KIA Terminal 3 Loan Interest Rate Expensive – Kofi Adda


The Aviation Minister, Joseph Kofi Adda has lamented on the interest rate for the loan which was contracted for the construction of the Kotoka International Airport’s Terminal 3 Project, describing it as, “expensive.”

He drew the attention of the heads of agencies on the need to protect the public purse as far as public procurement is concerned, and said, “In the recent past the high concentration of operational cost and the use of expensive money cost to carry out projects; in some cases, the high rate on loans such as the loans for the terminal 3 airport…facility attracted an interest rate of 8.5 percent [which] at the time was very high.”

He cried out over the interest rate, while speaking at the sod – cutting ceremony for the construction of the Ghana Civil Aviation Authority’s New headquarters building and the Kotoka International Airport Northern Apron Project, on Tuesday, March 5, 2019.

The headquarters building and the KIA apron projects are in line with the government’s plan to make Ghana an aviation hub within West Africa and a destination of choice for travellers.

Yoed Chizik, the Business Dev’t Director of Amandi Investments Ltd., showing Kofi Adda, an artist’s impression of the proposed headquarters of the GCAA during the sod-cutting ceremony at the KIA

Meanwhile, work on the apron, an area of the airport where aircraft will park, unload and load, refuel or for boarding and the office building is expected to be completed in two years. The office will provide a modern and improved working environment for the workers of the GCAA.

Prior to the sod – cutting ceremony, the Aviation Minister stated that, the projects were based on the government’s conviction that having aviation infrastructure would attract more global industry players to the country.

On safety, Kofi Adda noted that, a legislation is being drafted to strengthen safety and security in Ghana’s aviation sector, following the granting of Executive approval by President Akufo Addo to amend and cure the defects in the existing laws.

The new regulations, he asserts, would be introduced to make way for the establishment of an Independent Accident and Serious Incident Investigations Bureau. He also spoke on traffic congestion and explained that, plans have been advanced to expand the road network, as well as introduce other modern forms of transportation, such as light rail, to serve Airport City One and Two.


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