Ghana’s development bank needs professional, not political appointments
Ghana’s constitution gives its presidents sweeping powers over appointments. In May, the finance ministry agreed to a loan of €170m from the European Investment Bank (EIB) to finance a new national bank – the Development Bank of Ghana (DBG). The new institution, to be set up in July, is also backed by the World Bank and the German development bank KfW. The new bank will aim to tackle the dearth of long-term financing for industry and agriculture. Ghana’s finance minister, Ken Ofori-Atta, says only 15% of bank loans are for five years or longer, stifling investment in long-term projects.
Source: The Africa Report
