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African Union seeks $100bn of IMF’s Special Drawing Rights in major shift
The African Union proposed that the International Monetary Fund consider issuing $650 billion in special drawing rights to combat the climate crisis.
The 55-member group also demanded that at least $100 billion in existing SDRs be channelled to Africa through institutions such as the African Development Bank, with a group of donors to be established by the time the COP28 climate summit starts on Nov. 30.
Multilateral development banks should be recapitalized to provide at least $500 billion in concessional finance a year, it said.
The list of demands in an updated declaration from the continent’s first climate summit are considerably stronger than an initial announcement on Sept. 7 in Nairobi, Kenya, which focused on debt relief and climate finance to fund renewable energy.
Government delegations argued late into the night earlier this week on the wording of the statement that will serve as their unified position at COP28 in Dubai.
“We call for collective global action to mobilize the necessary capital for both development and climate action,” the African Union said in the statement released on Friday.
Africa, the world’s least developed continent, has barely contributed to the greenhouse gas emissions that are driving climate change, but its nations are among the hardest hit by cyclones, drought and floods. That, coupled with a debt burden exacerbated by the Covid-19 pandemic, is hindering economic growth.
Fifteen African heads of state attended this week’s summit in Nairobi, according to information from the organizers. United Nations Secretary-General Antonio Guterres and Ursula von der Leyen, president of the European Commission, were also present.
Other changes from the earlier declaration include:
Mobilizing $30 billion to invest in water projects by 2030
Drawing attention to the “inordinate borrowing costs” levied on poor nations that are a “root cause of recurring debt crises”
A revaluation of the gross domestic product of Africa to reflect its natural capital such as carbon sinks in its forests.
source: Bloomberg
Ghana’s First Lady, Lordina Mahama, has made a generous donation to the country’s national female Under-17 and Under-20 teams – Black Maidens and Black Princesses- as they continue preparations for major international assignments.
The donation, made on Friday, May 22, was presented on behalf of the First Lady by the Minister for Gender, Children and Social Protection, Agnes Naa Momo Lartey, at the GFA Technical Centre in Prampram.
The gesture forms part of efforts to motivate and support Ghana’s young female footballers as they prepare to represent the country on the international stage.
The donation included essential food items and toiletries aimed at supporting the welfare and well-being of the players and technical teams.
The donation included cartons of Milo, T-rolls, soft drinks, toiletries, and a range of essential supplies aimed at supporting the welfare of the players, enhancing camp conditions, and easing preparations ahead of their respective assignments.
The Black Maidens are currently engaged in preparations for the FIFA U-17 Women’s World Cup qualifiers and are set to take on Liberia women’s national under-17 football team in the second-leg encounter in Liberia this weekend.
Meanwhile, the Black Princesses have already secured qualification to the FIFA U-20 Women’s World Cup after overcoming Uganda in the qualifiers, extending Ghana’s remarkable record to eight consecutive appearances at the tournament.
The donation by the First Lady was expected to boost morale within both camps while reinforcing national support for the young female footballers who continue to make the country proud.
The prosecution has officially rested its case in The Republic v Solomon Asamoah & Another, the high-profile legal battle commonly referred to as the “Sky Train” case.
The Deputy Attorney General Justice Srem Sai announced the development, praising the state’s team of hard-working prosecutors for successfully anchoring the state’s evidence before the High Court.
The criminal trial centers on the former Chief Executive Officer and the former Board Chairman of the Ghana Infrastructure Investment Fund (GIIF).
The duo stands accused of illegally authorizing and paying out US$2 million to a foreign company without obtaining board directives or other mandatory statutory approvals.
State investigators have confirmed that the disbursed millions cannot be found.
Following the closure of the prosecution’s case, the accused persons moved the court for an opportunity to file a submission of no case.
The presiding judge granted the application, ordering the defense to submit their arguments by June 8.
The outcome of the June 8 filings will decide the fate of the trial:
With this, if the judge finds the defense’s submission convincing, the accused will be acquitted and discharged however, If the judge dismisses the submission, the court will order the accused officials to take the stand and explain why they should not face prison sentences.
By Edem Mensah-Tsotorme
