Posted: Friday 23rd May 2014 at 14:06 pm

Govt reaches agreement to resume accessing $3bn loan facility

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Government has reached an agreement with the China Development Bank to resume disbursement of the remaining 3 billion dollar loan to Ghana. 

The disbursement of the facility stalled earlier this year because of some new demands from the Chinese bank.

However these challenges have been addressed by government for the bank to resume a tranche of the funds possibly before the end of this month.

The first disbursement would be advanced towards the gas project to aid its completion, while another disbursement is expected to come soon for the landing sites projects in the coastal areas.

However, Joy Business has gathered that the Bank might just disburse 800 million dollars, this would bring the total amount of funds advanced to Ghana to 1.5 billion dollars.

The China Development Bank earlier this year stopped paying out the funds to Ghana because they wanted more crude oil to make up for funds being disbursed.

They argued that the 13 thousand barrels are not enough.  

Sources say government has however managed to address that concern; it also managed to renegotiate with the Bank how Ghana should be paying the commitment fee on the loan.  

Ghana in 2011 signed an agreement with the China Development Bank to advance some 3 billion dollars to the country for some infrastructure projects in the country. 

 
 

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