Parliament has approved an amount of Eleven Billion,Two Hundred and Thirty-Nine Million Japanese Yen(¥11,239,000,000.00) For the construction of a new bridge across the Volta River on the Eastern Corridor Road at Volivo.
The Eastern Corridor Road starts from the Tema Roundabout and ends at kunlungugu,the North – Eastern Border with Burkina Faso covers a distance of about 695.6km. The route also provides the shortest access to the Tema Port from the Northern parts of the country.
The construction of the road is expected to increase vehicular traffic on the route.
Chairman of the finance committee in Parliament , Hon Avedzi Klutse while presenting the committee’s report noted that the Adomi Bridge remains the only bridge across the Volta lake and it expected the completion of work on the Eastern Corridor road network will put excessive pressure on the Adomi Bridge hence the need to to construct an alternative bridge across the Volta River should the Adomi Bridge develop any defects or needs to be closed for routine maintenance.
The project consists of a 540m long and 17.1m wide cable stayed bridge on concrete pier and abutments.lt would have three spans -two outer spans of 96m and a middle span of 280m.
The report by the committee also stated that the Eastern Corridor road will eventually become one of the main south – north corridor because it is the shortest route to the Northern sector of the country. Vehicular traffic is expected to increase significantly on the Corridor when work is completed on the road. The report also noted that it is important to have more than one crossing points on the Volta River hence Volivo has a vital role to play.
It will ensure uninterrupted flow of traffic in the event of any unforeseen circumstances resulting in the closure of the Adomi Bridge.
Below is the breakdown of the terms and conditions of the facility
Loan Amount ¥11,239,000,000
Interest Rate. 0.1% per annum
Consulting service Fees. 0.01% per annum
Front End Fees. 0.2% of the loan
agreement
Maturity period. 40 years ( including a grace period of 10 years)
Trying status. STEP( Special term for economic partnership under which the detailed design would be undertaken through JICA’S technical assistance)
Grant Elements. 66.64%
The committee is of the view that implementation of the project is necessary to achieve the desired impact of the Eastern Corridor Road Project.
The loan agreement is in accordance with Article 181 of the 1992 constitution,Public Financial Management Act,2016(Act 921) and order 169 of the standing orders of the Parliament of Ghana.
Source:Theresa adezewa aryeetey/NewsGhana.com.gh
