Business News Fri, 20 Jul 2018

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Infrastructure deficit hits GHC30bn – Finance Minister reveals

The Minister for Finance, Ken Ofori-Atta, Thursday, went to Parliament and revealed to the lawmakers that the country needed GH?30billion to bridge its infrastructure gap in areas such as roads, water, bridges, electricity, hospitals, and sanitation.

To begin addressing this, he said government has reached a barter agreement with Sinohydro Group Limited of China to provide US$2billion to finance road projects, bridges, interchanges, hospitals, and rural electrification in exchange of Ghana’s refined bauxite.

Presenting the Mid-year fiscal policy review of the 2018 budget statement and economic policy on the floor of Parliament, Mr. Ofori-Atta said the agreement involves a moratorium period of three (3) years to give Ghana the time to establish an aluminum refinery.

“After the moratorium period, Ghana will fulfill its part of the barter agreement over another 12-year period”, he stated.

He assured the House that the US$2billion from the Sinohydro Group will not be added to the country’s debt stock which currently stands at GH?142.6billion (US$32.3billion).

Source: Kasapa FM

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