Palaver: Foreign debt hits 60 Trillion Cedis

In our last issue, we began a serialisation of Ghana’s total foreign debts contracted under the NPP Government alone between 2001 and 2007 which showed that they were in excess of US$6 billion or ¢60 trillion. That issue’s publication took us to the end of 2003.

In this issue, we continue with the serialisation beginning with the 2004 loans. Now read on ---

2004

Credit Agreement between the Government of the Republic of Ghana and the African Development Bank (ADB) for an amount of UA20 million to finance the Senior Secondary School Project (Education III).

Development Credit Agreement between the Government of the Republic of Ghana and the International Development Association (IDA) for an amount of SDR. 52.7 million (equivalent US$78 million) to finance the Education Sector Project (EdSeP).

Credit Agreement between the Government of the Republic of Ghana and A B Svensk Export Kredit of Sweden for an amount of SEK5,876,416 (Five Million, Eight Hundred and Seventy-Six Thousand, Four Hundred and Sixteen Swedish Kroner) to finance the System Control and Data Acquisition SCADA) Project.

Buyer Credit Facility Agreement between the Government of the Republic of Ghana and Newark Commercial Capital Corporation (NCCC) of the CZECH Republic for an amount of Euro 10,000.000.

Concessional Loan Agreement of Two Million, Six Hundred and Fifty Thousand Units of Account (UA 2,650,000) (equivalent US$3.65 Million) and a grant of One Hundred and Fifty Thousand Units of Account (equivalent US$207,000) from the African Development Fund (ADF) for the implementation of the NERICA Rice Dissemination Project (NRDP) under the sectoral responsibility of the Ministry of Food and Agriculture (MOFA).

Loan Agreement between the Republic of Ghana and the African Development Fund (ADF) in an amount not exceeding the equivalent of Eighteen Million Units of Amount (UA18,000,000 (equivalent US$24,728,220.00) for the financing of Road Infrastructure Project 2003 Nsawam-Apedwa Road Project.

Loan Agreement between the Republic of Ghana and the African Development Bank (ADB) in an amount not exceeding UA Three Million Units of Account (UA3,000,000) (equivalent US$4,121,370.00) for the financing of Road Infrastructure Project - 2003 Nsawam-Apedwa Road Project.

Loan Agreement between the Republic of Ghana and the African Development Bank for an amount not exceeding Twenty-Four Million, Four Hundred and Ninety Thousand Units of Account (UA24,490,000) for the financing of the Road Programme - 1 Techiman-Kintampo Road.

Loan Agreement between the Republic of Ghana and the African Development Fund (ADF) in the amount not exceeding Twelve Million Seven Hundred and Twenty Thousand Units of Account (UA12,720,000) for the financing of the Akatsi-Dzodze-Noepe road-upgrading project.

Loan Agreement between the Republic of Ghana and the Saudi Fund for Development for an amount of US$10,500,000 to finance the Madina Junction-Pantang Junction section of the Tetteh Quarshie-Mamfe Road Project.

A Buyer Credit Facility between the Government of the Republic of Ghana and Newark Commercial Capital Corporation as (NCCC) for an amount of Euro 10, 000,000.00 for the purchase of VARI Multipurpose Mini Tractors and 42-HP V ARI W 5000 Compact Tractors. A Buyer’s Credit Facility between the Government of the Republic of Ghana and the Bank of China for an amount of US$12,886,456.00 to finance the supply of 250 Buses by the China National Machinery and Equipment Import and Export Corporation (CMEC) under the Government’s Mass Transportation Project.

A Loan Agreement between the Republic Ghana and the OPEC Fund for International Development for an amount of US$5 million to finance the Accra-Tema Rail Rehabilitation.

A loan Agreement between the Republic of Ghana and the CNT Group Holdings Ltd. and CNT Construction Investment Ltd. for an amount of US$300 million for the financing of priority projects under the PSI, Roads and Transport and Rail Sectors (This is the infamous CNTCI sham loan which appears to have been abandoned).. Development Financing Agreement between the Republic of Ghana and the International Development Association (IDA) for an amount of SDR86,200,000 (US$125.00 Million equivalent) comprising a credit of SDR58,600,000 and a grant of SDR27,600,000 for the Second Poverty Reduction Support Financing.

Credit Agreement between the Republic of Ghana and the OPEC Fund for International Development for an amount of US$7.0 million to support the Second Ghana Poverty Reduction Project/Social Investment Fund (GPRP/SIF).

Development Credit Agreement between the Republic of Ghana and the International Development Association (IDA) for an amount of SDR41.6 million (US$62.0 million equivalent) to finance the Second Urban Environmental Sanitation Project (UESP II). Credit Agreement between the Republic of Ghana and Export-Import Bank of India for an amount of US$15.0 million for the supply of electrical materials and accessories for Rural Electrification under the SHEP-4 Project.

