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
Features
The Prophet part 4
Antobam woke up with a terrible headache. He checked the time on his mobile phone, 2:30 am. “What! Where is the money?” He asked aloud. “Where are those girls? Why did I drink so much of that whisky? What were those two girls up to?” He sat up on the bed and noticed a bulge close to the pillow.
He lifted the mattress and picked up the newspaper wrappers with the neatly arranged notes. He saw the neatly written record of the value of the notes. No, those girls are not thieves.
“It was my mistake. If I hadn’t drank myself to sleep they would be here in bed with me, giving me the time of my life. Pretty girls, those two. And so loyal and honest. Tomorrow will be different.”
“I will not drink any whisky, and I will show them that I am a real man. Just then he heard the whispers. Very soon it will be time, they seemed to be saying. This is an important day.”
The gold dealer will bring lots of money. Give him some of the liquid to drink, and we will prepare him. He will do very big business, and he will give you anything you ask for. There will be more miracles and testimonies today.
Antobam smiled to himself. “I am going to be a very rich man in only a few days man. Money, power, and women. Wow! Antobam got to the grounds at 5, but there were quite a number of people waiting.
Mr Kwame Dofu was among them. He greeted them all, and they came around to shake his hand. “My brothers and sisters, I assure you that whatever your problem is, you will not go home without a solution.” Shouts of “Amen” “thank” you Osofo and “you are a true man of God” responded.
“Please take your seats, and start talking to the great one about whatever bothers you. Before the service is over, there will be a solution.” He waved Mr Dofu over, and went with him to the wooden structure that serves as a temporary office.
“My brother, I have done quite a lot of work on the issue you came to see me about. I have prepared a special, powerful package for you. Take this, drink it, and go back to your business. I want to see you in two weeks.”
Beaming with smiles, Mr Dofu drank the foul smelling liquid in two gulps, said a big thank you to Antobam and took his leave. “I believe you, Papa Osofo. And I assure you that I will reward you, big time.”
Just when Osofo Antubam finished with Mr Dofu, Mary and Suzzie went over to him. “Good Morning ladies. I am very sorry about yesterday. I drank too much of the stuff you gave me. Today will be different, I assure you.”
“Don’t worry, Osofo. Since you are now setting things up, our main concern now is to help you to put things in place, and to make you comfortable. We are always there to serve you. This morning, Osofo, we want to go and clean up your place, and prepare something nice for you when you close.
And before coming to church, we will pass by the bank and collect the forms. After you have signed them, the account will be open. You can check the payments anytime and, of course, issue cheques whenever you need money.”
“Suzzie and Mary, I am happy I picked the two of you from the very start. Listen, I will take good care of you, okay? Here is some money. Buy whatever you need for the errands you have mentioned.
And here is the key. Please come back as early as you can. You know I need you here.” The service was very lively. The lively singing of praise songs was followed by one and a half hours of testimonies.
Most of them related to money – big sales, new jobs and overdue debts paid. But there were also testimonies about healing. Barren women had taken seed, and, of course, several men who had lost their bedroom authority had regained them, to the delight of their partners.
As he had promised, Antobam preached for only 30 minutes, exhorting the congregation to attend church regularly, pay their tithes and offerings, and strictly follow his ‘directions’ for securing solutions to their problems.
After another round of praises during which the congregation danced to the floor to drop their offering, he closed the service, grabbed the big bowl which was full to the brim with money, and moved to his desk. A long queue was quickly formed at the desk.
Meanwhile, Mary and Suzzie had gone to give Antobam’s place quite a decent look. A new bedsheet and pillows, a secondhand carpet and four plastic chairs placed in the verandah had done the trick.
They also prepared two fish and chicken stews. After all these, they rushed to the National Savings Bank and collected application forms for opening current and savings accounts.
