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AfDBAM2024: African Leaders Join African Development Bank’s Call for Action to Reform the Global Financial Architecture

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African Leaders Join African Development Bank’s Call for Action to Reform the Global Financial Architecture

With $200 billion invested in development projects across the continent since its establishment in 1964, the African Development Bank Group is leading the charge in transforming Africa’s development landscape, as a solutions bank.

At the institution’s 2024 Annual Meetings in Nairobi, six African Presidents joined the Group’s President Dr. Akinwumi Adesina’s call for action to reform the global financial architecture to unlock more resources to scale up Africa’s economic transformation.

The Annual Meetings bring together the Bank Group’s governors representing 54 African countries and 27 non-African shareholders.

Kenya’s President William Samoei Ruto emphasized the need for change, saying, “Today, we assert that transforming the international financial architecture is imperative to give Africa a fair chance to turn its immense potential into opportunities to overcome multiple challenges and develop inclusively and sustainably.”

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Read Also: AfDBAM2024: Mobilizing funding to support the African private sector

Kenya’s President William Samoei Ruto announced that Kenya will spend $100 million over the next three years to increase its shareholding in the African Development Bank, Afreximbank and Trade Development Bank, in addition to a commitment of $20 million to the African Development Fund, the Bank Group’s concessional window.

In a show of support for the Bank’s efforts, President Ruto announced that Kenya will spend $100 million over the next three years to increase its shareholding in the African Development Bank, Afreximbank and Trade Development Bank. Additionally, he announced a commitment of $20 million to the African Development Fund, the Bank Group’s concessional window, “as a demonstration of Kenya’s confidence [in the Fund].”

President Ruto praised the commitment of the Bank Group to infrastructure development in Kenya, saying, “Kenya is among the beneficiaries, in a very big way, of the African Development Bank’s financial might, and its innovative financing of projects.”

He cited four Bank Group-financed projects as testament to this commitment: the construction of the Nairobi–Thika Superhighway; the construction of the Thwake Multipurpose Dam, Kenya’s biggest; the completion of water and sanitation projects in 28 Kenyan cities, and a last-mile connectivity project that has provided electricity to more than 10 million households.

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Vote of confidence

President Ruto also expressed Kenya’s support for the channeling of IMF Special Drawing Rights (SDRs) through multilateral development banks, a move that the African Development Bank together with the Inter-American Development Bank has championed, with success.

Several heads of state attended the opening ceremony of the African Development Bank Group’s Annual Meetings.

Several heads of state attended the opening ceremony of the Annual Meetings on Wednesday and participated in subsequent presidential dialogues. They included President Denis Sassou Nguesso of the Republic of Congo, Rwanda’s President Paul Kagame, Zimbabwe’s President Emmerson Dambudzo Mnangagwa, the President of the Presidency Council of the Government of National Unity of the State of Libya Mohamed Younis al-Menfi, Somali President, Hassan Sheikh Mohamoud, and African Union Commission Chairperson Moussa Faki Mahamat.

Close to 5,000 delegates are attending the Bank’s Annual Meetings, including heads of multilateral development banks, diplomats, development partners, representatives of civil society organizations and the private sector.

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In his keynote address, Adesina highlighted the impact of the Bank’s investments across Africa through its High 5 priorities of Light up and Power Africa; Feed Africa; Integrate Africa; Industrialize Africa and Improve the quality of life for the people of Africa. Over the last eight years, the Bank’s investments have impacted more than 400 million people

Record investments

“In 2023, our financing totalled over $10 billion, across all our High 5 priorities,” he said, adding, “In the past nine years, we have invested well over $50 billion in infrastructure projects on the continent, by far the largest investment of any multilateral development bank or institution.”

“In the past nine years, we have invested well over $50 billion in infrastructure projects on the continent, by far the largest investment of any multilateral development bank or institution,” said African Development Bank Group President Dr. Akinwumi Adesina.

Adesina listed several innovative initiatives to demonstrate the Bank’s role as a catalyst for change, driving Africa’s transformation through record investments and partnerships. He highlighted the $10 billion Alliance for Green Infrastructure in Africa (AGIA), a groundbreaking partnership with Africa50 and the African Union, aimed at accelerating the development of sustainable infrastructure projects. This initiative is set to drive the continent’s transition towards a greener and more resilient future.

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Adesina also emphasized the Bank’s commitment to supporting the digital economy, citing the $618 million i-DICE program in Nigeria, that will create 6 million jobs and add $6.4 billion to the economy.

