MPs Approve Loans for Bridge Construction Across Volta River, Other Massive Projects

Just in one sitting, Parliament approves loans for four massive developmental projects…

Reports reveal that the House of Parliament approves loans for four capital projects at a sitting on Monday, October 31. The four separate loans were reportedly approved within a 2-hour sitting of the 275 Members of Parliament. The loans include;

  • 11 billion Japanese Yen (an equivalent to 112 million dollars) for the construction of a bridge across the Volta River at Volivo.
  • $83 million for the Accra Urban Transport Project.
  • 13 million euro loan (purpose yet to be known).
  • 3 million euro for the provision of facilities and ICT equipment for the offices of the Ghana Audit Service nationwide.

See: All You Need To Know About Ghana’s BRT Transport Service

Citi News’ Duke Mensah Opoku said the report presented to the House by the Chairman of the Finance Committee, James Klutse Avedzi explained that the Accra Urban Transport project which involves the construction of road from Pokuase through Achimota to Accra is expected to reduce traffic on that stretch of road.

Mr James Klutse Avedzi also explained that the construction of a bridge at Volivo will be of great benefit to the residents along the eastern corridor. Explaining further, Mr Avedzi pointed out that the exact amount for the project is 11.239 billion with an interest rate of 0.1 percent per annum, and a consulting service fee of 0.01% per annum. He added that the strut and fees stand at 0.2% of the loan amount with a maturity of 40 years including a grace period of 10 years.

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Commenting on the project loan, Minority Spokesperson on Finance, Dr Anthony Akoto Osei said that the terms and conditions for the loan are good and quite commendable. He further noted he gathered that with a bridge constructed across the Volta river at Volivo, about 124 kilometers from Tema to Kulungugu will be saved.

He therefore encouraged the house to accept the committee’s report considering the concessionality as well as the project which he described as good and feasible respectively.