They joined the service a few minutes before the main session closed. Antobam looked round and saw, to his relief, Mary and Suzzie moving towards him. “Hello ladies. What have you been up to?” “Quite a bit, Osofo. We’ve just collected your drink. Here you are. We’ve made a few changes at your place. I think you will like it. You will also have something nice to eat. Now, here are the forms for the savings and current accounts.
If you will sign them, the bank will open the account. From today, we can pay all monies direct into the account.” ‘How can I thank you, ladies?” “You don’t need to thank us,” Suzzie said. “It is our duty to help a man of God succeed.” “Okay, my ladies, please take the offerings and count them as you did yesterday.
You can add the payments made after the consultations. Will it be possible to pay them into the account today?” “Yes,” Mary said. “The bank closes at four. If we leave here at three, we would be there just in time.”
The two friends started counting, as Osofo Antobam gave his clients his directions for solving their problems. On quite a few occasions he closed his eyes as if he was receiving direction from above on what to do.
But as the fetish priest at the Nana Kofi Broni shrine and the dwarfs had assured him, the solutions would certainly be provided. Having heard the huge testimonies earlier in the day, the clients parted with substantial sums of money in expectation.
By Ekow de Heer
Features
The issue of spiritual father in our churches
A student was supposed to go to school as the natural cause of events should be when universities or schools in general opens but this was not the case in a certain young man’s life.
He decided to postpone his trip because apparently he could not get to meet his pastor, his spiritual father. The question is, should this spiritual father die, will the young man’s life come to an end?
Does it mean in such an instance, he is going to curtail his education? This is a worrying trend in a lot of churches where the pastors use this notion of spiritual father to manipulate members especially the youth.
Some unscrupulous pastors utilise this spiritual father concept to have affairs with gullible young ladies in their churches.
Now with homosexuality gradually making inroads into some of the churches, young men are becoming vulnerable to pastors who have hidden homosexual inclinations.
This spiritual father concept is a Biblical concept that runs through both the Old Testament as well as the New Testament. We see it in 2 Kings 4:12 where Gehazi is serving Elisha and also in the New Testament we see Paul relating to Timothy in 1 Timothy 1:2 as a Spiritual Father.
In fact, the concept of spiritual father is a good thing if executed according to the word of God since it helps in guiding the younger ones. However, it becomes problematic when it is being executed by unscrupulous wolves in sheepskins as described by Jesus in Mathew 7:15.
I see it as a way that these unscrupulous so-called men of God maintain their hold on the congregants so they do not question their unchristian actions.
One of the things I have observed since I got born again many years ago is that, any pastor who often insists that members recognise that he is their spiritual father is a warning sign that he is doing some wrong things or is about to indulge in some wrong things.
A parent complained about how his daughter was being influenced by a pastor of the church she attends and how worried he was. I am sure there are many parents out there with stories to tell about how their wards are being made to see their pastors almost like their Jesus.
These pastors have managed to make their congregants so loyal to them and to believe in them so much that it is terrifying, as a parent.
The way things are going, an immediate intervention is required otherwise I am not a prophet of doom but I forsee unfortunate instances where parents burst into church auditoriums and star shooting some Pastors out of frustration and anger.
We cannot look on unconcerned as a society and allow unscrupulous fraudsters using the name of God to create problems for families. My recommendation is for a certain amount of regulation in order to bring some sanity in religious practices.
I agree that ordinarily regulating religious practices makes it a bit restrictive in terms of freedom of worship as enshrined in our constitution but given the way things are going, a bit of regulation will not be out of place.
Disgusting stuff are being attributed to some men of God. There are cases of manipulation of young ladies and sometimes married women by so called men of God and it is bringing Christianity and therefore the name of the Lord into disrepute.
Christianity is gradually losing its attractiveness as a result of the negative reportage resulting from disgusting stuff happening in Christian circles. The way some pastors have been manipulating congregants to take money from them leaves much to be desired to the point where they are convincing some of the youth to give out their phones. May God help us.
By Laud Kissi-Mensah
