A retired diplomat has urged Ghana to join the Asian Investment Bank, which he described as “better” than the International Monetary Fund (IMF)
Dr Daniel N. Kotei, a retired Diplomat has asked Ghana to join the Asian Investment Bank (AIB). In a statement issued Thursday, he said that the IMF usually starves Ghanaians before a loan is given by imposing austerity measures.
Dr. Kotei, who is an international relations analyst, said that the AIB would help Ghana repair the Akosombo Dam, complete the Bui Dam project and construct a new dam at Yapei in the Northern Region, adding that such developments would help reduce the frequent power outages that have plagued the country for over 30 years. “This (power outages) should not be allowed to continue forever,” he said.
AIB, which China established together with other Asian countries in October 2014, has gained notable momentum since its inception. While the U.S. has stood strongly opposed to the institution, citing governance concerns, Asian countries and, surprisingly, key U.S. allies, have applied as founding shareholders of the bank. Dr. Kotei noted that Britain, Sweden, Portugal, Sweden and Saudi Arabia are among the 52 countries, which have applied to join the AIB.
AIB’s growing popularity has been a great source of frustration for the Obama Administration
The bank will be a bit like the World Bank, providing loans to developing countries in Asia for infrastructure projects. China spearheaded the establishment of the bank on grounds that the IMF and World Bank had failed to recognize its economic clout despite repeated push for the same.