Report on 80.4 million-dollar loan agreement before Parliament

Accra (Greater Accra) 28 May '99

The Finance Committee of Parliament on Thursday presented its report on an 80.4 million-dollar loan agreement between Ghana and the Overseas Economic Co-operation Fund of Japan, to the House.

The loan is to co-finance the rehabilitation of the 105-kilometre Achimota-Anyinam road.

Under the terms of the agreement, the loan, which is repayable in 20 years with a 10-year moratorium, carries a 1.8 per cent interest payable semi-annually and a commitment charge of 0.1 per cent.

The report said where a part of the loan is made available to cover payments to consultants the loan will be for 40 years with a repayment period of 30 years, after the 10-year grace period.

The loan will attract an interest rate of 0.75 per annum, payable semi-annually.

The committee expressed the hope that when completed, the project would accelerate the socio-economic regeneration of the Accra-Kumasi route and the Ghanaian economy in general.