Catalyzing Inclusive Development

The Bank’s Affirmative Finance Action for Women (AFAWA), in partnership with the Africa Guarantee Fund, has financed more than 18,000 women-owned businesses, providing them with the capital and support needed to thrive in their respective markets. “By the end of this year, AFAWA would have reached $2 billion in support for up to 30,000 women-owned small and medium sized enterprises,” Adesina said.

Last year, the Bank established Youth Entrepreneurship Investment Banks to provide financial and technical support to businesses owned by youth. The Bank’s Board of Directors has already approved $16 million for Liberia and $12 for Ethiopia to set up Youth Entrepreneurship Investment Banks. More countries have applied to join the initiative.

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Islamic Development Bank Group and African Development Bank Group co-financed operations achieved a record volume of $$2.9 billion between 2017 and 2023, said Dr. Muhammad Sulaiman Al Jasser, IsDB President.

In eleven African countries—Côte d’Ivoire, Ethiopia, Guinea, Kenya, Mali, Mozambique, Nigeria, Senegal, Tanzania, Togo, and Zambia—the Bank, together with partners, is establishing Special Agro-Industrial Processing Zones (SAPZs), designed to transform Africa’s agricultural sector by creating value-addition hubs.

Mobilizing Financing, Deepening Reforms

Dr. Muhammad Sulaiman Al Jasser, Islamic Development Bank Group President, outlined the benefits of a longstanding cooperation with the African Development Bank. “Between 2017 and 2023, we achieved a record co-financing volume of $2.9 billion with the African Development Bank, enabling us to co-finance 22 operations across diverse sectors,” he said, adding that both banks have recently set new co-financing targets, to deliver greater impact.

African Development Bank Group Boards of Governors’ Chairperson and Cabinet Secretary of the National Treasury of Kenya, Prof. Njuguna Ndung’u urged Governors to “deepen discussions” on growing the Bank’s callable capital. “This will protect the Bank’s triple A rating on sustainable basis against recurrent external shocks, including downgrade of its triple A rated shareholders [and] enable the Bank maintain its lending trajectory and preserve its position as a strategic lender and the premier development finance institution in Africa.”

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African Development Bank Group Boards of Governors’ Chairperson and Cabinet Secretary of the National Treasury of Kenya, Prof. Njuguna Ndung’u urged Governors to “deepen discussions” on growing the Bank’s callable capital, to “protect the Bank’s triple A rating on sustainable basis against recurrent external shocks, including downgrade of its triple A rated shareholders.”

The African Union Commission Chairperson Moussa Faki Mahamat described the 2024 Annual Meetings as “an appropriate forum” for kickstarting “the process of formulating and working out the African common position on strategic issues” such as the reform of the Bretton Woods system, debt management, climate change financing, and the international tax system.

Leaders also stressed the urgency of mobilizing financing to build climate-resilient African economies. The Bank, Adesina said, “is well on its way to reaching its goal of mobilizing $25 billion in climate finance, and last year we devoted 45% of our total lending to climate finance.”

The 2024 Annual Meetings are “an appropriate forum” for kickstarting “the process of formulating and working out the African common position on strategic issues” such as the reform of the Bretton Woods system, debt management, climate change financing, and the international tax system, said African Union Commission Chairperson Moussa Faki Mahamat.

Strong financial position for greater impact

The only AAA-rated financial institution in Africa, the Bank’s financial records for 2023 put the Bank in an optimal position to better serve Africa and create more significant impact in the continent’s development. Its income from loans and treasury investments increased by 123% from $775 million in 2022 to $1.73 billion in 2023. The Bank also achieved its largest-ever net income before distributions, amounting to $545 million, and allocated a record-high $335 million to reserves.

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Samsung begins pre-order deals for AI TVs in Ghana

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Samsung has announced a new era of AI TVs with the launch of its Neo QLED 8K, Neo QLED 4K and OLED TVs at the Unbox & Discover event, with an amazing pre-order offer. Samsung, the Global Number 1 TV brand for 18 years, sets the benchmark for video innovation, with the ultimate embodiment of next-level AI TV technology and excellence designed to upscale every moment at home.

