§ 14. Mr. William Hamiltonasked the Secretary of State for Commonwealth Affairs if he will state the terms of the loan made to Ghana for the building of the luxury vessel recently launched on the Clyde; what was the date on which the agreement was made; and what assurances he has received from the present Ghanian Government that they will honour the agreement.
§ Mr. George ThomasThe Government of Ghana were informed on 8th October, 1964, that Her Majesty's Government was willing to provide a credit to cover 90 per cent. of the cost of building a frigate (£4,127,000) in a Clyde shipyard. This was announced in this House on 10th November, 1964.
The loan was to bear interest at 6 per cent. and to be repaid as to 3/10ths before delivery of the frigate, the balance in 14 half-yearly instalments beginning at six months thereafter.
Revised terms of repayment will shortly be renegotiated with the Ghanaians.
The Ghana Government have already announced their determination to pay all their debts.—[Vol. 701, c. 50.]