Features
Any justification for National Development Bank in Ghana?
“The Development Bank is going to play a very important part in the rapid economic transformation of Ghana, following the onset of COVID-19”.
These words came from President Nana Addo Dankwa Akufo-Addo during at the signing ceremony on Wednesday, May 19, 2021, when he held a meeting with the President of European Development Bank (EDB), Dr Werner Hoyer, as part of his official visit to Belgium.
According to President Akufo-Addo, the design and operation of the Development Bank Ghana (DBG) in Ghana had been on the drawing board over the past two years and when established, would satisfy the highest standards, scrutiny and best practices of development banks across the world.
He further assured that the €170 million facility being provided by European Investment Bank (EIB) for the establishment of the Development Bank Ghana (DBG), “signals the determination of the country to continue partnering with the EU to continue to finance other projects in the pipeline as the country works to recover from the impact of COVID-19 as well as assist in the rapid recovery of the Ghanaian economy from the ravages of the pandemic.”
Any need for a National Development Bank?
One question that comes up immediately is whether there is the need for a bank for developmental purposes when, indeed, other banks are already operating in the country. It has even been argued that to prevent the collapse of certain banks and strengthen the banking sector, the government in collaboration with the Bank of Ghana, recently sanitised the sector to ensure that it is strengthened up for business in the country.
And if this is the case, why should another bank be established if it is aimed at promoting the same economic development that we are all seeking?
Development Banks and economic growth
Generally, development banks serve as important instruments to promote economic growth. They usually do this by providing credit and a wide range of advisory as well as capacity building programmes for stakeholders. The stakeholders here include households, small and medium enterprises and even large private companies. Usually, the financial needs of the huge private companies are not sufficiently served by private commercial banks nor by local capital markets.
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 for 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 regard 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 10 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 any 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 Information, Communication, Technology (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 wrong doings in the past.
If President Akufo-Addo’s administration has come to this realisation and taken up steps aim at righting all the economic wrongs, then this positive agenda ought to be supported by all the political parties, especially those who claim 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, Kwame Nkrumah rightly declared that our independence would not have any meaning unless it was 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 its 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 dwelling in us in form of “God bless our homeland Ghana, and make us great and strong”.
By Dr Kofi Amponsha-Bediako
The driver stopped the vehicle at the gate of the large, fenced property along the Nsawam Highway, and Kakraba stepped out to meet the several workers who had gathered to wait for him.
He greeted them and went straight to the point.
“Gentlemen, I am glad to see that you have almost completed the clearing of the land. I’m happy to report that we have concluded all arrangements with Nana Serebour, and construction of the palace will start in a few days.
“I will need you to go and level the ground, and then come back to start this project. Some workers from a construction company will come and join us.
“My plan is to build twenty houses in four months. Then we will do twenty more until we reach two hundred.
“I am relying on you to help me deliver good-quality work to satisfy our clients and, as I have already indicated to you, I will reward you for your work.”
After an hour’s discussion, he closed the meeting and moved to drive away. Wofa Yaw drew closer.
“Director, can you please spare me five minutes? I would like to discuss a small issue.”
“Why, Wofa Yaw? Your wife has threatened to leave you?”
“No, Director. My wife will never leave me. This concerns a young niece of mine.”
“I hope it’s something I can help with. Please sit in the car and let me hear you.”
“Boss, my niece, Beesiwa, is a polytechnic graduate, very beautiful and with very good character.
“Unfortunately, her parents virtually forced her into a relationship with an idiot based in the US, which affected her badly. She has now recovered from that experience and, Boss, I am respectfully asking if you would find a job for her.
“I promise you that you will never regret it.”
“Well, Wofa Yaw, let me meet her and speak with her. I may be able to help, maybe not in the way you expect, but let me meet her.
“I will not be back here for another week, but I will be at the office throughout next week. You can come with her.”
On Monday morning, Wofa Yaw and Beesiwa were seated at the office by nine o’clock. Three young ladies welcomed them warmly, offered them soft drinks and assured them that Kakraba would be there shortly.
They then returned to their desks and sat behind computers with large screens displaying various building designs.
Kakraba walked in and greeted them warmly. After chatting briefly with the three ladies, he ushered Wofa Yaw and Beesiwa into his office.
“Director, this is my niece, Beesiwa. I mentioned her to you when you came to Nsawam.”
“Yes, indeed. Madam Beesiwa, you are very beautiful, just as your uncle said. Wofa Yaw is my colleague.
“We have just started a building project that will take about three to four years. He mentioned that you have a small problem, so I said I would like to meet you and see how I can help.
“So, Beesiwa, please tell me a little about yourself.”
Beesiwa described her childhood, her school experience, her brief work at the bank and the nasty episode with Sammy Abrokwa, which shattered her peaceful life. She also explained how she had been recovering from the experience.
“I am really sorry to hear this,” Kakraba said. “Now, here is what we are going to do.
“We are a small but very busy company. The three ladies out there spend most of the day on site and come back to report on their work in the morning.
“I have three main projects. The big one is an estate project in Nsawam, where your uncle is one of my main colleagues. I need a personal assistant who can take care of my activities, especially when I am not in town.
“Now, we will have to start with trust. Based on what I know about Wofa Yaw, and based on what you yourself have told me, I think we can start on a sound basis.
“So, Wofa Yaw will take you to my home. You can move into one of the four guest rooms.”
“Sir, I have taken some computer lessons, and I have even done graphics and web design,” Beesiwa said.
“Fantastic! I will give you a good phone and a laptop. I will also arrange computer lessons for you.”
“Now, Wofa Yaw, take her home. My sister, Kuukuwa, will meet you and show you around, and then you can return to Koforidua.
“When would you like to start work?”
“Sir, I would like to start today, but I would need to go and bring my things.”
