President Akufo-Addo has launched the $2 billion SinoHydro Master Project Support Agreement and also cut the sod for the construction of the Tamale Interchange.
According to President Akufo-Addo, Ghana, through a barter arrangement, will have US$2 billion worth of priority infrastructure projects across the country, in exchange for the delivery of Ghanaian manufactured aluminium products to Sinohydro.
The barter arrangement has, thus, necessitated the establishment of the Ghana Integrated Aluminium Development Corporation, a statutory public corporation, to oversee the development of the exploitation of the full value chain of the country’s bauxite resources.
This, the President explained, is to guarantee that Ghana has a vibrant aluminium industry, “and ensure that we live up to our end of the barter transaction. This innovative arrangement, the first of its kind on the continent, is not going to add to our country’s total debt stock.”
The President made this known on Wednesday, 10th April 2019, at the Jubilee Park, in Tamale, in the Northern Region.
Each of the 16 regions will benefit from the Sinohydro arrangement. Hospitals, roads, bridges are some of the facilities to be built under the project.
Electricity will also be extended to rural communities, and residential buildings for the judicial service, landfill sites and industrial parks, will be constructed.
These projects, President Akufo-Addo explained, are to be implemented on Engineering, Procurement and Construction (EPC) basis and will be completed within 30 months after commencement.
“Government is also ensuring that, in accordance with the local content law, a minimum of 30% of works will be undertaken by Ghanaian contractors, and supervised by Ghanaian consultants. Thousands and thousands of jobs will be created for our youth, our country will be opened up for sustained growth and development, and, thereby, help put Ghana onto the path of progress and prosperity,” he added.
The President charged the Ministry of Roads and Highways and other implementing agencies to ensure that adequate and proper supervision is given to all the projects to guarantee value for money and strict adherence to completion dates.
Under Phase 2 of the Sinohydro deal, which would come on stream after approval by Parliament, an additional 1,300 kilometres of roads, 3 interchanges, and 69 steel bridges will be constructed, at an estimated $850 million dollars.
Additional housing projects, rural electrification projects, industrial parks, hospitals, sanitation projects, and additional court and residential buildings for the Judicial Service, are components of phase 2.