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Dev’t Bank: Gov’t is taking steps to set economy back to full throttle – Oppong Nkrumah

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Information Minister Kojo Oppong Nkrumah has said the government is taking conscious steps to set the economy back to full throttle with the setting up of the Development Bank Ghana (DBG).

In a Facebook post, he said “The big announcement today by Finance Minister, Ken Ofori-Atta is the establishment of the Development Bank Ghana (DBG) to inject over a billion dollars into Ghana’s economy.

“Government is taking conscious steps to set the economy back to full throttle.”

The Ministry of Finance and the European Investment Bank have signed an agreement for the provision of a one hundred- and seventy-million-euro (€170 million) facility for the establishment of a new national bank, the Development Bank Ghana (DBG).

DBG is an integral feature of the GH¢100 billion Ghana Cares ‘Obaatampa’ Project, which is seeing to the revitalization of the Ghanaian economy following the onset of COVID-19, according to the Government of Ghana.

This event took place on Wednesday, 19th May 2021, when the President of the Republic, Nana Addo Dankwa Akufo-Addo, held a meeting with the President of the European Investment Bank, Dr. Werner Hoyer, as part of his official visit to Belgium.

The €170 million facility, according Dr. Hoyer, is the largest facility provided by the European Investment Bank for the establishment of a development bank in Africa or for any other project, for that matter, on the continent.

Speaking at the signing ceremony, President Akufo-Addo noted that “the Development Bank Ghana is going to play a very important part in the rapid economic transformation of Ghana, following the onset of COVID-19.”

According to him, “We want to restructure the economy, and move it from being a mere producer and exporter of raw materials, to one that places much greater emphasis on value addition activities. We see this Bank (DBG) as one that will play a pivotal role in this”.

The President indicated that the design and operation of the Bank, “which has been on the drawing board for the last two years”, will satisfy the highest standards, scrutiny and best practices of Development Banks across the world, assuring further that the €170 million facility from the EIB will be used for the purposes for which it was sought.”

President Akufo-Addo reiterated that the provision of this facility signals the determination of the Ghana to continue partnering with the EU, with the President informing Dr. Hoyer that Ghana will fall on the EIB to continue to finance other projects in the pipeline, as the country works to recover from the impact of COVID-19.

The Minister of State-designate for Finance, Mr. Charles Adu Boahen, who was also present at the signing ceremony, explained that the focus of Government, since the onset of COVID-19, has been to put in place the building blocks for an inclusive and sustainable economic recovery.

“With the overall objective of creating a favourable environment to spur private sector-led growth, the Government of Ghana recognizes the importance of a substantial allocation of development capital to critical economic sectors at sustainable interest rates and longer tenures. Accordingly, there has been a heightened need to establish the Development Bank Ghana.

Source:3news.com

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Accra: Disaster looms as articulated truck skids off Kwame Nkrumah Circle overpass [Video]

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An articulated truck with registration number GT 8387 X said to be carrying gallons of engine oil has skidded off the Kwame Nkrumah circle flyover.

The accident occurred on Friday, June 11 at about 9 PM.

Andrew, an eyewitness, told TV3’s Johnnie Hughes that the brakes of the truck failed, forcing the vehicle to recess.

The driver, in an attempt to navigate the vehicle towards the rail, burst a rear tyre and lost control.

The fire service and police were at the scene as of the time of filing this report.

Check Out Video Below:

Source: 3News.com

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Green Ghana: Bole becomes green under the NHIA

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The Bole District Branch of the National Health Insurance Authority (NHIA) has today Friday June 11, 2021 planted sixty (60) trees as part of the National tree planting exercise led by the President of Ghana.

The Green Ghana project, which is a Ministry of Lands and Natural Resources initiative spearheaded by sector Minister Samuel Abu Jinapor, aimed to plant five million trees in a single day.

The Bole branch of the National Health Insurance Authority planted 60 various types of tree species on the premises of the NHIA led by the scheme Manager Mr. Mohammed Suraj-Deen and his staff.

Mr. Suraj-Deen, speaking to the media following a brief event to plant seedlings at the NHIS complex, noted that “in line with the President’s directive that government institutions and individuals should assist in greening Ghana, we have gone ahead to implement our own version of greening Ghana on the NHIS compound”.

“We planted trees which included acacias, thick and others. Already, we have started our own afforestation before the coming of greening Ghana and we are going to continue NOT only to plant trees but to take good care of them until they become matured and needs no care” Syrah-Deen added.

Earlier in June, 2021, President Akufo-Addo called on Ghanaians to plant more trees to preserve the country’s forest cover and the environment.

The President stressed that “We cannot sit by and watch as our trees, flora and fauna are wiped out. Our very existence is tied directly to the survival of trees. Without the oxygen produced by trees, we cannot survive as humans.

“Lend your support to the Ministry of Lands and Natural Resources as it executes this ambitious national assignment. I will be planting a tree and I expect you too to plant one. Let us make Ghana green.

Story by: Osman Abubakari-Sadiq

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“Ghana is going to create 10,000 millionaires within the next 10 years” – Gov’t projects

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The govt of Ghana has projected that in the next ten years, Ghana will produce ten thousand millionaires.

This was made known by John Ampntuah Kumah, the Deputy Minister-designate for Finance following the policies the govt has implemented so far which is believed that in the coming years, it will yield good fruit.

According to him, this will be made possible through youth entrepreneurship, adding that tenure as Chief Executive Officer of the National Entrepreneurship and Innovation Programme (NEIP), the government provided funding to more than 9,000 businesses that can scale up to employ more people with further support.

While addressing the Parliament’s Appointment’s Committee on Wednesday, June 9, 2021, to be vetted as a Deputy Minister for Finance.

“As the Chief Executive Officer of NEIP, I oversaw the training of 45,783 businesses on various business management practices under the Presidential Business Support Programme and also disbursed funds ranging from GHC 2,000 to GHC 100,000 for 9,350 businesses. These businesses are all doing well and if more capital is injected into their businesses they can scale up and become giants in their areas,” he said.

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