Features
Any justification for National Development Bank in Ghana? (Part 2)
• 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
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?
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
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.
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.
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
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This week I have a very strong desire to put on my Apostolic Cap and talk about the power available to children of God which we can utilise to generate positive outcomes, in our lives.
There is a phrase in the Bible that if Christians meditate on, can immensely transform their lives. In Matthew 28:6 there is a phrase “… as he said…” according to the King James Version.
Thus phrase forms part of a statement declared by an angel of God to two women who were disciples of Jesus who had gone to his tomb early in the morning on the third day after his death.
According to the Biblical account, the stone covering the entrance of the tomb had been rolled away and an Angel was sitting on it and he made the statement to the effect that the Jesus they are seeking is not there and that he had risen, as he said before his death.
His resurrection affirmed the authenticity and dependability of the word of Jesus and therefore the word of God.
Christianity has to do with faith in the word of God. Pastor Mensa Otabil said if we view Christianity as an inside out view, you would go inside to operate the power that is in you.
As a Christian, the spirit of God and therefore the power of God, dwells in you. Anyone who is aware of this truth, does not go around seeking to have a so called powerful person resolve his or her spiritual issues.
Most Christians who move from prophet to prophet, do not believe that the spirit of God which operates in a Pastor or Prophet, is the same spirit that dwells in him or her.
In fact , that Christian may be more ‘powerful’ than the Prophet or Pastor he is going to for prayers because he is living a holy life, which is pleasing to God, for God is no respecter of persons according to Acts 10:34-35.
God does not give out his spirit in different measures to indwell believers. The spirit of God that dwells in a new convert, is the same spirit that dwells in a Bishop or a Prophet or an Evangelist or an Elder or a Deacon.
All you need to do as a child of God is to believe in the word of God and know that it works and that according to 1 John 4:4 we, Christians, that the Spirit of God dwells in us have overcome the world and Jesus in us, is greater than the Devil who is out in the world, wrecking havoc all around.
If we realise that we have overcome the Devil and everything he controls, then we can believe and act in faith and make declarations and just as Christ declared that he will die and on the third day, he will rise from the dead and it manifested as he said, there shall be a manifestation of our declarations also.
The problem of modern day Christians is that, a lot of them, do not study and meditate on the word of God, so they do not witness the manifestation of the power of God, in their lives.
Such an experience over time, give them the impression that the spirit of God dwells in different dimensions in believers. This then leads them to seek solutions to their challenges from so called powerful men of God.
Some Pastors also fall into this misconception of the measure of the spirit of God in believers. When the size of a Pastor’s church for instance, is not increasing the way he had been praying for self-doubt sometimes begin to set in.
Especially, if he begins to compare his church with that of say a colleague from the same Bible School, then he begins to wonder if there is not a spiritual secret he is not aware of.
This is when, if care is not taken, fellow Pastors who appears to be very successful in the ministry but are using occultic powers, could sway them from the narrow path and get them trapped in the Devil’s clutches and eventually and inevitably, destroy their lives. God bless.
By Laud Kissi-Mensah
Introduction
You have been there. Twenty tabs open comparing laptops. A blank page for an email you’ve been “thinking about” for three days. A menu with 30 options and you leave hungry.
This is decision paralysis: the state where the volume of information, options, or perceived stakes prevents you from making a decision at all. It’s not laziness. It’s a cognitive overload response.
In a data-rich environment, it’s becoming the default mode for both individuals and organisations.
This article breaks down why it happens, how it shows up, what it costs, and how to break it.
1. What decision paralysis actually is?
Decision paralysis is a failure of the decision-making system to convert information into action. Psychologists call it ‘analysis paralysis’ or ‘choice overload.’
It has three components:
1. Cognitive overload: Working memory can hold between four to seven chunks of information at once. When you try to track 20 variables, the system freezes.
2. Anticipatory regret: You overestimate the pain of making the wrong choice. The brain avoids the emotional cost by avoiding the choice.
3. Ambiguity aversion: Humans prefer known risks over unknown ones. When outcomes are uncertain, we stall.
The result is not neutral. Not deciding is a decision. It costs time, momentum, and opportunity
2. Why it’s getting worse now
2.1 Infinite options
Amazon has 350 million products. Netflix has 6000+ titles. Dating apps have unlimited profiles. The paradox of choice: more options increase initial satisfaction but decrease final satisfaction and increase regret.
2.2 Information abundance without synthesis
You can find 50 studies on sleep. Each one has caveats, conflicting results, and different methodologies. Without a framework to integrate them, more data creates more confusion, not clarity. This connects directly to the “data-rich, wisdom-poor” problem.
2.3 Reversibility anxiety
In the digital age, most decisions feel permanent. A bad post goes viral. A bad hire is public on LinkedIn. A bad career move is visible. The fear of irreversible error makes people delay.
2.4 Algorithmic mirroring
Platforms show you what you already engage with. This creates an illusion that there’s one ‘best’ option you are missing. You keep searching, convinced the optimal choice is one more scroll away.
3. How it shows up
Personal Level
Cannot pick a career path after six months of ‘research’
Spend two hours choosing a movie and watch nothing
Delay sending an email because it ‘isn’t perfect’
3.1 Organisational level
Teams spend 80 per cent of time in meetings gathering data, 20 per cent deciding
Product teams delay launch waiting for “one more data point”
KPIs multiply but no strategic choice is made
3.2 Common cognitive tells:
Endless comparison tables
Asking for one more opinion
Reframing the problem instead of solving it
Feeling drained after thinking but not acting
By Robert Ekow Grimmond-Thompson
