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President Akufo-Addo Leads Call to Double IDA Funding at Nairobi Summit
In an address at the 2024 International Development Association (IDA) Summit held in Nairobi, President Nana Addo Dankwa Akufo-Addo of Ghana emerged as a leading voice, advocating for a groundbreaking initiative: the doubling of funding for the IDA.
Amidst a backdrop of global challenges, President Akufo-Addo’s clarion call for increased support to the IDA reverberated throughout the summit halls, igniting discussions on the imperative of bolstering international development efforts.
President Akufo-Addo’s passioned plea underscored the urgent need for enhanced financial resources to confront the daunting infrastructure deficit plaguing African nations.
Quoting figures from the African Development Bank (AfDB), the President highlighted Africa’s infrastructure needs, estimated at a staggering $130 billion to $170 billion annually, with a yawning financing gap of $68 billion to $108 billion. Such disparities, he emphasised, hinder economic growth, stifle progress, and perpetuate cycles of poverty and inequality.
Central to the President’s argument was the pivotal role of the IDA in providing concessional financing to bridge the resource gap and facilitate sustainable development.
Against the backdrop of mounting debt distress and the far-reaching impacts of climate change and the COVID-19 pandemic, President Akufo-Addo stressed that doubling IDA funding was not merely an option but an imperative for African nations striving to navigate these intersecting crises.
Drawing from Ghana’s own experiences, particularly its engagement in debt restructuring under the G20 Common Framework, President Akufo-Addo elucidated the challenges facing countries grappling with debt burdens. He emphasised that doubling IDA resources would not only alleviate debt pressures but also enable nations to address pressing developmental needs, from infrastructure investment to climate resilience and social protection.
The President’s advocacy for doubling IDA funding resonated with summit participants, who echoed his sentiments on the need for bold and transformative action. Recognising that development efforts require sustained, long-term investment.
President Akufo-Addo called upon the international community to seize the opportunity presented by the IDA replenishment to mobilise resources, forge partnerships, and chart a course toward inclusive and sustainable development.
As the summit concluded, President Akufo-Addo’s call to double IDA funding reverberated as a rallying cry for solidarity and shared responsibility in addressing the most pressing challenges of our time. With the stakes high and the need urgent, the President’s visionary leadership set the stage for a renewed commitment to building a brighter future for all.
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Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama
President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.
He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.
President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
Source: Myjoyonline.com
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Prophet Courage Heavens set to launch ‘Predestination’ book on March 23
Prophet Courage A. Heavens is set to launch the much-awaited book titled ‘Predestination’ on Sunday, March 23, 2025 at 5:00PM.
The launch, which is expected to impact lives, will take place at Crossgates Ministries, Flattop, off N1 Highway, opposite Angel Hauz.
The book is aimed at addressing the way people struggle to understand how free will and destiny align.
It is also aimed at providing clarity on God’s sovereignty and one’s place in His divine plan.
The various chapters of the book address various issues through scriptures and personal stories.
Committed to impacting society, part of the proceeds from the book will go into Courage Heavens Education Legacy (CHEL), an educational foundation transforming lives.
CHEL is dedicated to providing financial support and mentorship to brilliant but needy students, ensuring they have access to quality education and opportunities for a better future.
Prophet Courage Heavens is a prolific writer and previously authored Eli Eli Lama Sabachthani, a powerful book that encourages unwavering faith in times of trials.
In addition, he has written seven more prophetic and life-changing books that are yet to be published.
He is dedicated to raising the next generation for impactful ministry. As the leader of Crossgates Ministries, he nurtures believers in faith and purpose.
