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Company News on Tuesday, February 19, 2019
Source: Myjoyonline.com
2019-02-19
Terminal 3
About $ 30 million of the funds needed for the construction of the new Terminal 3 of Kotoka International Airport (KIA) were generated from oil revenues.
This figure, which represents 12% of the total project funding, amounts to $ 250 million. It came from the allocation of the Annual Budget Financing Account (ABFA) to the Ghana Infrastructure Investment Fund (GIIF) in 2016. The rest came from the Development Bank of Ghana. Africa and Development Bank of Southern Africa (DBSA).
Dr. Stephen Manteaw, Chair of the Public Interest and Accountability Committee (PIAC), revealed it at a workshop on February 16 organized by the Institute of Financial and Economic Journalists (IFEJ) and the German Society of Development (GIZ) in Koforidua, Eastern Region.
He added that the new terminal, which had become a tourist attraction for many travelers, had received $ 30 million in oil revenue.
"The newly built terminal three has received $ 30 million from GIIF petroleum products, but most Ghanaians have not been informed yet, so the facility was open to the traveling public on September 15. 2018, "he said. I said.
As a result, Mr. Manteaw emphasized the need for projects developed with petroleum products to be labeled so that Ghanaians can determine whether petroleum products are being used or not.
"For us, the labeling of projects financed by oil revenues is essential for Ghanaians to understand how their resources are used," he said.
To this end, he invited the government to provide PIAC with information on all the physical infrastructure projects it intended to fund with oil revenues this year.
Loan repayment
The controls performed by GRAPHIC BUSINESS indicate, however, that GACL had already begun to manage secured borrowings for the construction of Terminal Three with airport tax revenues.
Airlines and their pbadengers often pay the amount of airport tax for the use of airport facilities.
Asked that GACL is better able to repay the loans, the president responded in the affirmative, explaining that he was optimistic that the airport authorities would be able to manage the loans contracted from from different sources as soon as possible.
"Unlike other public institutions, the GACL is well managed, without interference from the government in its day-to-day activities, so we are confident that the investment used for the project will be returned soon," he said.
PIAC Report 2017
Meanwhile, presenting the findings of the PIAC 2017 report in a room full of journalists, Dr. Manteaw explained that the GIIF had already disbursed $ 30 million of senior debt as partial funding for the new GACL terminal, scheduled for 400 millions of dollars, to KIA.
In addition, the report indicated that the Fund had committed to a number of cross-cutting projects at a cumulative cost of $ 142 million, bringing the total of the Fund's investments (including planned investments) to $ 172 million. , 50 dollars.
In 2017, GIIF has not invested in short-term instruments. However, cumulative investments in short-term instruments in 2015 and 2016 were $ 63.2 million at the end of 2017, as in 2016.
Interest earned for 2017 amounted to 26.8 million GH ¢, bringing total interest since 2015 to 49.3 million GH, or 11.2 million.
ABFA disbursements in GIIF
According to PIAC's 2016 report, an amount of 77.73 million GH ¢ n was not used by this year's ABFA allocation. In 2017, an additional $ 403.74 million was unused, bringing the total amount to 2018 to $ 481.47 million.
In accordance with Article 21 of the Petroleum Revenue Management Act 2015 (Law No. 893) and Section 5 (1b) of the Investment Fund Law of 2014 Ghana Infrastructure (Law 877), an amount of $ 6.9 million (GH $ 29.2 million) was transferred to GIIF.
This amount represents 24% of the capital expenditure component of the ABFA disbursements in 2017, ie, 122.1 million GH ¢. Total disbursements from ABFA to GIIF since 2015 amounted to $ 75.4 million at the end of 2017.
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