$2bn Sinohydro cash won’t increase debt stock - Akufo-Addo insists

President Nana Akufo-Addo has insisted that the $2 billion Sinohydro – Government of Ghana Master Project Support Agreement (MPSA) will not in anyway add up the total debt stock of the country.

According to the President, under the deal, Sinohydro is to deliver $ 2 billion worth of projects across the country in exchange for the delivery of Ghanaian manufactured aluminium products to Sinohydro.

President Akufo-Addo on Wednesday, April 10, 2019, cut sod for work to start on the Tamale Interchange Project.

The sod-cutting ceremony marked the official commencement of the $1.5 billion roads projects under the deal.

Minority’s Argument

The Minority in Parliament petitioned the International Monetary Fund (IMF) and the World Bank in August 2018 to block the Sinohydro deal which they believe is “illegal.”

The Minority has also been arguing that there has not been any value for money audit on the MPSA.

But President Akufo-Addo is insisting that the deal is in no way going to increase the debt stock.

He stated emphatically that “this innovative arrangement, the first of its kind on the continent, is not going to add to our country’s total debt stock.”