Government to complete major roads with $400 World Bank loan

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You Are Here: Home » Investment » Pelangio Exploration acquires 100% stake in Ghana gold mine Page last updated at Monday, June 20, 2011 13:13 PM // Canadian-based gold mining firm, Pelangio says it has acquired a 100% interest in the 290 km2 Obuasi Property in Ghana. The company said it recently completed the final payment totaling $750,000 under the option agreements in respect of the Obuasi Property in which the government of Ghana has 10% carried interest. “Pelangio Exploration Inc

Government has given itself up to the end of this year, to complete construction works on four major roads in the country.

This follows a $400 million loan facility brokered by the Vice President John Mahama with the World Bank to finance the projects.

The Achimota-Ofankor and the Nsawam-Apedwa stretches of the Accra-Kumasi Highway, the Tetteh Quarshie Interchange-Adenta section of the Accra-Aburi road, will all be completed by December this year.

All are behind schedule because government could not pay the contractors.

In Kumasi, construction works on the Sofoline Interchange has also stalled.

Roads and Highways Minister Joe Gidisu in an interview with Joy News from China, where he is also working on additional funding for the roads sector explained how the loan facility will be utilized.

“We will now be able to revise the deadlines with them,” he said, adding, with a little push in terms of payment, the contractors will be able to complete the roads which are in different stages of completion.

He is convinced that with the new loans in, government will be able to concentrate on other projects in the road sector.

Source: Joy News/Myjoyonline.com/Ghana

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