All African countries bankrupt

By Rafiq Nungor ADAM

Vivian Fray Tarrence, a team-lead for the international investment platform Lola Group based in Turkey, has declared that all African countries are bankrupt and unable to provide even 5% of the funding required by investors.

Tarrence made this statement at the Simon Diedong Dombo University of Business and Integrated Development Studies (SDD-UBIDS) during a courtesy call to the Vice-Chancellor, Prof. Emmanuel K. Derbile.

“All African countries are bankrupt; they cannot provide any guarantee,” said Tarrence. “You ask them for a 25% or 20% guarantee of the money you are going to invest, ha-ha, and they can’t even give 5%. That is what also happens here in Ghana.”

During the visit, Tarrence announced a US$33million approval from the Lola Group for constructing new faculties, supporting research and providing hostels on the SDD-UBIDS campus. This funding, arranged through non-recourse and Public-Private Partnership (PPP) arrangements, aims to address infrastructure deficits in partnership with the College for Community and Organisational Development.

Tarrence noted that the Lola Group has devised a strategy to bypass the guarantee issue, which is why the US$33million grant to the university was approved without any guarantees.

“Fortunately, the Lola Group has recently devised a plan to address the grantee system issue. As a result, your project has been awarded without any guarantees and there is no need for any upfront payments. We are giving you what you have applied for,” he said

However, he expressed concerns about the reluctance of funders to invest in Africa due to past failures when projects were awarded but never commenced.

FRAY also mentioned plans to facilitate exchange programmes, allowing students from South Africa, Turkey, USA, Canada and other countries where Lola Group have offices, to study at SDD-UBIDS or for mutual benefits.

Prof. Emmanuel K. Derbile, Vice-Chancellor of SDD-UBIDS, assured Lola Group that the university will deliver on the project specifications. “We are committed to executing the projects within the terms. We will quickly study the MoU and agreements to work efficiently with the university council,” he said.

Prof. Derbile also expressed gratitude to Lola Group for approving the funds and awarding the university two grants for various projects.

He expressed hope that this partnership will significantly improve the university’s infrastructure, provide adequate hostel accommodation for students and enhance the faculties and schools.

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