Gov't Chases More Loans

Dr. Kwabena Dufuor, Finance Minister and Economic Planning

Government is seeking parliamentary approval to secure more loans to finance various programmes as well as provide needed equipment for state institutions.

The Mills administration has so far contracted over $14 billion in loans, increasing the nation's external debt stock from almost $9 billion in 2008 to about $23 billion.

The Minister for Finance and Economic Planning, Dr. Kwabena Duffuor yesterday, laid papers in Parliament seeking more loans including a credit facility agreement between the Government of the Republic of Ghana and the Fidelity Bank Limited for an amount of the Ghana Cedi equivalent of 24.11 million Euros to finance the purchase of the remaining two out of the four MI-171 SH Helicopters for the Ghana Air Force.

Others were the Financing Agreement between the Government of the Republic of Ghana and the International Development Association (IDA) for an amount of US$ 30,000,000.00 and a US $ 10,000,000.00 grant from the Statistics for Results Facility Catalytic Fund to finance the Ghana Statistic Development Programmes.

Financing Agreement between the Government of the Republic of Ghana and Stanbic Bank (Ghana) Limited for an amount of fifteen million, eight hundred thousand Euros (15, 800,000.00) for the purchase of 200 ambulance for the National Ambulance Service (NAS) was also laid in Parliament.

It sought the waiver of Customs Duties, Taxes, VAT & NHIL GCNet, Destination Inspection Fees, EDIF and ECOWAS Levis amounting to US$ 512, 758.00 on goods to be procured under the Northern Rural Growth Programme (NRGP) and Financing Agreement between the Government of the Republic of Ghana and the International Development Association (IDA) for an amount of US $ 20,000,000.00 to finance the Regional Trade Facilitation Project-Phase II.

 By Awudu Mahama