China Eximbank provides $81 million export seller's credit to CWE for the 4th Phase of the Self-Help Electrification Project (SHEP)

Project narrative

On November 12, 2006, the Government of Ghana and China International Water and Electric Corporation (CWE) signed an $81 million supplier credit agreement for the 4th Phase of the Self-Help Electrification Project (SHEP). This credit has a 16.5 year maturity. Its final maturity date is July 7, 2023. The loan’s (principal) amount outstanding was GHS 382,560,000 ($68,314,285) as of December 31, 2020 and GHS 272,400,000 ($52,384,615) as of December 31, 2021. In order to finance its supplier credit agreement with the Government of Ghana, CWE secured an export seller’s credit from China Eximbank. The purpose of the project was to connect 580 communities (villages and towns) in 8 regions (Ashanti, Central, Eastern, Volta, Western, Greater Accra, Brong Ahafo and Upper West regions) to the national electricity grid. CWE was the EPC contractor responsible for implementation. It signed an EPC contract in January 2006 worth $90 million. The supplier credit was used to finance 90% of the cost of the EPC contract. The Government of Ghana was responsible for financing the other 10% of the cost of the EPC contract. Construction began on August 30, 2007. As of July 2010, the project was still in implementation. This project was eventually completed, but its exact date of completion is unknown.