Local contractors have expressed disappointment in government’s move to pay its service providers with part of Eurobond proceeds to rather foreign contractors at their expense.

The Finance Ministry has released the cedi equivalent of 200 million dollars of the recent Eurobond for the payments.

The 400 million Ghana cedis to be channeled into the Consolidated Fund is for the payment of ongoing capital projects in various sectors of the economy.

The Association of Road Contractors has however described the development as most unfortunate.

The President, Ebo Hewton told Joy Business: "It is the bulk of the local contractors who are suffering because of this long delay in payment. We have the Cocoa Roads, we have Road Fund roads, and in all these cases there are arrears, one year and above that are supposed to be cleared...what is mentioned is the Consolidated Fund, and most of the Consolidated Funds projects are for foreign contractors."

Meanwhile, government is to make payments to the contractors through the Electronic Funds and Transfer System.

Beneficiaries are therefore requested to first submit certificates of work done as well as their bank details to the relevant MDA’s and MMDA’s by Sept 15.