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Government to borrow $170million to finance infrastructure for African Games

Sports News of Friday, 16 July 2021

Source: rainbownradioonline.com

2021-07-16

Minister of Youth and Sports Mustapha UssifMinister of Youth and Sports Mustapha Ussif

The government of Ghana is set to contract a loan of $170 million for sports infrastructure ahead of 2023 All African Games.

The Order Paper for Thursday, July 15, 2021, said the loan if granted, would help finance the provision of sports infrastructure and residential facilities for the hosting and organisation of the 2023 All Africa Games.

The Loan Agreement is between the government of Ghana represented by the Ministry of Finance and CalBank Ghana Limited.

The bank is to act as facility Agent, Mandated Lead Arranger, Lender, and Security Agent.

Other financial institutions (as Original Lenders) are also involved, the Oder Paper said.

Meanwhile, MP for North Tongu Samuel Okudzeto Ablakwa has expressed worry over the loan agreement.

In a tweet, he asked if the government could not use existing facilities for the games considering the impact of the Covid-19 on the economy.

”In these crunch pandemic economic times, shouldn’t our government be making [the] best use of existing sporting facilities to host the 2023 All African Games instead of going on yet another round of borrowing?”

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