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Government has Received $150 million From Synohydro Deal-Group

Public Relations Officer of Akufo-Addo’s Government Advocates (AAGA), Eric Kyei has stated that the Synohydro deal which the government signed is on track.

According to him, despite the negative assertions by the opposition National Democratic Congress (NDC) the deal is going as planned.

He claimed that Ghana had already received the first tranche of $150 million out of the $380 million for the first tranche.

In its quest to bridge the severe infrastructure deficit in the country, the government of Ghana entered into a $2 billion Master Project Support Agreement (MPSA) with the Chinese state-run, Sinohydro Corporation Limited in September 2018.

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Per the deal, Sinohydro, a hydropower engineering and construction firm, is expected to 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 government of Ghana earmarked the Atiwa forest was as the site to be exploited by the Chinese company for 15 years.

The projects include hospitals, an extension of electricity to rural communities, construction of court and residential buildings for the Judicial Service, landfill sites and industrial parks.

Some have criticised the deal saying the $2 billion deal between Ghana and Sinohydro will only add up to the debt stock of the country, thereby, burdening the already burdened taxpayer.

But Mr. Eric Kyei has slammed the Minority indicating that they don’t know what they are talking about.

He further took a swipe at the opposition National Democratic Congress (NDC) describing, the party as one that is only competent in going to the International Monetary Fund for a bailout.

He also posited that we always witness inappropriate fiscal and monetary policies, which leads to large economic imbalances (such as large current account and fiscal deficits and high levels of external and public debt) whenever the NDC is in power.

By: Rainbowradioonline.com/Ghana

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