President John Dramani Mahama has announced that US$2 billion has been secured to finance the construction of the Accra-Kumasi Expressway, assuring that funding will not be a constraint once work begins.
According to the President, the funds have been sourced from taxpayers and placed in a dedicated account at the Bank of Ghana to ensure that payments to the contractor are made promptly throughout the project.
President Mahama said the arrangement is intended to prevent delays and interruptions by ensuring that certificates submitted by the contractor are settled on time.
“This is our own money. We have not gone to borrow money from anywhere. This money is the taxpayers’ money,” President Mahama said.
He was speaking at a ceremony on Monday, September 14, to formally hand over the 175.6-kilometre cleared right-of-way for the construction of the expressway.
No borrowing for project
Finance Minister Dr Cassiel Ato Forson has also assured that the full funding required for the project will be available by December 31, 2026.
The government has maintained that it will not contract new loans to finance construction of the expressway.
President Mahama said the availability of funds would allow the project to progress without the payment-related challenges that have affected some major infrastructure projects in the past.
The President has further directed the Minister for Roads and Highways to ensure that the Ghana Armed Forces Engineers Regiment is engaged as a major subcontractor to the principal contractor.
The involvement of the Engineers Regiment is expected to complement the work of the main contractor and contribute to the timely delivery of the major road infrastructure project.
The Accra-Kumasi Expressway is expected to improve connectivity between the two major economic centres, reduce travel times and support trade and economic activity along the corridor.
