Ghana Airport Company Choked In Debt And Financially Broke- Aviation Minister

Joseph Kofi Adda, the Minister of Aviation in addressing the press on July 9 said, the Ghana Airport Company is financially hard up due to some loans secured in the constructing of the Terminal 3(T3) at the Kotoka International Airport.

The Aviation Minister bemoaned the huge loans for the project which was gradually crippling the Airport.

The T3 project was funded by the African Development Bank with $250 million to reduce the constraint on the two existing terminals. The new T3 was to contain up to about five million passengers a year.

“The Ghana Airport Company Limited is currently distressed due to heavy debts. The Ghana Airport Company is choked with this T3 debt which it has been paying for a long time. Because of that, they have not been able to make any extra revenues to undertake other projects.”

“The government has been renegotiating it till it is good enough and so we continue to look for ways to bring it down even lower.” Mr. Kofi Adda expounded.

 He therefore encouraged crucial partnership to save the failing industry.

“The terminal 3(T3) building and the way it was financed is really giving the airport a headache. The total debt was about $400million but they have been able to part of it and it is down to about $300million and I think they are negotiating to see how they can bring that debt down further. They have done quite well in servicing that debt consistently.”

The Minister also said, government was ready to welcome all stakeholders or individuals with any form of assistance to sustain he Ghana Aviation Industry.

Source: GHANAFEED.COM