Finance Minister, Ken Ofori-Atta, has charged the African Development Bank to change the narrative where other financial institutions like the Bretton Woods have taken control of development on the African continent.
According to him, the AfDB which is the largest financial institution on the continent must strengthen itself to take control of financing in the region.
Opening the ongoing 2022 Annual Meetings of the AfDB in Accra, Mr Ofori-Atta said AfDB must move fast to take control of the financing of African economies.
“We must remedy a situation where any financial institution, including the Bretton Woods, has a deeper foothold on our continent than our own African Development Bank”.
“Given the current local and global dynamics, it has become imperative that we vigorously mobilise resources through innovative means, including from the digital space. We must simply ‘uncover’ this potential to recover and build forward better”, the Finance Minister pointed out.
Furthermore, he said “this bank must be unshackled to provide competitive financing for its members. We must lend support to the proposed reforms in respect of the regulations around ADF Funds to enable the bank to leverage these funds to raise more funds and on-lend at lower coupon rates.
The 57th Annual Meeting of the Bank Group seeks to look at the resilience of the African economies and the growth of its people post COVID-19.
Latest Stories
-
We are confident about board meeting in June on Ghana’s second review – IMF
11 mins -
Eugene Osei Tutu: Who can lay claim to Kumasi International Airport- Mahama or Akufo-Addo?
19 mins -
Mbappe confirms he leaves Paris St-Germain
26 mins -
CAA Region II Athletics Championships will be properly organised – Dr Baah-Nuakoh
49 mins -
Over 185 state bungalows for public servants near completion in Ashanti Region
50 mins -
I want scouts, agents to believe there are better players in Africa than me – Mohammed Kudus
1 hour -
NPP’s Mpohor treasurer arrested for allegedly aiding the registration of a minor
2 hours -
Davido hints at retirement after next album
2 hours -
Dr Baah-Nuakoh chairs Ghana’s organisation of Athletics Championships next month
2 hours -
Speaker of Parliament has not breached Standing Orders – Dafeamekpor
2 hours -
Ghana Cocoa Board refunds $250m loan procured from ADB for irrigation in cocoa farms
3 hours -
6 out of 10 registered deaths in 2022 were males – Births and Deaths Registry
3 hours -
Prof. Kofi Abotsi to deliver keynote at ECOWAS Court of Justice Conference
3 hours -
MTN Ghana Foundation inaugurates new Accident and Emergency Centre for Bawjiase Polyclinic
3 hours -
Government has paid all individuals who opted out of DDEP -1st Dep. Governor of BoG
3 hours