Features
Burning Issues Any justification for National Development Bank in Ghana? (Part 1)
“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 the signing ceremony on Wednesday May 19, 2021, when the President of the Republic 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 has 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 assured further 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.
Not quite long ago, during the presentation of the 2022 Budget Statement and Economic Policy to Parliament on Wednesday, 17th November, 2021, the Hon Minister of Finance, Ken Ofori-Atta, stated that the country would soon establish a national development bank to address our developmental issues. In opposition to the announcement, some of the minority in Parliament expressed the view that the Minister should have informed Parliament to pass the relevant law on the bank before making the announcement.
This is surprising because a Minister can announce an intention of setting up an entity in the country before informing Parliament about it. It appears everything by Government, even if good, will be antagonistically be attacked before going through the process, a behaviour that is unpalatable or awful and should, therefore, be discarded or thrown overboard.
WHY IS SUCH BEHAVIOUR EXHIBITED TOO OFTEN IN THIS COUNTRY?
We need to ensure that, as much as possible, we place our partisan interest far above that of the nation, so that we would be able to confront and overcome all challenges or obstacles that may come our way as a nation. This is the only way to ensure that we are able to rise above every difficulty in this country.
If right from the beginning, we are not able to do this, then we must note that moving forward as a nation will always be extremely difficult, if not impossible. Countries are admired today for their economic achievements – United States, Germany, France, Canada and all others that are able to donate funds to needy countries – exercised democracy in this way but had to keep their nations afloat before being able to reach where they are today.
It is also for this reason that we often say that Rome was not built in a day. What this means is that, the process of nation building always requires sacrifices on the part of residents before being able to get to the top. Similarly, the process of growth for every human takes a long time through a lengthy process before a baby becomes an adult, not forgetting daily guidance from parents and others in society in addition to the vital issue of socialisation.
What all this means is that, as citizens and residents in the country, we need to know our priorities and desire for societal values before being able to move from the first step to the end. It is said also that, the journey of a thousand miles begins with the first step. If this is the case, then Ghana as a country needs much patience to go through the various nationalistic processes needed to cement national progress for all and sundry.
We, therefore, have a long way to go before being able to achieve our developmental goals. These goals can only be attained if as a nation, we begin to understand each other, appreciate our differences in opinion while at the same time being critical at each other, through constructive criticisms not destructive or deadly ones, so as to be able to move the country forward.
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 to 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 or by local capital markets.
Email address /whatsapp number of author: Pradmat2013@gmail.com/0553318911
By Dr Kofi Amponsah-Bediako
I experienced something on Monday, June 15, that really frustrated me. I had to go to the ministries but I could not get up early that day so I decided to pick a taxi and get to the Tuba Junction.
When I got there I realised that Traffic had built up from the Toll Booth towards Accra. After a while I got a Taxi and it was when we got to a certain spot on the road, that I realised why there was a traffic jam.
There is a short stretch of the road where each time it rains heavily, loose material run down the hill onto the road, blocking one side of the road. Vehicles from Kasoa to Accra are then forced to move into one of the lanes of those going towards Kasoa from Accra.
The two lane road from Accra to Kasoa becomes a single carriage way. That was the reason for the traffic jam from the toll booth onwards.
This has been a perineal problem and yet, no permanent solution has been found till date. The area falls under Ga South and even though, a new MCE has taken over, the technocrats are still there and so the problem is not new to them.
There is therefore no excuse for the inability of the Ga South Metropolitan Assembly to resolving the problem on that stretch of the road. Apart from the Ga South Metropolitan Assembly, another institution that must be held accountable is the Ghana Highways Authority.
The Highways Authority cannot say they are unaware of this issue. The fact that the problem falls within the area of responsibility of the Ga South Assembly, does not relieve the Ghana Highways Authority, of their responsibility of ensuring that our highways are maintained in a motorable state at all times.
A collaboration between the Ghana Highways Authority and The Ga South Municipal Assembly is required for a permanent resolution of the problem.
There was another traffic jam at a place called Atala about 250 metres to the traffic light at Old Barrier as a result of an issue similar to the one close to the toll booth, that I talked about earlier.
When we got to Weija junction, we encountered another traffic jam. The cause of this jam was a bad condition of road about 80 metres from the traffic light at Ga South Hospital heading towards Accra.
Due to the bad nature at that section of the road, vehicles are compelled to slow down resulting in a traffic jam stretching all the way to Weija Junction.
I started wondering if that short stretch of road cannot be sorted on one Sunday when traffic is usually light. When we got to the traffic light at Odorkor, there was another issue.
When the traffic light shows green, there is a slow down because there is a big pothole or should I say manhole in the outer lane, right at the traffic light. Vehicles in the outer lane are compelled to swerve into the second lane thereby causing a traffic to slow down and resulting in a traffic jam.
It is very important to take into account the effect of traffic jam on the national economy. If we are able to assess the value of the loss to the economy of the nation, I believe the issue of traffic jam will be prioritised.
Imagine persons working at various Government Organisations like Registrar General’s Department, Ghana Ports and Habours Authority, Ghana Revenue Authority, CEPS etc. and lives at Kasoa and whose job is to collect revenue for the state and is held up in traffic.
Just imagine the effect their lateness to work will have on the economy if you consider the delays in say clearing of goods at the port and as a result traders cannot sell their goods for government to generate the required taxes.
Let us deal with the traffic jams on our streets to promote economic growth. God bless.
By Laud Kissi-Mensah
Mortality is an inherent aspect of life, a universal experience that has sparked philosophical, theological, and scientific inquiry throughout human history.
This article aims to provide a comprehensive and nuanced exploration of mortality, acknowledging the complexity of the topic and the diverse perspectives surrounding it.
The biological imperative
From a biological standpoint, death is a natural part of the life cycle. It serves as a mechanism for the evolution of species, allowing for the passing on of genetic material and the adaptation to environmental changes.
Evolutionary perspective: Death allows for the recycling of resources, promoting the survival and adaptation of species.
Life span and senescence: Cellular aging and the limitations of biological systems contribute to mortality.
Philosophical and existential perspectives
Existentialism: Emphasises individual freedom and responsibility in the face of mortality.
Meaning and purpose: The finite nature of life can prompt individuals to seek meaning and purpose.
The human condition: Mortality is a fundamental aspect of the human experience, shaping our perceptions and values.
Cultural and spiritual views
Afterlife and spirituality: Many cultures and religions believe in an afterlife or spiritual continuation.
Rituals and mourning: Cultural practices surrounding death reflect the significance of mortality in human experience.
Legacy and remembrance: The impact of one’s life can transcend mortality.
Ethical considerations
End-of-life care: Ethical debates surround issues like euthanasia, assisted dying, and palliative care.
Quality of life: Balancing the value of life with the quality of life is a complex ethical issue.
Resource allocation: Societal decisions about healthcare and resource distribution involve considerations of mortality.
Psychological impact
Grief and loss: The experience of mortality can evoke profound emotional responses.
Fear and anxiety: The awareness of mortality can lead to existential anxiety.
Appreciation and gratitude: Recognising mortality can foster appreciation for life.
Conclusion
Mortality is a multifaceted aspect of human existence, influencing how we live, relate, and find meaning. Understanding and acknowledging mortality can prompt deeper reflections on life and our place in the world.
By Robert Ekow Grimmond-Thompson
