• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, August 28, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Foreign

Akufo-Addo urges AfDB to mobilise, invest funds

Akufo-Addo

The Matters Press by The Matters Press
May 25, 2022
Reading Time: 2 mins read
0
Ghana enters first recession in 30 years, but sure of rebound

America Protests World Leaders

President of Ghana, Nana Akufo-Addo, has called on African Heads of State and governments to mobilise and invest in the African Development Bank (AfDB) to transform the continent.

RELATED POSTS

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

Tinubu succeeding where Obasanjo failed woefully, says TMSG

Akufo-Addo said this at the 2022 annual meetings of the AfDB for Heads of states, governors and other stakeholders in Accra, Ghana on Tuesday.

He said funds were needed urgently to address the myriad of challenges facing the continent.

Akufo said that the bank needed to be activated to move it from the corridors of ‘billions to trillions’, given the scale of the challenges of this continent.

He said the support would bridge and overhaul the financing gap that existed with other complementary institutions.

According to him, the financing gap between the International Development Association (IDA), the concessionary arm of the World Bank in Africa, now stood at 15 billion dollars compared to the African Development Fund (ADF) three billion dollars per year.

“The AfDB must become the dominant financing institution for African transformation in the medium term.

“It is now time to ease the regulations that shackles the Bank from optimising its resources.

“Amending the articles that precludes the ADF from entering the market to leverage its resource, must be first-order priority.

“In July last year, the IDA of World Bank (the equivalent of ADF) priced a 10-year Sustainable Development Bond that raised two billion euros.

“With increased financial resources, the Bank could recapitalise key African financial institutions, such as the Regional Development Banks, Afreximbank, Africa Guarantee Fund, Africa-Reinsurance,’’ he said.

Dr Akinwumi Adesina, the President of the AfDB said that Africa could accelerate its development and cope with other challenges such as climate, debt, insecurity, if the Special Drawing Rights were used more optimally.

Adesina said the continent needed a re-allocation of 100 billion dollars from developed economies, as agreed to by the African Heads of State, and at the Conference on Financing African Economies.

“As per the resolution of African Union in February 2022, part of the SDRs for Africa should be re-allocated through the African Development Bank, which is a prescribed holder of SDRs.

“As shareholders, I ask for your strong support for these efforts. Now is the need for greater additional financing more than for the low-income countries and fragile states that rely on the African Development Fund.

“This year, the ADF, the concessional lending institution of the AfDB Group, turns 50 years.

“In the 50 years, it has provided over $45 billion in support of the countries.

“I wish to express my great appreciation to each ADF donor country.

“You have stayed with the fund, you have supported the fund, and your countries have been partners in the journey of hope of the countries that depend on the ADF.

“To give greater hope, to cope with increasing challenges, the ADF countries need greater resources.

“One way to achieve this is to allow the African Development Fund to use its accumulated equity of $25 billion to leverage $33 billion.

“The fund will be able to deliver more, provide greater leverage for donor contributions: a great value for money for taxpayers from donor countries, will be more sustainable as it will generate more income,’’ Adesina said.

Mr Moussa Mahamat, the Chairperson of the AU Commission, said that priortising important sector like agriculture was critical to shift from reliance on imports in the continent.

Mahamat was represented by Dr Monique Nsanzabaganwa the Deputy Chairperson of the Commission.

Tags: Akufo-Addo
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria regains top crude oil production spot in Africa
Energy

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

August 28, 2025
Who is lying, Obasanjo or NAN?
News

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

August 28, 2025
Obasanjo campaigns for AfCFTA
News

Tinubu succeeding where Obasanjo failed woefully, says TMSG

August 28, 2025
Tinubu explains mission as he marks second year in office
Economy/Technology

‎Tinubu in fresh ideas to grassroots-development using 8,809 wards initiative – TMSG ‎

August 9, 2025
Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Next Post
7,000 MT of LPG, others expected at Lagos ports

NCDMB lauds Temile/Hyundai deal to build new LPG vessel

Group bemoans level of crude oil theft

Court restrains issuance of licences on marginal oil fields

Recommended Stories

Nigeria targets $1.2bn export capacity for every state

NEPC leads inter-agency team to UK over export rejects

September 14, 2022
MAN concerns over CBN’s e-invoicing guidelines, calls for 90 days extension

MAN urges Nigeria to resolve Kogi, Dangote dispute

October 6, 2022
NERC declares meters free under mass scheme

Consumers unhappy with electricity, banking, aviation

December 27, 2021

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals
  • ‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient
  • Tinubu succeeding where Obasanjo failed woefully, says TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us