Government signs loan agreement with Kuwait for rehabilitation of Dome-Kitase Road

Government signs loan agreement with Kuwait for rehabilitation of Dome-Kitase Road

- Kenneth Ofori-Atta,has signed a $23.8 million loan agreement with the Kuwait Fund for Arab Economic Development for the rehabilitation of the Dome-Kitase road

- Per the agreement signed, the financing terms for the loan facility are an interest rate of 1.5 per cent (including 0.5 per cent administration charges), maturity period of 28 years (including four years’ grace period) and two payments (equal principal payments) per annum.

- The project, when completed would connect the Accra-Kumasi road (N6) to the Accra-Aburi-Koforidua highway (N4)

The Minister of Finance, Kenneth Ofori-Atta,has signed a $23.8 million loan agreement with the Kuwait Fund for Arab Economic Development for the rehabilitation of the Dome-Kitase road.

The project, when completed would connect the Accra-Kumasi road (N6) to the Accra-Aburi-Koforidua highway (N4)

The project would also provide an alternative route to road users thereby reducing traffic congestion on the two national roads.

Speaking at the event, Ofori-Atta said the agreement was a milestone in strengthening bilateral relations between Ghana and Kuwait.

Government signs loan agreement with Kuwait for rehabilitation of Dome-Kitase Road

Government signs loan agreement with Kuwait for rehabilitation of Dome-Kitase Road Source: UGC
Source: UGC

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According to him, the road when completed would provide a vital linkage between Greater Accra and Eastern Region.

“It will also reduce travel time and congestion on the Accra-Aburi Road; vehicle operation costs and increase in accessibility, convenience as well as safety of commuters,” he said.

Per the agreement signed, the financing terms for the loan facility are an interest rate of 1.5 per cent (including 0.5 per cent administration charges), maturity period of 28 years (including four years’ grace period) and two payments (equal principal payments) per annum.

READ ALSO: Too much 'koobi’ can cause heart-related diseases - Cardiologist

Ofori-Atta on behalf of the Government expressed gratitude to the State of Kuwait and the Kuwait Fund for Arab Development for their unflinching commitment and support to Ghana’s development agenda, especially for the provision of the support for the rehabilitation of the Dome-Kitase Road Project which is estimated to be three years and is expected to be completed by the end of 2022.

The Kuwait Fund loan will cover about 64 per cent of the total costs of the Project, while the remaining costs of the Project will be covered by the Government of Ghana.

In other news, Head of Cardiology at the Korle-Bu Teaching Hospital, Dr Abdul Sahmed Tanko, has cautioned the public against excessive consumption of salted tilapia (koobi).

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According to him, the excessive consumption of the salted tilapia has been cited as one of the causes of heart-related diseases in Ghana.

Speaking at the launch of World Heart Day in Accra, he described foul-smelling fish known popularly as ‘momoni’ as dangerous for one’s health and thus, has to be taken in moderation.

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Source: Yen Newspaper

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