Akufo Addo Orders GHC 2.2 billion released to CONTRACTORS -After non-payment caused Bank Collapse

President Akufo Addo has ordered Finance Minister Ken Ofori-Atta to release GH¢2.2 billion to pay off road contractors whose contracts have not been paid by the government for a long time.

This is coming after months of agitations by frustrated road contractors and after banks like Groupe Nduom (GN) Bank had complained that the refusal of the government to release funds to these contractors had played a major part in what the Bank of Ghana described as liquidity problems that justified  revoking its banking license.

At the last check, while the government claims it only owes Groupe Nduom GHC 30 million, the angry GN puts the figure at a whopping ¢300million and another GHC 2.2 billion owed its subsidiaries-Gold Coast Securities, after it had pre-financed several infrastructural projects.

However, on Monday, October 7, 2019, Kwasi Amoako-Atta, the Minister of Roads and Highways announced that the President ordered the release of the funds which would significantly ease up pressure in the road and other infrastructure sector.

He was responding to a concern raised about the road infrastructure network in the Region on behalf of President Nana Akufo Addo at the Brong-Ahafo Regional House of Chiefs.

Mr. Amoako-Atta said on the assumption of office in January 2017 by President Akufo Addo, only 23 per cent of 78,000 road network in the country were tarred, while the remaining 77 per cent was untarred.