Mr. Marricke Kofi Gane, has slammed President Akufo-Addo and his administration for borrowing €170million to set up a Brand new Development Bank.
He believes Ghana could have raised the amount locally without having to borrow.
On Wednesday, 19th May 2021, Ghana received one hundred and seventy million euros (€170 million) from the European Investment Bank (EIB) for the establishment of a new national bank, ‘Development Bank Ghana’ (DBG).
DBG is one of the pillars of our GH¢100 billion Ghana CARES ‘Obaatampa’ Project, the programme to revitalise the Ghanaian economy, following the onset of COVID-19. It will stimulate growth in the private sector, and aid in our programme to transform the structure of the Ghanaian economy.
The Minister for Foreign Affairs and Regional Integration, Hon. Shirley Ayorkor Botchwey, signed on behalf of Ghana, with Dr. Werner Hoyer, President of EIB, signing on behalf of the Bank.
But Mr. Gane says if we could put in a $5 billion in the banking sector clean-up, then we could have equally raised the amount to set up the new bank.
”Now then, we sidestep all that existing financial infrastructure, to borrow €170million to set up a Brand new Development Bank, part of which will obviously vanish into the cost of new Administrative setups. A brand new Bank to finance what exactly? Our $1.6billion annual expenditure on Infrastructure or the over $3Billion I estimate is approximately needed for middle-level spatial-scale industrialization that is hopefully Pro-Poor?”
Read his full post below
Seniorman Nana Addo Dankwa Akufo-Addo, Biko, help us!
We have National Agricultural Development & Investment Banks, both with core development & sectorial financing mandates. Both can be better capitalized, merged, expanded in scope to support any missing infrastructural or industrial financing, plus their advantage of already existing sector cum industry immersion;
We can cough up over $5Billion to “clean up” our financial sector, under the agenda to build fewer, stronger, better-capitalized banks…
Now then, we sidestep all that existing financial infrastructure, to borrow €170million to set up a Brand new Development Bank, part of which will obviously vanish into the cost of new Administrative setups. A brand new Bank to finance what exactly? Our $1.6billion annual expenditure on.
Infrastructure or the over $3Billion I estimate is approximately needed for middle-level spatial-scale industrialization that is hopefully Pro-Poor?
Why exactly do we need a brand new Bank? What’s the Business case? What additional value will it deliver that our current Public Sector Financial infrastructure cannot?
Seniorman, help us, na this one over we small.
By: Rainbowradioonline.com
