Government has contracted a $50 million loan facility from Societe Generale Ghana (formerly SG-SSB) to finance the rehabilitation of Ghana’s missions abroad.
This comes at a time when government has been criticized for excessive borrowing, which has ballooned the public debt. The facility according to government, is coming at an opportune time to support the government address some of the challenges faced by Ghana’s foreign missions.
Deputy Finance Minister, Cassiel Ato Baah Forson, led the government team during the agreement’s signing ceremony.
A statement issued by Societe Generale, said they are happy to support Ghana improve infrastructure at its foreign missions. “Societe Generale Ghana is happy to support the rehabilitation of Ghana’s Missions abroad with this financing of $50 million.
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The signing of this Credit Facility Agreement has come at an opportune time to support the Ghana Government to address some of the challenges faced by the Ghana Foreign Missions,” the statement added. “It is Societe Generale Ghana’s desire to partner Ghana in the socio economic development of the country and to strengthen the already cordial business relations that has existed for many years between the Societe Generale Group, Societe Generale Ghana and the Government of Ghana.” Societe Generale Ghana and the Societe Generale Group have financed various government projects to the tune of USD600 million between 2009 and 2016.
Some of the projects the bank 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; 2 GRIDCo Transmission Projects; the Accra Streets Asphalting; the Kwame Nkrumah and Kasoa Interchanges and the Ghana Cocobod Cocoa Syndication since 1997 to date.