President Nana Addo Dankwa Akufo-Addo has backed calls for more resources for the African Development Bank Group to accelerate its transformative role across the continent.
President Akufo-Addo expressed strong support for a significant replenishment of the African Development Fund, the African Development Bank Group’s concessional financing arm.
He noted that the Fund’s work has become even more critical in the wake of COVID-19, climate change and most recently the Russia-Ukraine war.
“We must all focus on how best we can expand the capital base of the African Development Bank and African Development Fund to give them greater significance in terms of being able to raise money on the global bond market… This way, we can play the lead role in financing our development,” he said
He commended Adesina for his dynamism as head of the African Development Bank, and his advocacy on the global stage for Africa’s development.
Adesina is visiting Ghana ahead of the African Development Bank Group’s 2022 Annual Meetings in Accra from 23-27 May.
Accompanying him to Ghana on this preparatory mission are the Bank Group’s Secretary General, Vincent Nmehielle; Acting Chief Economist and Vice President for Economic Governance and Knowledge Management, Kevin Urama; Director General in the Office of the President, Alex Mubiru; Executive Director representing The Gambia, Ghana, Liberia, Sierra Leone and Sudan, Kenyeh Barlay; and the Bank Group’s Ghana Country Manager, Eyerusalem Fasika.
The 2022 Annual Meetings also mark the African Development Fund’s 50th anniversary. Since its establishment, the Fund has invested more than US$45billion in low-income countries and fragile states.
Akufo-Addo said Ghana is excited to host the Bank Group’s forthcoming Annual Meetings, which several African leaders will attend.
The Bank Group’s active portfolio in Ghana is made up of 18 operations worth a total commitment of US$751.5million across various sectors. Transport accounts for the largest share of 42% while agriculture amounts to 23%.
Key among Bank-financed projects is the four-tier Pokuase Road interchange, which is part of the multi-component Accra Urban Transport Project. Completed in July 2021, the interchange is the first of its kind in West Africa and the second-largest in Africa.