Ghana has an advanced infrastructure platform when compared with other low-income countries in Africa. In an effort to establish itself as an important gateway to the West African market, the Ghanaian government is continuously making strides to improve the country’s infrastructure. With a bright future ahead on the African continent Ghana’s finance ministry has signed a loan agreement worth 280 million euros ($334 million) with Standard Chartered to fund a new section of highway, the British bank said on Monday.
“The funding will cover a 64km intersection of the new Ghana Eastern Corridor which, when completed, will connect the country’s largest port, Tema, with the town of Kalungugu on the country’s northeastern border with Burkina Faso. The Ghanaian government says that the upgraded route will positively impact the lives of around 500,000 local residents from underserved populations. It will drive employment opportunities and trade, providing shorter access to the port of Tema and linking regions within Ghana and also neighbouring countries. Additionally, the bank says that the intersection will improve road safety and better access to healthcare and other essential services.”
source- GT Review
“Having operated in Ghana for over 125 years, we are able to advise and play a leading role in tapping liquidity around the world for major sustainable infrastructure projects in the country,” said Xorse Godzi, Standard Chartered’s country head in Ghana.
The transaction is the sixth ECA-supported deal in Ghana arranged by Standard Chartered in the past 12 months, with a total of just over €560mn of financing being committed by the bank to the country’s transport and healthcare infrastructure in that time period.