Buyer Credit Agreement between the Republic of Ghana and Fortis Bank (Netherlands) N.V. for an amount of Fifteen Million, Six Hundred and Eighty-Eight Thousand, Four Hundred Euros (€15,688,400.00) for the Kwanyaku Drinking Water Treatment Plant Rehabilitation and Expansion Works in the Central Region. Development Credit Agreement between the Republic of Ghana and the International Development Association (IDA) for an amount of SDR71.0 million (US$103.0 million equivalent) to finance the Urban Water Project. (UWP).

Development Credit Agreement between the Republic of Ghana and the International Development Association (IDA) for an amount of SDRI7.8 million (US$26.0 million equivalent) to finance Small Town Water Supply and Sanitation Project. (STWSS) Development Credit Agreement between the Republic of Ghana and the International Development Association for an amount of SDR40.9 million (US$60.0 million equivalent) to finance the Community Based Rural Development Project (CBRDP).

Concessional Loan Agreement between the Republic of Ghana and Instituto Credito Official of Spain for an amount of Fifteen Million United States Dollars (US$15,000,000.00) for the Supply of Medical Equipment to Korle Bu Cardiothoracic Centre, Komfo Anokye Hospital and the Hospital Network.

Loan Agreement between the Republic of Ghana and the Arab Bank for Economic Development in Africa (BADEA) for an amount of Eight Million, Eight Hundred Thousand United States Dollars (US$8,800,000) to finance the Tetteh Quarshie Interchange stretch of the Tetteh Quarshie-Mamfe Road Project.

Credit Agreement between the Republic of Ghana and the Export-Import Import Bank of India for an amount of US$27.0 million for the execution of various priority projects.

Loan Agreement between the Government of the Republic of Ghana and the Federal Republic of Nigeria for an amount of US$40 million as part funding for Ghana’s equity in the West African Gas Pipeline Company.

Supplementary Credit Agreement between the Government of Ghana and AB Svensk Export Kredit of Sweden for an amount of SEK3,00,000 (Three Million Swedish Kroner) for the Accra West Sub-station Power Project (Second Bulk Supply Point).

Loan Agreement between the Government of the Republic of Ghana and KfW, Frankfurt Am Main of Germany for an amount of Euro 6,000,000 for the Land Administration Project (LAP) Buyer Credit Facility Agreement between the Republic of Ghana and the Rabo Bank International at the Netherlands for an amount of €9,000,000.00 for the supply of Modular Steel Truss Bridges.

Mixed Credit Facility Agreement between the Republic of Belgium and KBC Bank of Belgium for an amount of €2,779,498.31 for the financing of the Clinical Laboratory Improvement Project (CLIP).

Loan Agreement between the Republic of Ghana and Nordic Development Fund for an amount of €7.0 million for the Land Administration Project (LAP).

Loan Agreement between the Republic of Ghana and the Nordic Development Fund for an amount of €4.0 million for Urban Water Project. (UWP).

Loan Agreement between the Republic of Ghana and the Nordic Development Fund for an amount of €9.0 million for the Urban Environment Sanitation Project (Phase II).

Government of Ghana Guarantee in support of a Buyer credit Agreement of €5, 924,750 between Ghana Ports and Harbours Authority and Cooperative Centrale Raifeisen-Boerenleenbank BA, Netherlands for the purchase of two tug boats.

Loan Agreement between the Republic of Ghana and the Arab Bank of Economic Development in Africa (BADEA) for an amount of US$4 million for the financing of the Basic Education Support Project in Ashanti and Brong Ahafo Regions.

Loan Agreement between the Republic of Ghana and the Social Security and National Insurance Trust (SSNIT) for an amount of twenty-five billion cedis (<1=25 billion) to finance the construction and completion of 16 doctors flats at the Korle-But Teaching Hospital. Loan Agreement between the Republic of Ghana and the Arab Bank for Economic Development in Africa (BADEA), for an additional amount of US$1.2 million to rehabilitate the Bolgatanga Regional Hospital.

Credit Agreement between the Republic of Ghana and Institute for Export Credit (GIEK) of Norway and Fortis Bank (Netherlands) N.V. of the Netherlands for an amount of US$26.6 million made up of US$22.6 million from the Institute for Export Credit (GIEK) of Norway and US$3.99 million from Fortis Bank (Netherlands) N.V. of the Netherlands) for the rehabilitation and upgrading of the Electricity Company Ghana (ECG) Limited Distribution System in Accra, Tema and Kumasi.

