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General News of Wednesday, April 10, 2019
Source: 3news.com
2019-04-10
Nana Akufo-Addo [R] and his vice, Dr. Mahamudu Bawumia
President Nana Addo Dankwa Akufo-Addo has badured Ghanaians that the huge infrastructure his government has embarked on over the next two years would not add a pesewa to Ghana's debt, which amounted to $ 173.2 billion. cedis at the end of 2018.
Critics have argued that the $ 2 billion barter agreement between Ghana and China, under which the projects will be financed, will increase the country's total debt stock.
Figures from the Bank of Ghana show that the government has added 30.6 billion cedis to the debt, which stood at 142.6 billion cedis by the end of 2017.
The minority in parliament who criticized what the government described as a barter agreement wrote to the International Monetary Fund last year to end the deal on the grounds that it was "illegal" .
However, the Fund held the framework agreement to support priority projects that could not be qualified as loans, contrary to what the critics claim.
Nana Akufo-Addo has described the innovative and one-of-a-kind agreement in Africa at a grbad cutting ceremony in Tamale to signal the beginning of phase one of various infrastructure projects in across the country.
Unique in it's genre
"This innovative arrangement, the first of its kind on the continent, will not increase the total stock of our country's debt," he said.
He said the much talked about agreement would ensure that the country attends what he described as "a dramatic and very welcome change" in its infrastructure, particularly in the roads sector. .
The President said that with the establishment of the Ghana Integrated Aluminum Development Corporation, to oversee the development and operation of the entire bauxite value chain, Ghana would be able to meet its of the market.
"We will have a vibrant aluminum industry in Ghana and we will ensure we live to the end of our barter transaction," he said.
The agreement provides for Ghana to supply manufactured aluminum products to Sinohydro in China to repay the $ 2 billion.
In the meantime, each of the 16 regions will benefit from this arrangement in the form of hospital projects, extension of electricity in rural communities and construction of courts and residential buildings for the judiciary, landfills and industrial parks.
The first phase of the project has already been approved by Parliament.
The first phase of the project will include upgrading the roads in downtown Accra, more than 80 kilometers; More than 100 kilometers of downtown Kumasi and Mampong roads have been upgraded and construction of interchanges at Tamale and Sekondi.
The traffic-prone Adenta-Dodowa road will be doubled, while several kilometers of feeder roads in the Ashanti and North-West regions will be upgraded.
A total of 39 kilometers of roads in Sunyani and Berekum in the Bono area will be improved during the first phase, as will the roads in Prestea Township.
Competition within 30 months
In the face of several government projects that did not meet deadlines, President Akufo-Addo said that he would not be afraid of any delay on the part of the contractors on the various projects to be undertaken, stating that they would have "30 calendar months "to complete each project.
Completion of all projects under $ 2 billion with Sinohydro in 30 months – Akufo-Addo Orders
"These projects must be implemented on the basis of engineering, equipment, purchasing and construction and will be completed within 30 months, within 30 months of the start. of the project, "said Akufo-Addo.
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