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12.06.2009 Business & Finance

Ghana, AfDB sign agreement

By gna
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Accra, June 11, GNA – Ghana and the African Development Bank (AfDB) on Thursday signed a supplementary financing agreement totalling 64.65 million dollars for the completion of three on-going road projects.

They are the Tema-Aflao Rehabilitation Road Project, Akatsi-Dzodze-Noepe upgrading and the West African Economic and Monetary Union (UEMOA) - Ghana Road Programme, made up of Techiman-Kintampo section and the Apaaso-Kintampo section.

Mr Fifi Kwetey, Deputy Minister of Finance and Economic Planning, signed for Ghana while Mr Alieu Jeng, AfDB Ghana Country Office Resident Representative, signed for the Bank.

In brief remarks, Mr Kwetey reiterated government's commitment to improve infrastructure saying the funds had come at an opportune time when huge investments were needed to overcome the challenges facing infrastructural development.

“We are thankful to the African Development Bank for its efforts to work in tandem with the government to quickly implement these projects, since this reflects the commitment of President John Evans Atta Mills to expand the infrastructure in the eastern corridors of Ghana and further promote economic growth, regional trade and integration,” he said.

Mr Jeng said the Bank together with the Ministry of Roads and Highways would develop an action plan to fast-track the projects for successful completion as well as to avoid future cost overruns.

He reiterated AfDB's commitment to the socio-economic development of Ghana

saying “these projects support Government of Ghana's goal of poverty reduction and economic development by reducing travel time and vehicle operating costs, resulting in reduced road user costs for both passengers and freight”.

In December last year, the Board of Directors of the African Development Fund approved the three supplementary loans for the completion of the projects due to price increases of inputs for road construction such as bitumen, cement and steel.

The Techiman-Kintampo road is part of the Tema-Ouagadougou-Bamako corridor whilst the remaining 51.55-kilometre Akatsi-Agbozome-Aflao road is part of Ghana-Togo-Benin corridor.

The completion of these roads is expected to improve transportation between Ghana and these countries.

The 30-kilometre Akatsi—Dzodze-Noepe upgrading involves asphalt concrete surfacing. When completed it would offer transporters an alternative road to Togo that by-passes the Togolese capital.

GNA

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