Buyer Credit Agreement between the Republic of Ghana and the Fortis Bank (Netherland) N. V. of the Netherlands for an amount of €15, 000,000.00 for the financing of the 45km Sefwi Wiawso-Benkyema Junction road project.

Government of Ghana guarantee of a Loan facility of US$170 million for Tema Oil Refinery (TOR) Ltd. arranged by Standard Chartered Bank and Vitol S.A. with Standard Chartered Bank, London, acting as Agent and Security Trustee for the refinancing of Tema Oil Refinery’s loans from Samsung Corporation and Sunkyoung Engineering Construction.

2005

Loan Agreement between the Parliamentary Service and the Barclays Bank Ghana Limited for an amount of Seven Million United States Dollars (US$7m) for the purchase of vehicles for Members of Parliament.

Development Credit Agreement between the Government of Ghana and the International Development Association (IDA) for an amount of SDR84, 200,000 (US$125.00 million equivalent) for the Third Poverty Reduction Support Credit (PRSC-3).

Credit Facility Agreement between the Republic of Ghana and Agence Francaise de Development of France for an amount of Ten Million Euros (€10.0 million) for the Community Based Rural Development Project (CBRDP) Loan Agreement between the Republic of Ghana and the African Development Fund for an amount not exceeding the equivalent of one million, six hundred and eighty thousand units of account (UA 1,680,000) for Integrated Management of Invasive Aquatic Weeds in West Africa. Development Credit Agreement between the Republic of Ghana and the International Development Association (IDA) for an amount of SDR26.5 million (US$40.00 million equivalent) to finance the West Africa Power Pool Programme.

Second Financial Protocol between the Republic of Ghana and the Kingdom of Spain for an amount of sixty million Euros (€60,000,000) for the implementation of various development projects and programmes.

Loan Agreement between the Republic of Ghana and Barclays Bank Ghana Ltd. for an amount of €17, 379, 018.00 (seventeen million, three hundred and seventy-nine thousand and eighteen Euros) for the execution of a commercial contract between the Ministry of Information and MIS Sony Business Europe for the Supply and installation of equipment to rehabilitate and upgrade production equipment and other facilities for Ghana Broadcasting Corporation (GBC).

Loan Agreement between the Republic of Ghana and the Federal Republic of Germany for an amount of twelve million five hundred thousand Euros (€12, 500,000) for the Multi Donor Budget Support.

Loan Agreement between the Government of Ghana and the African Development Fund (ADF) for an amount of UA6, 640,000 for the financing of sustainable tsetse and trpanosmiasis free areas in East and West African.

Loan Agreement between the Republic of Ghana and the ADF for an amount of UA44 million for Second Poverty Reduction Support Loan (Multi Donor Budgetary Loan. Buyer Credit Facility Agreement between the Republic of Ghana and the Fortis Bank (Netherland) NV for an amount of €10,202, 132 and a Grant of €6,973,928 from ORET Grant Offer for the financing of Gushiegu District Hospital Project.

Loan Agreement between the Republic of Ghana and the International Development Association (IDA) of the World Bank Group for an Amount of SDR31.0 million (US$45.0 million equivalent) in support of the Micro Small and Medium Enterprises Project. Loan Agreement between the Republic of Ghana and the International Fund for Agricultural Development (IFAD) for loan amount of SDR13, 050, 000 (USD18, 964, 000 equivalent) for financing the Root and Tuber Improvement and Marketing Programme (RTIMP).

Concessional Credit Agreement between the Republic of Ghana and the Export-Import Bank of India for an amount of US$60 million for the financing of Rural Electrification and construction of the Office of the President at Flagstaff House. Loan Agreement between the Government of Ghana and the African Development Fund for an amount of UA17, 000,000 for financing the Export Marketing and Quality Awareness Project.

Development Credit Agreement between the Government of Ghana and the International Development Association for an amount of SDR13, 900,000(US$20.0 million equivalent) for the Multi-Sectoral HIV/AIDS Project (MSHAP).

Development Credit Agreement between the Government of Ghana and the International Development Association (IDA) for an amount of SDR17.3 million (US$25 million) for the Economic Management Capacity Building (EMCB).

Buyer Credit Agreement between the Government of Ghana and Fortis Bank of the Netherlands for an amount of €3, 828, 409 for the supply of District Dental Facilities. Finance Contract between the Government of Ghana (GOG), Volta River Authority (VRA) and the European Investment Bank (EIB) and an Onlending Agreement between the Government of Ghana and the River Authority for an amount of €10, 500,000 for the Aboadze-Volta Transmission Line Project (Coastal Transmission Backbone of the West Africa Power Pool Program).