Govt to spend $50m to rehabilitate foreign missions

Government is to add 50 million dollars extra to its growing debt following the signing of a credit facility with Societe Generale Ghana today [Friday].

The $50 million Credit Facility Agreement between the Government of Ghana and the bank is for the financing of the rehabilitation of Ghana Government Missions abroad.

It’s unclear whether the rehabilitation will cover all missions abroad or some specific ones and at what interest the facility is going for.

Societe Generale Ghana and the Societe Generale Group have financed various Government of Ghana projects to the tune of USD600 million between 2009 and 2016.

Some of the projects Societe Generale has financed totally or as a participating bank in a syndication include the Aboadze Thermal Plant; Fire Tenders for the Ministry of Interior; Steel Bridges for the Ministry of Roads & Highways; E-Government Project for the Ministry of Communication as well as 2 GRIDCo Transmission Projects.

The others are the Accra Streets Asphalting; the Kwame Nkrumah and Kasoa Interchanges and the Ghana Cocobod Cocoa Syndication since 1997 to date.

By:  Vivian Kai Lokko/