Ghana Receives First Tranche Of $649M Sinohydro Money For Construction
The Minister of Information, Kojo Oppong Nkrumah, has revealed that the government of Ghana is ready to access the first tranche of the $2 billion Sinohydro infrastructure-for-bauxite facility.
The monies are expected to be used for the completion of some 68 roads nationwide; which project is expected to start before the year ends through to the year 2020 when it will be completed.
Under the deal, Sinohydro Group Limited of China will provide $2 billion of infrastructure of government’s choice in exchange for Ghana’s refined bauxite.
According to Kojo Oppong Nkrumah, this barter is a good opportunity for Ghana as it will provide access to good infrastructural development in the country.
The project forms part of the government’s agenda to bridge the country’s infrastructural gap.
The deal has been described by government as a barter agreement to open up a new financing model for Ghana’ future infrastructure projects.
Although the Minority insists the structure of the deal seems more of a loan than barter and will leave Ghana in huge debts, government disagrees saying the agreement is the best for the country.
“After initial hurdles were successfully managed, Ghana is ready to tap into the first tranche of the agreement, which is worth US $649m,” Mr Nkrumah disclosed at a press briefing on Wednesday, 21 November 2018.
He said two sets of contracts have been laid before parliament. These are the Engineering Procurement Construction contracts (EPC) and the Deferred Payment Agreements (DPA).
He further revealed that parliament’s Finance Committee is scheduled to meet and have discussions on Wednesday, after which the committee’s report “will be presented to the plenary, hopefully before the end of this month to pave the way for construction work to begin”.
Ghana receives first tranche of $649m Sinohydro money for construction
1. Accra Inner City Roads – 84.0 km
2. Kumasi Inner City Roads – 100.0 km
3. Tamale Interchange Project
4. PTC Roundabout Interchange Project, Takoradi
5. Adenta-Dodowa Dual Carriageway – 14.00 km
6. Sunyani Inner City Roads – 39.00 km
7. Western region and Cape Coast Inner City roads – 32.19 km
8. Upgrading of Selected Feeder Roads in Ashanti and Western Regions
9. Rehabilitation of Oda-Ofoase-Abirem Road – 38.00 km
10. Construction of Hohoe – Jasikan – Dodo Pepesu – 66.40 km
LOT 1: ACCRA INNER CITY ROADS
1. Ga North – Trobu, 19.03 km
2. Ga Central – Anyaa Sowutoum, 23.97 km
3. Ga East – Dome Kwabenya, 21.70 km
4. Ledzokuku – Teshie, 11.3km
5. Nanakrom – Santeo, 8.0 km
LOT 2: KUMASI INNER CITY ROADS
1. Manhyia Sub-Metro, 11.00 km
2. Suame Sub-Metro, 9.45km
3. Tafo Pankrono Sub-Metro, 9.79km
4. Asokwa Sub-Metro, 9.91 km
5. Kwadaso Sub-Metro, 6.29 km
6. Oforikrom Sub-Metro, 7.43 km
7. Subin Sub-Metro, 8.98 km
8. Nhyiaeso Sub-Metro, 7.00 km
9. Bantama Sub-Metro, 10.00 km
10. Asante Mampong, 20.15 km
LOT 7: WESTERN REGION AND CAPE COAST INNER CITY ROADS
1. Akotokyir Roads (Cape Coast), 3km
2. Amamoma Area Roads (Cape Coast), 6km
3. Abura New Community Area Roads (Cape Coast), 7km
4. Polytechnic Area Roads (Cape Coast), 3km
5. Apawusika Road and Links, 3km
6. Prestea Town Roads, 10.19km
LOT 8. SELECTED FEEDER ROADS IN ASHANTI AND WESTERN REGIONS NO
1. Achiasejxn. – Wansamere – Awisasujxn. Feeder road, 7.2km
2. Mpasatia – Town roads, 4km
3. Nyinahin – Adupri feeder road, 4.5km
4. Nyinahin – SeresoTimpon – Achiase Junction feeder road, 29.7km
5. Nyinahin – Town roads, 4.1km
6. Nyinahin Market Junction. – Pentecost Church feeder road, 1.5km
7. Nyinahini – Kyekyewere feeder road, 14km
8. Kessekrom – Adiembra feeder road, 3km