The Director of Special Projects and Investor Relations at the Office of the Vice President has denied allegations that details of the $2billion Sinohydro agreement between Ghana government and Chinese state-run, Sinohydro Corporation Limited in 2018 were hidden from the general public.
In response to such an allegation by Ranking Member on Parliament’s Finance Committee, Dr Cassiel Ato Forson, Dr Mutaka Alolo stated that all information, be it the guarantee system were all laid before Parliament for consideration and approval.
“The Sinohydro structure wasn’t hidden from anybody. In fact, they were public documents. The agreements were all laid before Parliament. We went into an agreement with Sinohydro which wasn’t hidden, it was explicitly stated in the agreement that proceeds from the refined bauxite will be used for this repayment.
“I don’t know why he is saying we tried to hide something, this wasn’t hidden,” he said on JoyNews.
In an earlier submission to the Sinohyrdo deal on PM Express on Monday, Dr Ato Forson accused the incumbent government of hiding some significant details of the agreement such as the deal supposedly being a loan and not a barter trade as communicated.
“Today, we are back to square one. The very debt that you are hiding, the international community has now recognized it because you have issued an implicit guarantee. So I’ve urged them that, instead of you trying to hide it and to collapse the project, come clean and make sure the project works,” he stated.
According to Dr Mutaka Alolo, the agreement is structured in a way that, for government of Ghana to develop its infrastructure, it is going to commit itself to develop an integrated aluminium industry in the country which has so many benefits.
He revealed that should government’s source of funding through the mining of aluminium to settle the deal fail, “Government will step in to pay.”
That notwithstanding, he reiterated government’s commitment to ensure it develops the Integrated Bauxite-Aluminium industry and use the proceeds to pay off the cost.
He emphasised that the Sinohydro project is not a failure as communicated by some individuals including Dr Ato Forson. On the show, Dr Alolo named the Tamale Interchange as part of roads being worked on.
“You can see Tamale Interchange almost completed. Go to Cape Coast, there are certain roads that are completed and other roads ongoing. In Western Region, Prestea Huni Valley, roads are ongoing. Go to Eastern Corridor, it is ongoing. How then do you call this a failed project?” he quizzed.
Meanwhile, government has revealed that about $100million has been drawn to work on the project.
What you need to know about Sinohydro agreement
Under the deal, Sinohydro, a hydropower engineering and construction firm, will finance and execute the construction of infrastructural projects across the length and breadth of Ghana in exchange to have access to sites to mine bauxite.
The Atiwa forest was subsequently earmarked as the site to be exploited by the Chinese company for 15 years.
The first phase of the project costs $646.6 million, and it begins with the Tamale Interchange project.
Parliament approved projects from lot one to 10 under the first phase.
Lot 1 – Construction of Accra Inner City Roads. A total of 84 kilometres of roads located in Trobu, Anyaa-Sowutoum, Dome-Kwabenya, Adenta and Teshie will be constructed;
Lot 2 – Construction of Kumasi and Mampong Inner City Roads. A total of 100 kilometres of inner-city roads will be constructed in Kumasi and Mampong. In Kumasi, the affected road networks are in Manhyia, Suame, Tafo Pankrono, Asokwa, Kwadaso, Oforikrom, Subin, Nhyiaeso and Bantama;
Lot 3 – Construction of the Tamale Interchange;
Lot 4 – Construction of the PTC Roundabout Interchange, in Sekondi-Takoradi, the first interchange in the western part of our country;
Lot 5 – Dualisation of the Adenta-Dodowa Road. 14 kilometres of the Adenta-Dodowa Road will be dualised so as to reduce congestion, improve road safety, and reduce travel times on the corridor;
Lot 6 – Construction of Sunyani Inner City and Berekum Township Roads. A total of 39 kilometres of roads will be constructed in Sunyani and Berekum Township. In Sunyani, 29 kilometres of inner-city roads will be constructed, whilst Berekum Township will see 10 kilometres of its roads constructed;
Lot 7 – Construction of Prestea Township and Cape Coast Inner City Roads. A total of 32 kilometres of roads will be constructed in Cape Coast and Prestea. In Cape Coast, 22 kilometres of inner-city roads will be constructed, whilst Prestea Township will see 10 kilometres of roads constructed;
Lot 8 – Upgrading of Selected Feeder Roads in Ashanti and Western Regions. Sixty-eight kilometres of feeder roads in the Ashanti and Western North regions will be rehabilitated. The roads that will be rehabilitated are mainly in communities that have bauxite deposits;
Lot 9 – Rehabilitation of Akim Oda-Ofoase Road. This lot involves the rehabilitation of the 38 kilometre Akim Oda-Ofoase road, which is part of the trunk road network, IR3, and passes through several rural communities that connect Akim Oda to Ofoase;
Lot 10 – Construction of the Hohoe-Jasikan-Dodo Pepesu Road of the Eastern Corridor. This will involve the construction of the 66-kilometre section of the Eastern Corridor Road between Hohoe to Jasikan and Dodo Pepesu.
- Woman ordered to refund $80k after she refuses to marry man who paid her fees
- Suspected food poisoning: 5 die after eating waakye
- Patience Ozokwor explains why she didn’t remarry after husband’s death
- Government reaches deal with Securities Industry Association to sign up for Domestic Debt Exchange
- Ghanaian students on government scholarship stranded in UK over delayed stipend
- Court orders for pregnancy test of woman convicted in ¢50k theft before sentence
- 4 persons injured in ghastly accident on Accra-Kumasi Highway
- Full Report: Technical Committee on exclusion of individual bondholders from Debt Exchange Programme
- Classroom Mothers: Schoolgirl donating blood discovers she’s 3 months pregnant
- Individual bondholders petition Togbe Afede over Domestic Debt Exchange Programme
- Ghana’s reserves ended 2022 at 2.7 months of import cover; but trade surplus hits $2.75bn
- IMF presses Ghana to stop borrowing from its central bank
- Cedi depreciated by 19.1% to dollar in January 2023 – BoG
- A Google employee of 11 years and his wife shell-shocked over retrenchment
- Ghana’s public debt stood at ¢575.7bn in November 2022 – BoG
- There is a need for proper accountability of climate change funds – Dr Segtub
- Playback: Joy Prime’s BMPS Show: Is flirting disrespectful to your partner?
- What if Muntaka is appointed party’s campaign manager – NDC Executive Member on Minority leadership shake-up
- #SomethingWickedAwards live on Hitz FM
- Climate change funds should be used more for adaptation and mitigation efforts – Penplusbytes
- 1 suspect arrested in Krofrom gang attack
- Only 1 person died from suspected food poisoning at Oyibi – FDA
- UMB launches 2 new life insurance products with SIC Life
- Gang burns down six-bedroom house in reprisal attack at Krofrom
- 7 shot dead at Jerusalem synagogue