Societe Generale Group, one of the leading French banks with over 80 subsidiaries throughout the world has signed a $45 million Loan Agreement with the government of Ghana for the Accra Streets Asphalting project.
The project is expected to make a significant impact on road infrastructure in the region.
Speaking at the signing ceremony Mr. Gilbert Hie, Managing Director, SG-Ghana said “Societe Generale has invested in Ghana’s financial sector in view of the stable political environment, prudent and efficient manner of the Ghanaian economy by the government.”
“Even with the current economic challenges, Societe Generale believes that with the pragmatic economic measures put in place by the Government the Ghanaian economy will bounce back on track,” he said.
In Ghana, Societe Generale Ghana which is the local subsidiary of Societe Generale has 40 branches all over the country.
“There is rule of law and respect for human rights in the country and the country’s democracy has deepened. Therefore as a true development partner of Ghana Societe Generale has financed various Government of Ghana projects to the tune of USD500 million between 2009–2015,” he said.
Some of the projects Societe Generale has financed include the Aboaze Thermal Plant; Fire Tenders for the Ministry of Interior; Steel Bridges for the Ministry of Roads & Highways; E-Government Project for the Ministry of Communication; two GRIDCo Transmission Projects; and the participation in the Ghana Cocobod Cocoa Syndication since 1997 to date.
Mr. Hie said “Societe Generale Group is happy to support Ghana’s road sector by financing the $45 million Accra Streets Asphalting Project. The signing of this agreement today has come at an opportune time to support the Ghana Government to address some of the challenges in the road sector particularly Accra streets.”
“It is our desire to partner the Ghanaian Government in the socio economic development of this country and to strengthen the already cordial business relations that presently exist between Societe Generale Group, Societe Generale Ghana and the Government of Ghana in the years ahead,” he said.
For his part Alhaji Inusah Fuseni, Minister of Roads and Highways who signed on behalf of government lauded the group for the facility.
He said the project would provide a major facelift to roads in the capital town and was in tune with the government’s efforts at improving the road sector.