Imagine a world where your viewing experience is always extraordinary no matter the content! Thanks to the 2024 Samsung Neo QLED 8K AI TV powered by the NQ8 AI Gen2 Processor with built-in 8K AI Upscaling Pro Technology, the TV offers quantum leaps in performance by transforming any content into 8K resolution, even your old videos. You will see these videos transform into looking so clear and real, it is like bringing the past right into your living room with sizes ranging from 65 to 85 inches.

The 2024 Neo QLED 4K AI TV comes with cutting-edge innovations and elevates the viewing experience with groundbreaking features powered by the NQ4 AI Gen2 Processor. Enhanced by Real Depth Enhancer Pro and Quantum Matrix Technology, the screen ensures impeccable contrast even in complex scenes. With the world’s first Pantone Validated display for color accuracy and Dolby Atmos for an immersive audio experience, Neo QLED 4K sets the bar. Neo QLED 4K will be available in sizes ranging from 55 to 85 inches.

Made for more than just watching, the 2024 Samsung OLED AI TV ensures peak performance for ultimate gaming experiences. Samsung is also introducing the world’s first glare-free OLED, eliminating unnecessary reflection while preserving deep blacks and clear images under any lighting condition. Powered by the same formidable NQ4 AI Gen2 Processor as the Neo QLED 4K lineup, Samsung’s OLED TVs boast features like the Real Depth Enhancer and OLED HDR Pro, bringing picture quality to new heights from 65 to 83 inches.

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Pre-Order Offer

The 2024 AI TVs will be available for pre-order with exclusive premium freebies until 27th June 2024 in all Electroland Ghana Limited and CompuGhana Limited showrooms. Pre-order a Samsung AI TV now to receive a Soundbar, Freestyle Smart Projector, and Galaxy Fit3 with free delivery and installation.

 

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Soulful Songstress Emeli Sandé Scores “Roots” for The Macallan’s Bicentennial Celebration

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Internationally renowned singer-songwriter Emeli Sandé takes a surprising turn, crafting a stirring soundtrack titled “Roots” for the esteemed single malt Scotch whisky, The Macallan. This poignant composition marks a unique collaboration as The Macallan celebrates its momentous 200th anniversary.

Sandé, known for her soulful vocals and impactful lyrics, delivers a heartfelt ode to The Macallan’s enduring legacy. Her Scottish roots lend a special resonance to the project, mirroring The Macallan’s deep connection to the land and its unwavering commitment to exceptional craftsmanship.

Just as Ghanaians cherish the rich heritage of Highlife and Afrobeats passed down through generations, The Macallan honors its meticulous craftsmanship and centuries-old legacy with the collaboration.

“Roots” perfectly captures the essence of The Macallan’s enduring spirit. Sandé’s lyrics, “Time will bring its changes, but our roots they will remain,” resonate deeply, reflecting the brand’s commitment to tradition while embracing innovation.

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According to Emeli Sandé, “Roots means legacy. You have your roots and they spread so far around the surrounding ground. You have your trunk and that’s your journey through life – the branches can go here, and there, but at the end of the day, everything is coming from the same point.”

The celebration extends beyond music. A captivating film by Jérémie Rozan accompanies the soundtrack, taking viewers on a mesmerizing journey through The Macallan’s past, present, and future. The film showcases the enduring connection that binds generations who have stewarded this iconic brand.

This unexpected collaboration between Emeli Sandé and The Macallan promises a powerful exploration of heritage,artistry, and the pursuit of excellence.

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Founding Partner and CEO of the Fearless Fund Arian Simone visits Ghana Presidency

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In a delegation led by Pan African company Ifactorylive CCO Michael Djaba with Dora Whittley managing partner of Whittley Agency.

Arian Simone had discussions about Fearless Fund and Fearless fund foundation Africa.


Fearless fund have invested over 27 million US dollars in women of color businesses,Additionally, they have Invested over $850,000 USD in African-founded businesses and provided grants in Côte d’Ivoire.

Follow @fearless.fund for more information

#FearlessFeardom
#ArianSimone

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Edward Asare Inducted into IPR Ghana and CIMG as Associate Member

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Edward Asare, a seasoned digital marketer, media expert, and PR professional, has been inducted as an associate member of both the Institute of Public Relations Ghana (IPR Ghana) and the Chartered Institute of Marketing Ghana (CIMG).

Edward Asare, who currently serves as Digital Marketer at UBA Ghana Ltd, has a passion for helping individuals, brands, and businesses communicate their value and build their online presence. With a background in social media community management and blogging, he has developed a unique approach that integrates marketing and communications to drive brand awareness, visibility, and engagement.

