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Ghana Gas Company welcomes alternative sources of funding
Posted on: 28-Jun-2013         Source: citifmonline.com
The Ghana National Gas Company has welcomed moves by government to seek alternative sources to fund the Ghana gas project.

The project which was to be financed by the 3 billion Chinese Development Bank (CDB) loan has suffered a number of setbacks due to the delay in disbursing the loan.

Of the 3billion facility, about $750 million was to be released last year to fund the construction of the Gas Processing Plant at Atuabo.

Early this week, President John Mahama tasked Finance Minister, Seth Terkper to look for alternative sources of funding for the project.

Chief Executive Officer of the Ghana National Gas Company, Dr George Sipa Yankey believes the move is a prudent one.

“We think it is a prudent and a wise step because the project is very important to the country and the president in his bid to finish the project before the end of this year has decided to ensure that at any given time, there is money for the project; so he is just trying to make double sure that we do not have the difficulty we have been experiencing of late,” Dr Sipa-Yankey told Citi Business News