Parliament approves loan for Obetsebi-Lamptey Interchange
Parliament has approved a buyer credit facility and a commercial credit facility agreement totalling $39.2 million for the implementation of the Obetsebi Lamptey Interchange project and related works.
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The agreements are between the government and the HSBC Bank Plc of the United Kingdom (UK).
The approval of the agreements followed the presentation of the agreements by the Finance Committee of Parliament.
The project consists of the construction of a three-tier interchange at the current Obetsebi Lamptey Circle and a Graphic Road flyover to grade separate traffic on the Kaneshie-Mallam Road towards the Graphic Road.
It involves the construction of the Kaneshie flyover to grade separate the left turn traffic from Kaneshie towards the Kwame Nkrumah Circle.
Under the project, the Ring Road West from Ring Road flyover to the Obetsebi Lamptey Circle would be widened into a three-lane dual carriageway with provision for BRT facilities.
It also includes the widening of the Nii Teiko Din Street from the Pramprom Junction to the Awudome Road into a two-lane dual carriageway.
Terms of facility
The repayment period for the buyer's credit facility is 10 years with two years grace period.
The commitment fee is 0.8 per cent per annum, a structuring fee of 1.75 per cent flat and an arrangement fee of US$185,000 flat.
For the commercial credit facility, a repayment period of 3.5 years, grace period of 1.5 years, a commitment fee of 1.95 per cent per annum, a structuring fee of 1.75 per cent flat and arrangement fee of US$70,000 flat.
The report of the Finance Committee indicated that the implementation of the project would contribute immensely to reduce flooding as a result of drainage problems around the Obetsebi Lamptey Circle and its immediate environs.