Ghana has a new evelopment bank, experts warn against family and friends ppointments

Ghana has a new evelopment bank, experts warn against family and friends ppointments

- There are calls for the National Development Bank to be independent of government appointees

- Finance Minister secured €170m from the European Investment Bank for this bank

- Government has assured that Ghanaians will not pay for the loan

International experts and media houses do not want the Akufo-Addo administration to appoint management of the yet-to-be established National Development Bank.

President Akufo-Addo secured a loan of €170m from the European Investment Bank (EIB) and other development partners to support the Bank. So far, Director of Financial Sector Division at the Finance Ministry, Sampson Akligoh, said the debt will be solely repaid by the bank.

Ghana has a new development bank, experts warn against family and friends appointments
Ghana has a new development bank, experts warn against family and friends appointments (Photo: Getty Images)
Source: Facebook

The Editor-In-Chief of The Africa Report, Daniel Whitehouse, has called for the President not to be in charge of the appointment of board members for the bank. In fact, Daniel Whitehouse, argued that the National Development Bank needs “professional not political appointments”.

In May, the finance ministry agreed to a loan of €170m from the European Investment Bank (EIB) to finance a new national bank – the Development Bank of Ghana (DBG). The new institution, to be set up in July, is also backed by the World Bank and the German development bank KfW.

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The National Development Bank will aim to tackle the challenge of long-term financing for industry and agriculture.

In other news:

The UEFA Champions League has opened doors for bragging and daring. The latest Member of Parliament to pull a sting on Chelsea Fans is Sam George of the Ningo Prampram Constituency.

In a Facebook post, the maverick MP turned Chelsea into an acronym – attaching 5 descriptions to the English Club’s name.

Sam George teased: “C – Clueless, H – Hopeless, E – Empty, L – Losers, S – Scrap, E – Exasperating, A – Annoying”.

Chelsea fanatics world over are steaming up expectations ahead of their clash with Manchester City in what many experts call a historic UEFA Champions League Final.

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