Vice President of IMANI Africa, Bright Simons, has alleged that the cabinet under president Akufo-Addo’s administration lack adequate research capacity.
According to Mr Simons, this deficiency has allowed ministers to advance optimistic narratives without adequate factual support.
Taking to the X platform, Mr Simons also highlighted that the Energy and Finance Ministers successfully persuaded the government to allocate over $83 million from Ghana’s already strained finances to host the new Africa Energy Bank (AEB).
“Despite Ghana’s dire finances, the Energy & Finance Ministers convinced the Prez & govt to divert precious scarce dollars (>$83m) in an ill-timed adventure to host the new Africa Energy Bank claiming that Ghana was in “pole position” for the bid. Well, Ghana lost out.
Same thing happened with the foreign debt restructuring. The Finance Minister has convinced the President & Govt that it will lead to more cash inflows & stronger Cedi. Truth is: restructuring is still NOT done & when over it will lead to MORE outflows & pressures on the Cedi.
“Both cases point to one thing: the current Cabinet & presidential administration seem to have weak research capacity making it easy for ministers to get their way with rosy narratives. Case in point: 5G. Also: e-levy was promoted as an alternative to IMF & Cabinet bought it,” he wrote.
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— Bright Simons (@BBSimons) July 4, 2024
Despite Ghana's dire finances, the Energy & Finance Ministers convinced the Prez & govt to divert precious scarce dollars (>$83m) in an ill-timed adventure to host the new Africa Energy Bank claiming that Ghana was in "pole position" for the bid. Well, Ghana lost out. pic.twitter.com/64BKlxTIBg
Mr Simons’ remarks came following Nigeria’s announcement as the chosen host country for the AEB as reported by its oil minister on Thursday.
Nigeria’s successful bid was endorsed at an extraordinary meeting of the Council of Ministers of the African Petroleum Producers Organization (APPO), positioning Nigeria as a leader in Africa’s energy sector.
Minister of State Petroleum Resources, Heineken Lokpobiri, emphasized Nigeria’s commitment to the AEB initiative, citing the country’s ratification of the bank’s charter and a $100 million investment, which exceeds the required $83.33 million for member states.
The Africa Energy Bank, a collaboration between Afrexim Bank and APPO, aims to fund energy projects across the continent and facilitate its transition to sustainable energy sources.
Algeria, Benin, and Ghana were also in contention to host the AEB, after Ivory Coast and South Africa did not meet the necessary requirements.