News:
December 11, 2018
Parliament by Majority decision has given approval to the phase one of the Sinohydro agreement to be used purposely in road construction across the country with a total amount of ($646,637,879.74) dollars for a period of fifteen years.
Government of Ghana is to undertake a total contract price of Sinohydro using the proceeds from the sales of refined bauxite as a source of funds.
The House divided on the terms and conditions of the facility where the Minority was with the view that the interest rate on the facility is too high and it is not in the interest of Ghanaians.
Cassiel Ato Forson the Ranking member on Finance in an interview indicates that he does not get the understanding of a facility which is four hundred and twenty million dollars that Ghana would have to be paying and an interest of one hundred and fifty million dollars as interest and insurance when to pay back the facility.
However the Majority side have said the facility is going to bring the best in terms of road constructions and that Ghana is going to get the best when the project begins.
“We were in this country, when in opposition they talk about borrowing, we never knew they would come and be borrowing like this”, Ato Forson lamented.
By: Kwaku Sakyi-Danso/ghanamps.com