Government borrows $50m to renovate Embassies

Societe Generale Ghana has signed a $50 million Credit Facility agreement with the Government of Ghana to finance the rehabilitation of the Ghana Government Missions abroad.

A press release issued by the company yesterday in Accra said Societe Generale Ghana was happy to support the rehabilitation of Ghana’s Missions abroad with $50 million.

“The signing of this Credit Facility Agreement has come at an opportune time to support the Ghana Government to address some of the challenges faced by the Ghana Foreign Missions. It is Societe Generale Ghana’s desire to partner Ghana in the socio-economic development of the country and to strengthen the already cordial business relations that has existed for many years between the Societe Generale Group, Societe Generale Ghana and the Government of Ghana.

Societe Generale Ghana has more than 11,000 business customers and 216,000 Retail Customers. As a subsidiary of Societe Generale Group present in 19 African countries, the bank offers universal banking services to its clients and the opportunity to directly transact business in the sub-regional and African market.

Societe Generale Ghana and the Societe Generale Group have financed various Government of Ghana projects to the tune of $600 million between 2009 and 2016.

Some of the projects Societe Generale has financed totally or as a participating bank in a syndication include the Aboadze Thermal Plant; Fire Tenders for the Ministry of Interior; Steel Bridges for the Ministry of Roads & Highways; E-Government Project for the Ministry of Communication; 2 GRIDCo Transmission Projects; the Accra Streets Asphalting; the Kwame Nkrumah and Kasoa Interchanges and the Ghana Cocobod Cocoa Syndication since 1997 to date.

The bank, with over 40 branches, is listed on the Ghana Stock Exchange (GSE) and is a member of the Ghana Club 100 of the Ghana Investment Promotion Centre.