His induction into IPR Ghana and CIMG proves his expertise and commitment to excellence in the field. As an associate member, Edward will contribute to the advancement of public relations and marketing practices in Ghana, sharing his knowledge and experience with peers and professionals.

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Eye Care Tips for Different Age Groups

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Eye Care

Maintaining good eye health is essential at every stage of life. From childhood to old age, our eyes require different types of care to ensure they function properly and stay healthy. Here are some essential eye care tips tailored to different age groups:

Infants and Toddlers (0-3 Years)

  1. Regular Check-ups: Schedule regular eye exams to detect any early signs of vision problems. The first comprehensive eye exam should be done at 6 months of age.
  2. Monitor Development: Keep an eye on developmental milestones related to vision, such as tracking moving objects and recognizing familiar faces.
  3. Protect from UV Rays: Use hats and shades for babies to protect their sensitive eyes from harmful UV rays when outdoors.

Children (4-12 Years)

  1. Annual Eye Exams: Ensure children have annual eye exams to monitor their vision as they grow. Early detection of issues like myopia (nearsightedness) is crucial.
  2. Screen Time Management: Limit screen time and encourage regular breaks to reduce eye strain. Follow the 20-20-20 rule: every 20 minutes, take a 20-second break and look at something 20 feet away.
  3. Protective Eyewear: Encourage the use of protective eyewear during sports and recreational activities to prevent eye injuries. 

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Teenagers (13-19 Years)

  1. Balanced Diet: Promote a diet rich in fruits, vegetables, and omega-3 fatty acids to support overall eye health.
  2. Avoid Smoking: Educate teenagers about the risks of smoking, which can lead to serious eye conditions like macular degeneration and cataracts.
  3. Contact Lens Hygiene: Teach proper contact lens care to prevent infections. Ensure they follow the prescribed wearing and cleaning schedule.

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Contact Lens Hygiene           

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Adults (20-39 Years)

  1. Routine Eye Exams: Schedule comprehensive eye exams every two years to check for vision changes and early signs of eye diseases.
  2. Computer Vision Syndrome: For those who spend long hours on computers, use ergonomic setups, take regular breaks, and consider blue light filtering glasses.
  3. Sunglasses: Wear sunglasses that block 100% of UV rays to protect eyes from sun damage, which can contribute to cataracts and other eye conditions.

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Middle Age (40-59 Years)

  1. Presbyopia Awareness: Be aware of presbyopia, a natural age-related condition that affects near vision. Consider reading glasses or multifocal lenses if needed.
  2. Monitor Health Conditions: Manage chronic conditions like diabetes and hypertension, which can affect eye health. Regular eye exams can help detect related complications early.
  3. Protect from Blue Light: Use blue light filtering glasses and reduce screen time to minimize the risk of digital eye strain and potential retinal damage.

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Seniors (60+ Years)

  1. Frequent Eye Exams: Increase the frequency of eye exams to at least once a year to monitor for age-related eye conditions such as cataracts, glaucoma, and macular degeneration.
  2. Maintain a Healthy Diet: Continue to eat a balanced diet rich in antioxidants, vitamins, and minerals that support eye health.
  3. Fall Prevention: Ensure living spaces are well-lit and free of hazards to prevent falls that could lead to eye injuries.

General Eye Care Tips for All Ages

  • Stay Hydrated: Drink plenty of water to maintain good eye moisture and overall health.
  • Avoid Rubbing Eyes: Rubbing can introduce germs and cause irritation or infection.
  • Practice Good Hygiene: Always wash hands before touching your eyes, especially when inserting or removing contact lenses.
  • Regular Breaks: Follow the 20-20-20 rule to prevent eye strain from prolonged screen use.

Conclusion

Eye care is a lifelong commitment that changes with each stage of life. By following age-appropriate eye care tips and scheduling regular eye exams, you can help ensure that your eyes stay healthy and your vision remains clear. Prioritizing eye health is essential for maintaining overall well-being and enjoying a high quality of life.

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Ada Senior High Tech Students Receive 600 Math Sets from UK-Based Philanthropist Stacey Rosa

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In a commendable act of generosity and commitment to education, Stacey Rosa, a renowned Ghanaian philanthropist based in the UK, has donated over 600 math sets to the students of Ada Senior High Technical School. This significant contribution is aimed at enhancing the learning experience and academic performance of the students, particularly in mathematics. (more…)

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