Finance Minister Ken Ofori-Atta has revealed government\u2019s innovative strategy to raise funds to facilitate the rehabilitation and extension of the Tema Motorway, a critical road network in the country.<\/p>\n
According to him, government in line with the Public Private Partnership Act, 2020 (Act 1039) will establish a concession agreement between the Ghana Infrastructure Investment Fund (GIIF) and the Roads and Highway Ministry that will sponsor the 27.7-kilometer project.<\/p>\n
Delivering the Mid-Year Budget review, Mr. Ofori-Atta said the project upon completion will be tolled.<\/p>\n
\u201cThe completed road will be tolled to recover the whole life cost of the completed infrastructure as well as pay lenders and provide a return for equity investors\u201d.<\/p>\n
\u201cThe Government of Ghana shall provide funding through GIIF to take equity in the Special Purpose Vehicle to be created by GIIF for the project,\u201d he mentioned.<\/p>\n
Despite a cancelation of road tolls, the Finance Minister further revealed that government will toll all new roads constructed under such concession agreements.<\/p>\n
\u201cAll new roads of this nature will be tolled,\u201d he stressed.<\/p>\n
Speaking on the contract drawn so far, the Minister said a draft concession agreement between GIIF and Ministry of Roads and Transport is currently under review by all parties including the Office of the Attorney-General and Ministry of Finance.<\/p>\n
\u201cWhen completed, the concession agreement is expected to be approved by the PPP Committee, Cabinet and Parliament,\u201d he continued.<\/p>\n
On November 17, 2021, government revealed motorists who ply tolled roads across the country, will no longer be required to pay tolls.<\/p>\n
\u201cGovernment has abolished all tolls on public roads and bridges. This takes effect immediately the Budget is approved,\u201d Ken Ofori-Atta said while reading the 2022 budget to Parliament.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
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