Parliament has approved two loan agreements totalling €1564 million to finance the design and construction of Phase One of the Suame Interchange and ancillary works project in Kumasi.
The loan agreement, between the Government of Ghana (GOG) and the Deutche Bank S.A.E, is in two folds: one is for €135,396,318.38 and the other for €21 million bringing the total to €156.4 million.
The project is to convert the Suame Roundabout into a four tier interchange to ensure the free flow of traffic within the area people and reduce travelling time.
It is expected to be completed within 36 months from the commencement date in September 2022.
The House also approved two loan agreements totalling €102,248,679.45 to finance the design and construction of the Vapei, Buipe and Daboya bridges on the Volta River in the Savannah Region.
They involved €97,721,615.91 and €4,527,063.54, respectively, for the design and the construction of the three bridges.
The loan agreement is between the GoG and the Standard Chartered Bank, London.
The Buipe and the Yapei bridges on the Black and the White Volta, respectively, will span 240 metres each, while the Daboya Bridge, also over the White Volta, will cover 300 metres.
On the Suame Interchange, Mr Kwarteng said the project would improve travel time and reduce waiting time within the Kumasi metropolis, with a consequent reduction in poverty and enhanced of the country.
He said it would also improve traffic circulation and the movement of people, goods and services to support the socioeconomic development of the inhabitants of Kumasi in particular and the country as a whole.
Yapei, Buipe and Daboya bridges
The construction of the Yapei and Buipe bridges had become necessary as the existing ones, constructed in the 1960s, have outlived their lifespan, with the situation getting serious as deterioration progresses quickly with imminent risk of the bridges becoming impassable.
The non-existing bridge at Daboya over the White Volta will present enormous connectivity opportunities in the Northern and the Savannah regions.