interchange, 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 local transport union and commuters say that since its completion, the interchange has eased travel time from two hours to 30 minutes”, the Bank of Group highlighted.
During a visit to Ghana earlier this week ahead of the Bank Group’s 2022 Annual Meetings which will take place in Accra from 23-27 May, the Bank Group President, Dr. Akinwumi Adesina, commended the Ghanaian Authorities for ensuring value for money in the execution of the project. Particularly, by utilizing 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.
President Akufo-Addo Backs calls for more resources to transform Africa
Meanwhile, Ghana’s President, Nana Akufo-Addo, has backed calls for more resources for the African Development Bank Group to accelerate its transformative role across the continent.
President Akufo-Addo who received Dr. Akinwumi Adesina and his team at the State House in Accra, expressed strong support for a significant replenishment of the African Development Fund, the African Development Bank Group’s concessional financing arm. He noted 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 a 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”.
President Akufo-Addo
President Akufo-Addo commended Dr. Adesina for what he said, was his dynamism as the head of the African Development Bank, and his advocacy on the global stage for Africa’s development.
Akufo-Addo indicated that Ghana is excited to host the Bank Group’s forthcoming Annual Meetings, which several African leaders will attend.
On his part, Dr. Adesina said the African Development Bank would make a case for a strong African Development Fund-16 replenishment during the Annual Meetings. He stressed the importance of allowing the Fund to use its equity to tap the global capital market to leverage a lot more resources for low-income African countries.
Calling for President Akufo-Addo’s support, Adesina said “Mr. President, your personal advocacy for this, along with other heads of state and government, will be critical”.
The African Development Bank President and his team also held discussions with Ghana’s Finance Minister, Kenneth Ofori-Atta, the current chair of the Bank Group’s Board of Governors. The Bank Group delegation was fully briefed on Ghana’s preparedness for the Annual Meetings. The delegation also visited the Accra International Conference Centre, the main venue for the meetings.
The African Development Bank Group’s 2022 Annual Meetings in Accra will also mark the 50th anniversary of the African Development Fund. Since its establishment, the Fund has invested more than $45 billion in low-income countries and fragile states.
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