“No problem. Take a taxi to my house, meet my sister, and let me know what you decide.”
Later that day, Kakraba and the three ladies met with some bank officials to conclude the sale of the three buildings at Adabraka.
They closed at five-thirty and, after rewarding the ladies for their hard work, Kakraba got home just after dark.
He was surprised to find Kuukuwa and Beesiwa sitting at the table enjoying supper.
“What’s happening here?” he asked. “Beesiwa, I thought you would return to Koforidua.”
“She changed her mind,” Kuukuwa said. “We went to the mall and bought a few things for her. Then we came back to cook. She has made some nice changes to your bedroom and cooked a couple of interesting dishes. Sit down; we will serve you.”
“Well, I certainly can’t refuse that. It’s been a busy day.
“So, what’s the plan now? Will Beesiwa go to Koforidua tomorrow, gather her things together and come down?”
“No, I will stay here for a while,” Beesiwa replied. “Kuukuwa bought me the things I need, so I may go back next week. I’m ready to start work. What would you like me to start with?”
“Well, you can come to the office tomorrow morning, meet the three girls and get a feel for what we do.
“Since you are living here, at least for now, we can discuss the plans for the next few weeks.
“Sometimes there are gaps when I travel up north. You can take care of things from now. I think the girls would like having someone like you around.”
By Ekow de Heer
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A frequent question following breast surgery is whether human tissue possesses the regenerative capacity to restore an excised organ.
From a strict physiological standpoint, a completely removed breast cannot regrow. Unlike certain organisms that can regenerate complex limbs or organs, adult human tissues—particularly specialised glandular structures—lack the cellular machinery required to rebuild an entire organ after its total surgical removal.
Instead, the body heals the surgical site through processes such as scar tissue formation and re-epithelialisation rather than complete cellular regeneration.
What a mastectomy actually removes
To understand why natural tissue regeneration does not occur, it is important to examine the surgical scope of a mastectomy.
Depending on the type of procedure and the medical reason for surgery, a mastectomy may involve the removal of:
Glandular architecture: The milk-producing lobules and ducts that form the functional core of the mammary gland.
Adipose tissue: The fatty tissue that contributes to breast volume, projection and contour.
Other breast tissue: The extent of tissue removal varies according to the type of mastectomy and the need to achieve appropriate surgical clearance.
Because specialised breast structures are physically removed, the body does not rebuild a complete mammary gland. Instead, healing occurs through tissue repair and scar formation.
Distinguishing residual tissue from “regrowth”
Patients or observers may notice changes in the chest area after surgery, sometimes leading to misconceptions about tissue regeneration.
Skin- and nipple-sparing procedures
Modern breast surgery may preserve the outer skin envelope or, in selected cases, the nipple-areola complex. Small amounts of breast tissue may remain depending on the surgical technique. Any changes in remaining tissue due to hormonal fluctuations represent residual tissue responding to the body, rather than the regrowth of a completely removed breast.
Adipose accumulation
Weight gain after surgery can increase the amount of subcutaneous fat across the chest wall. However, this is part of general body fat distribution and does not represent the regeneration of a mammary gland.
Modern reconstructive pathways
Because a completely removed breast does not naturally regenerate, modern medicine offers reconstructive options aimed at restoring physical symmetry, contour and body image.
The two main approaches are implant-based reconstruction and autologous, or tissue-based, reconstruction.
Implant-based reconstruction
Implant-based reconstruction uses synthetic medical devices, typically filled with silicone gel or saline, to rebuild the breast mound following a mastectomy.
The two-stage process: This approach may begin with the placement of a temporary tissue expander to gradually create space and stretch the surrounding tissues. A later procedure may then be performed to place a permanent implant.
Recovery profile: Implant-based reconstruction generally involves a shorter initial surgery and recovery period compared with procedures that require tissue to be harvested from another part of the body.
Long-term considerations: Breast implants are not lifetime devices and require ongoing medical monitoring. Some patients may need additional procedures over time because of complications or changes in the implant or surrounding tissue.
Autologous or tissue-based reconstruction
Autologous reconstruction uses the patient’s own living tissue to create a new breast mound. Tissue may be transferred from another part of the body, commonly the lower abdomen, using procedures such as a DIEP flap.
Natural look and feel: Because the reconstruction uses living tissue, it can provide a natural warmth, texture and softness. The tissue may also change with the patient’s body weight over time.
Long-term durability: Once healing is complete, autologous reconstruction can provide a long-lasting result without the need to replace an implant. However, some patients may still require further procedures.
Complex surgery: This option usually involves a longer operation and recovery period. In microsurgical procedures, surgeons may need to reconnect tiny blood vessels to establish blood flow to the transferred tissue.
Direct comparison
When choosing between these two reconstructive pathways, patients and their surgical teams must consider several physical, medical and lifestyle factors.
Surgical burden: Implant surgery is generally less invasive, while flap reconstruction involves surgery at both the chest and the donor site.
Foreign material versus native tissue: Implants involve the use of a medical device, while autologous reconstruction uses the patient’s own tissue.
Recovery: The recovery timelines and rehabilitation requirements differ significantly between the two procedures.
Recovery and physical rehabilitation
Recovering from breast reconstruction requires patience, careful pacing and, in some cases, structured physical rehabilitation.
Because implant-based and autologous tissue-flap procedures involve different surgical techniques, their healing timelines and physical therapy milestones can vary considerably.
Understanding these differences is important for patients considering reconstruction, as the choice involves more than restoring physical appearance. It also requires careful consideration of recovery, long-term monitoring, lifestyle and individual medical needs.
Part 2 will examine recovery timelines, physical therapy milestones and other factors patients should consider when choosing between reconstructive options.
By Robert Ekow Grimmond-Thompson
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