Emergency Parliament To Consider $812m Loans

A total amount of about US$812 million worth of loans between the Government of Ghana and other institutions abroad are expected to be approved by Parliament within the three days of its emergency sitting, The Chronicle has gathered. This came to the fore when the Deputy Minister of Finance, Cassel Ato Forson, yesterday laid papers capturing the various sums of money the government intends to borrow to undertake various construction works, particularly in the Greater Accra and Central Regions. Among the projects to be undertaken are the Kasoa Interchange and Ancilliary Works, a flyover bridge at Ring Road Central to Feo Eyeo in Accra and the capital city�s streets resurfacing project. Part of the money would also be used to finance Social Opportunities Project and the Essakyir Water Supply System, according to the documents presented by the deputy Minister. The Speaker of Parliament, Rt. Hon. Edward Doe Adjaho had recalled the House for the Special sitting based on Standing Orders 38 of Parliament and Article 112 Clause 3 of the 1992 Constitution. A document seeking the House�s approval for waiver of Taxes, Customs Duties, Value Added Tax, National Health Insurance Levy, Destination Inspection Fees, Export Development Investment Fund and ECOWAS Levy was also laid for consideration. Below are the Papers laid capturing the loan agreements laid before the legislature: (i) SAIN covered Export Credit Facility Agreement between the Government of the Republic of Ghana and Deutsche Bank S. A. � Banco Alemao, Sao Paulo (as Arranger), Deutsche Bank Trust Company Americas (as Agent, Security Agent and Account Bank), Deutsche Bank AG, New York (as Original Lender), Deutsche Bank AG, London (as Original Lender) and Santander Bank (as Original Lender) with support from the Brazilian Official Equalisation Programme (PROEX) for an amount of US$140,576,234.00 for the Design and Construction of Kasoa Interchange and Ancilliary Works. (ii)Term Facility Agreement between the Government of the Republic of Ghana and Deutsche Bank S.A.� Bankco Alemao, Sao Paulo (as Arranger), Deutsche Bank AG, New York (as Agent and Original Lender) for an amount of US$32,000,000.00 with support from the Brazilian Officials Equalisation Programme (PROEX) for the Design and Construction of Kasoa Interchange and Ancilliary Works. (iii)Contract/Design Build Agreement between the Government of the Republic of Ghana and Construtora Queiroz Galvao S.A. Brazil acting through its branch Consttrutora Queiroz Galvao S. A. Sucursal Gana for an amount up to US$160,000,000.00 for the Design and Construction of Kasoa Interchange and Ancilliary Works. (iv)Term Facility Agreement between the Government of the Republic of Ghana and BNP Paribas Fortis S. A. /N. V. (as Arranger), Deutsche Bank AG, London (as Arranger), BNP Paribas Fortis S. A. /N. V. (as Original Lender, Structuring Bank and Agent) for an amount of US$170,000,000.00 supported by the Brazilian Official Equalisation Programme (PROEX) for (i) the construction of one flyover bridge (Ring Road Central to Feo Eyeo) in Accra; and (ii) additional construction works around the Kwame Nkrumah Interchange in Accra. (v)Contract/Design Build Agreement between the Government of the Republic of Ghana and Construtora Queiroz Galvao S. A., Brazil acting through its branch Construtora Queiroz Galvao S. A. Sucursal Gana for an amount of US$170,000,000.00 for the Design and Construction of Ring Road Flyover, Accra. (vi) Commercial Loan Credit Agreement (Brazilian Commercial Contract) between the Government of the Republic of Ghana and Societe General (as Mandated Lead Arranger, Lender and Agent) for an amount of US$45,485,558.00 relating to the financing of the Accra Streets Resurfacing Project. (vii) Contract/Build Agreement between the Government of the Republic of Ghana and Construtora Queiroz Galvao S. A., Brazil acting through its branch Construtora Queiroz Galvao S. A. Sucursal Gana for an amount up to US$40,000,000.00 relating to the Accra Streets Resurfacing Project. (viii) Financing Agreement between the Government of the Republic of Ghana and the International Development Association (IDA) for an amount of SDR32,400,000.00 (equivalent to US$50,000,000.00) Special Drawing Rights being Additional Financing for Social Opportunities Project. (ix) Credit Facility Agreement between the Government of the Republic of Ghana and the KBC Bank of Brussels, Belgium for an amount of �3,457,253.47 as supplementary funding for the Essakyir Water Supply Systems in the Central Region. The thirteenth report of the Appointments Committee on the President�s nomination for ministerial appointment and a document seeking the House�s approval for waiver of Taxes, Customs Duties, Value Added Tax, National Health Insurance Levy, Destination Inspection Fees, Export Development Investment Fund and ECOWAS Levy amounting to GH�815,693.00 on goods and equipment required for the implementation of the African Development Bank (AfDB) funded Institutional Support Project to Oversight and Private Sector Development Institutions (GISP) were also laid for consideration.