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Any justification for National Development Bank in Ghana? (Part 2)

• President Nana Addo Dankwa Akufo-Addo launching the Bank in Accra last month

• President Nana Addo Dankwa Akufo-Addo
launching the Bank in Accra last month

In Part 1 of this article, an attempt was made to find out whether there is actually any need for a National Development Bank. In line with this, it was pointed out that generally, development banks serve as important instruments to promote economic growth. It was also explained that they usually do this by providing credit and a wide range of advisory as well as capacity building programmes to stakeholders.

A National Development Bank, therefore, comes in as a specialist bank to provide medium and long-term lending facilities for both the private and public sectors. The objective of a development bank is to serve public interest rather than earning profits. This means that a development bank provides financial assistance to both private and public sector institutions.

CRUCIAL ROLE IN RURAL CAPITAL FORMATION

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It is also the aim of a national development bank to play a crucial role in rural capital formation. Indeed, development banks are able in this case to bring in dispersed savings of rural people through different deposit schemes after which loans, based on the savings are distributed to rural people to begin productive ventures in line with their self-sufficient economic activities.

It is for the purpose of all these that the Ministry of Finance and the European Investment Bank have signed an agreement for the provision of a €170 million facility. The purpose of the facility, as pointed out already, is meant for the establishment of a new national bank to be known as the Development Bank Ghana (DBG).

This bank will apply stringent investment conditions aimed at safeguarding financial sustainability, transparency, environmental and social accountability. The ultimate purpose is to promote job creation, and sustainable economic growth.

ARE OUR BANKS TOO MANY?

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With regards to the argument that many banks already exist so there is no need for any new national bank, the point must be made that a national development bank is a specialised financial institution set up to provide medium-term and long-term lending facilities. Here, medium-term facilities include three to five years programmes while long-term ones last from five to ten years or even more.

It is these medium and long-term facilities that make finances available for institutions to carry out developmental programmes for the ultimate benefits of a country. For this reason, there is justification for such a national bank if Ghana is to operate independently and be able to re-structure its economy in line with Ghana Beyond Aid strategy.

There is no doubt that the establishment of this national bank signifies long-term ambitious financing programme that seeks to gather finances for numerous sectors in the economy. The sectors include manufacturing, agriculture, agro-processing, housing sub-sectors, mortgages and ICT, among others. Positive developments in these sectors are meant to generate ambitious initiatives to unlock funds in these sectors and improve domestic revenue mobilisation.

ECONOMIC GROWTH AND TRANSFORMATION

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It is such initiatives that will propel growth and transformation in various sectors of the economy. Without such transformation, the country will remain producer of raw materials for other countries and receiver of tiny incomes from the developed countries, thereby perpetuating the status quo since independence in line with the negative ambitious objectives of the colonial master.

It is not easy to break away from this cycle of poverty, but it calls for determination and realistic programmes of development based on a transformational agenda to extricate a developing country like Ghana from the shackles of control emanating from our master-servant colonial experience. Unpleasant as it is, this fight for economic independence should have come earlier than today but none of our past leaders was able to put up this economic fight since, even if they had come to this realisation earlier on, it would not be easy to overcome these economic challenges.

OVERCOMING STRUCTURAL ECONOMIC PROBLEMS

Over the years, many Ghanaian scholars and politicians have been able to rightly point out the economic disparities between Ghana and other colonised countries, on one hand, and their previous colonial masters, on the other. It is a fight that is on-going and is, therefore, never too late for the right things to be done and to correct all wrongdoings in the past.

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If, therefore, President Akufo-Addo’s government has come to this realisation and taken up steps aimed at righting all the economic wrongs, then this positive agenda ought to be supported by all the political parties, especially those who claimed to be social democrats and are also seeking independence of all colonial appendages.

RIGHT-WING PARTY AND ECONOMIC DEVELOPMENT

A right-wing party like the New Patriotic Party (NPP), led by President Akufo-Addo has put in the right measures to salvage the country from its long-standing colonial appendages and make it truly independent. If this is the case, then there is no time to waste on the part of any political party but to move in quickly to support this positive agenda of transforming the national economy and making it truly independent.

At the time of independence, Nkrumah rightly declared that our independence will not have any meaning unless it is linked up with the whole of the African continent. While this is true to some extent, we should know that political independence is what was achieved and that the second phase of the battle is to struggle for our economic independence in line with Ghana Beyond Aid strategy.

