The government's creative plan to earn money to support the renovation and development of the Tema Motorway, a crucial road network in the nation, was announced by Finance Minister Ken Ofori-Atta.
He claims that the government will form a concession agreement between the Ghana Infrastructure Investment Fund (GIIF) and the Roads and Highway Ministry that will support the 27.7-kilometer project in accordance with the Public Private Partnership Act, 2020 (Act 1039).
Mr. Ofori-Atta stated in his Mid-Year Budget Review speech that the project will be tolled when it is finished.
Tolls will be imposed on the finished road to cover the full cost of the finished infrastructure, pay lenders, and give equity investors a profit.
The Ghanaian government will fund the project through GIIF in exchange for equity in the Special Purpose Vehicle that organization will establish.
The Finance Minister further disclosed that the government will still impose tolls on all new roads built in accordance with such concession agreements.
He emphasized that "all new roads of this sort will be tolled."
The Office of the Attorney General and the Ministry of Finance are two organizations that are now reviewing the agreement between GIIF and the Ministry of Roads and Transport.
When everything is said and done, the PPP Committee, Cabinet, and Parliament are anticipated to ratify the concession agreement.
The government announced on November 17, 2021, that tolls will no longer be collected from drivers who use toll highways around the nation.
On all public roads and bridges, tolls have been eliminated by the government. When reading the 2022 budget to Parliament, Ken Ofori-Atta said, "This comes into effect as soon as the Budget is adopted.
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