On 19th August 2022, an agreement was executed between Ministry of Finance, MoF, representing the Republic of Ghana and the Afreximbank for a loan of $750 million.
On 25th August 2022, the $750 million was disbursed by Afreximbank, of which $716,775,844.87 was disbursed to the EURO and US Dollar segregated accounts at BoG and $33,224,155.13 paid out as finance charges.
The government then decided to realign and use the entire loan for some specific road projects. Among these is the Ofankor to Nsawam road project.
The Ofankor to Nsawam Road was allocated – $200 million (Ghc1.65 billion then).
The entire loan amount is dissipated but what is the quantum of work done as at end of 2024?
This is why the President says there will be a probe.
Ends
Data source: Report of the Finance Committee on the Modification to the Use of Proceeds for 2 Selected Road Projects Under the Loan Facility Agreement Between the Government of the Republic of Ghana (Represented by the Ministry of Finance) and African Export-Import Bank (Afreximbank)
Mahama inspects Ofankor-Nsawam road project, urges timely completion
Mahama inspects Ofankor-Nsawam road project, urges timely completion