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If Ghana’s independence is to become realistically meaningful, then her economic independence cannot be compromised on any grounds for which reason the national development bank, with its positive agenda, must be implemented in a realistic manner for the attainment of our national aspirations which has been in-dwelling in us in the form of “God bless our homeland Ghana, and make us great and strong.”

By Dr. Kofi Amponsah-Bediako

Contact email/whatsApp
address of author:
Pradmat201@gmail.com
(0553318911)

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Correcting some doctrinal misconceptions

 This  week I have a very strong desire to talk about the things of God and therefore the Bible. There are a whole lot of misinter­pretation going about in the world as far as the Bible, which is the Word of God, is concerned.

One of the easiest jobs that does not require a licence to get into, is the Pastoral vocation. In this country all you need is a loud voice and even if you do not have, you can seek the aid of a loudspeaker to preach.

Again, one does not have to sit for any exams and all you need to do is to talk to Headmaster of one of the numerous JHS, get a classroom, get a couple of young ladies who have melodious voices and you are good to go.

As a result, we have all manner of people with very questionable characters parading about as Pastors, a.k.a., Men of God. Again, because titles are not something we purchase, they pick all manner of titles after getting a few congregation and trans­ferring the church from a classroom to a structure of their own.

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Suddenly they become Bishop after initial title of Prophet and as some­one said they butcher the scriptures like nobody’s business. We have an interesting country.

One of the misconceptions is the question of whether the Bible endors­es the consumption of Alcohol or not. In the Old Testament which is basi­cally a manual for the relationship between God and his people, Israel, drinking of alcoholic beverages was not forbidden.

However, there was a particular group of people, who were forbidden to consume alcoholic beverages. In Leviticus 10:9-10, God specifically gave a decree for the High Priesthood Order to follow that is, they were to abstain from alcohol throughout the generations.

When we come to the New Testa­ment, the Bible makes it clear to us that, every believer is regarded as a High Priest and therefore a member of the High Priesthood order who are to abstain from strong drink, i.e. alcoholic drink.

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A careful study of the Bible, leads one to conclude that Christians are to shun alcoholic drink because our bod­ies now houses the Spirit of God just like the Tabernacle in Old Testament so we should not contaminate it with unholy things.

There is another issue that raises a lot of argument in Christian circles. The issue of Tithe is a very topical issue that is gainng attention in this era if social media.

Some Christians believe that Tithe is an Old Testament thing and there­fore should not be countenanced in the New Testament era.

To really understand what Tithe is, we need to go to Genesis 14:20 where Tithe originated. It was a sacrifice initiated by Patriarch Abra­ham that was motivated by the Spirit of God after God had given him a mighty victory in battle.

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It therefore became a practice among the descendants of Abraham. God endorsed its observance after the Commandments were given to Moses and was among other reasons to serve as a means for taking care of the needs of the Levites the Priests.

In Malachi God instituted it as an ordinance for generations to come cautioning noncompliance and spec­ifying blessings that will follow its observance. In the New Testament, it was mainly practised as an offering on a weekly basis by the early church and it was received by the leaders, every first day of the week according to 1 Corinthians 16:2.

I intend to periodically attempt to address certain issues that appear controversial in the Bible gradually, we shall have a clearer understand­ing to enrich our knowledge of the Bible.

NB: ‘CHANGE KOTOKA INTERNA­TIONAL AIRPORT TO KOFI BAAKO INTERNATIONAL AIRPORT’

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By Laud Kissi-Mensah

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Monsieur’s daughter —(Part 4)

Sarah and her two younger brothers attended Research School Complex, a fine school run by the research institutions in the Eastern Region. A brilliant child, she enjoyed school, and was always around the top of her class.

She loved her parents. Her mother made sure they lacked nothing. Her father was the easy going type. He was generally good to them, but he hardly spent much time at home. Her major problem was her parents’ continuous quarrels.

During those sessions, the children would recoil in front of the TV in their room till they fell asleep. Very often, they would wake up to hear them quarrelling. Up till she reached junior high, she and her siblings managed to live with the situation. But later on she would hear them exchange threats and insults which confused and scared her.

‘You are a useless man. You are lazy and incompetent at work. Your boss says he’s tired of complaining. He says if you don’t change you could lose your job’.

