The loan agreement is between the Ghana government and the government of Japan, acting through the Japan International Cooperation Agency (JICA).

The approval of the agreement followed the submission of the report of the Finance Committee of Parliament, which had recommended the approval of the facility.

Project components

The project consists of a 540-metre (m) long by 17.1m wide cable stayed bridge on concrete pier and abutments.

It would have three spans - two outer spans of 96m and a middle span of 280m. There will also be towers of 51.64m high and 26.4m wide at the base.

Sidewalks, a bicycle lane and railings and a rest stop will also be part of the project.

Terms of the loan

The ¥11,249,000,000 loan has an interest rate of 0.1 per cent per annum, consulting service fees of 0.01 per annum, front end fees of 0.2 per cent of the loan amount and a maturity period of 40 years, including a grace period of 10.

The grant element is 66.64 per cent.

Trade facilitation

The Eastern Corridor Road, which starts from the Tema Roundabout and ends at Kulungugu, the North-Eastern border with Burkina Faso, covers a distance of about 695.6 kilometres.

Presenting the report of the Finance Committee, the Chairman of the Committee, Mr James Avedzi, said the completion of work on the Eastern Corridor Road would put excessive pressure on the Adomi Bridge, the only bridge across the Volta Lake.

He said the construction of a bridge across the Volta River would serve as an alternative route across the Volta River should the Adomi Bridge develop any defect or needed to be closed for routine maintenance.

It would also facilitate trade and improve the movement of goods, services and people across the country.

Mr Avedzi said the project again was expected to facilitate trade between Ghana and her neighbouring countries in the North, including Burkina Faso, Mali and Niger.

"Additionally, the project will provide both direct and indirect employment for thousands of artisans and other professionals around the project catchment area," he said.