Sydney Casely-Hayford
A financial consultant, Sydney Casely-Hayford has supported calls by the Minority for government to re-negotiate the $3 billion Chinese loan.
According to him, the complicated nature of the loan demands a review with the Chinese Government before further disbursements.
The Minority in Parliament alleged that they suspect most of the projects to be executed with the loan had been inflated and that government is on the verge of losing huge sums of money if the loan agreement is not re-negotiated.
Parliament has so far approved all the 12 subsidiary agreements under the $3 billion CDB loan.
The Minority in Parliament alleged that they suspect most of the projects to be executed with the loan had been inflated and that government is on the verge of losing huge sums of money if the loan agreement is not re-negotiated.
Parliament has so far approved all the 12 subsidiary agreements under the $3 billion CDB loan.
As at April 2013, the Ghana Gas Company had received 2 million out of the total loan facility.
In an interview with Citi Business News he said: “If you look at how the whole facility is set up, and the way we have to have sub-contractors coming in, to be justified in Parliament, it is very onerous and if we are to do the right thing collectively, then it will be probably best to renegotiate it with the Chinese Government and see if it can be done properly.”
The $3billion loan will, among other things, be used to finance the rehabilitation of the railway lines, the expansion of ports, the construction of landing sites and the re-modelling of the Volta Lake.
In an interview with Citi Business News he said: “If you look at how the whole facility is set up, and the way we have to have sub-contractors coming in, to be justified in Parliament, it is very onerous and if we are to do the right thing collectively, then it will be probably best to renegotiate it with the Chinese Government and see if it can be done properly.”
The $3billion loan will, among other things, be used to finance the rehabilitation of the railway lines, the expansion of ports, the construction of landing sites and the re-modelling of the Volta Lake.
That, the President said, will propel Ghana’s economic growth and create jobs for the youth.
Speaking further on the matter, Mr Casely-Hayford stated that “there is a lot of sense in going back to review an onerous contract we looked at extensively when the facility was being negotiated and I think in the financial world, the conclusion was that this was going to be a difficult contract to deliver.”
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