Loan for infrastructure works at Takoradi Port is approved
A 197 million euro loan agreement has been approved by Parliament, which will fund the design, civil and engineering works at the Takoradi Port in the Western Region. The agreement is between the Ghana Ports and Harbours Authority (GPHA) with the government of Ghana as guarantor and the KBC bank NV, Belfius Bank SA/NV, Deutsche Bank AG, London, Fortis NV/SA and ING Belgium NV /SA. The agreement has a repayment period of 10 years and a maturity period of 13.5 years.
Takoradi Port has recently become a centre for maritime trade activities and ageing infrastructure has made the need for development essential to support the oil and gas industry.
There was some opposition from the Minority Leader, Osei Kyei Mensah-Bonsu, who said it was crucial that projects went through due process and that more detail should be provided. He added that such a huge amount exposed government, as the guarantor, to serious risks.