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‘And you are a heartless and selfish woman. You only care about money and yourself. Why should you go and discuss me with my boss? ‘

‘You dare call me heartless and selfish, when I feed and clothe you and your children? You lazy man. Can you survive for a month if I don’t feed you? When was the last time you took care of any of your children’s expenses, school fees, food, clothing or books?’

‘At the very least I provided you with a home and respectability. Without me you would be living in shame. You would have been ex­posed for who you really are’.

‘If you dare repeat that brainless sentence, I will teach you a lesson you would never forget’.

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‘There you go. Threats! Threats! Why are you always threatening me?’

‘I asked you to repeat that stu­pid statement once, and see what happens’.

‘Okay. I’m sorry. Look, this is not good for the kids. I’m going to town. Will be right back’. With that he dashed out of the door, into his car and noisily sped off.

Although Sarah usually excelled in academics, the turmoil at home was having an impact on her. The teach­ers noticed that she was withdrawn, and would sometimes break into tears with little or no provocation.

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Ms Odame, an elderly English teacher, took an interest in her and, after Sarah had told her about the problems she was facing at home, spent any free time she got encour­aging her. She realised that there was a deep seated problem behind the symptoms she was displaying. One morning, she took her out for lunch, and asked her the hard ques­tion.

‘Sarah, for some time now, I’ve been trying to encourage you, be­cause you are a brilliant girl, even though you may be facing a few problems at home. Now Sarah, I want to do my best to help you, but I want you to try and tell me ex­actly what the problem is at home, and I will do my best to help you. I promise you that I won’t discuss this with your parents’. Without much hesitation she unburdened herself of the load she had been carrying.

‘My parents are always quarrel­ling. Most of the time it is about money. Mummy keeps saying that Daddy doesn’t give her money, but spends his money on going out with friends and girls.

She also says that he is not serious with his work, so he’s not gaining any promotion. But Daddy sometimes says something which infuriates Mummy. He says he has kept her secret and given her respect, so she should stop disturbing her.

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Mummy would then say that the whole issue was Daddy’s making, that if she mentioned it again she would move us out and leave him destitute. He would usually get scared, and apologised. There would be peace for some time, then it would happen again’.

‘I see. I see. Now, Sarah, I want you to trust me on this. I will do my best to help you. Do your best not to dwell on this. Come to me whenever you need any help, but we will solve the problem very soon’.

Through her enquiries, she learnt that Madam Gladys Ababio taught for a while at Aboso Senior High School. She made further enquiries at the GES, and learnt that the current headmaster of the school had been teaching there for close to twenty years. She called him and booked an appointment, explaining that she wanted to make an enquiry about an issue that would help a student of hers who was currently troubled.

‘Thanks for agreeing to see me’, she said after she had been welcomed with a snack. ‘I will go straight to the point. I have a student in JHS three, a girl. She’s brilliant, but she’s troubled at home. She confided in me that her parents have been quarrelling continually, and they seem to be hiding a secret. The mother was a catering teacher here in this school’.

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‘I believe I have your assurance that you will handle this informa­tion with care, since it concerns a minor’.

‘You have my fullest assurance, madam

‘.

‘You are talking about Gladys and David, who were my colleagues. I know them, very well. They separat­ed soon after marrying, and Gladys married one Simon. David was a very popular French teacher. In fact, the school’s playground is named after him.

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He left for Germany as soon as the marriage broke down. He’s back, do­ing big business. He has been doing a lot for the school, but he prefers not to be given any publicity.

Now, let me come to the main issue that has brought you here from Koforidua. Not long after David had married Gladys and was living with her, Simon appeared from America, and spent some time in a hotel with her.

This happened again some months later. David got wind of this, and decided to end the marriage and leave town. Gladys and her relatives begged and begged, but he wouldn’t budge. Then, obviously with the intent of punishing him for rejecting her, Gladys came out and told Mon­sieur that the baby, Sarah, was not his. Indeed, she had told him that she would teach him a lesson.

David was shattered, but his par­ents advised him not to fight Gladys over the issue, because she was quite strong-headed. They told him that the child would come back to him eventually, if she was truly his. So he left town. And Simon married Gladys.

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‘I see. So Sarah is not Simon’s child’.

‘No way. Listen, Sarah was con­ceived before Simon appeared from nowhere. This was known to every­one at Aboso, because David was very popular, a great guy. I don’t know how Gladys can live with her­self, after what she did’.

‘I don’t know how to thank you. I will go back and do my best for the child, without causing much trou­ble’.

By Ekow de Heer

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