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Ghana gets $85m from African Development Bank for road project

Road

Ghana has received approval for a loan of $85 million from the African Development Bank (AfDB) to finance a road project, the AfDB has said.
According to the Tunis-based Bank, its Group Board of Directors on Friday approved Units of Account (UA) 53.59 million African Development Fund (ADF) loan, equivalent to US$85 million, to finance the Awoshie-Pokuase Road and Community Development Project in Ghana.
“The project involves constructing the 15-km Awoshie-Pokuase road, secondary roads and provide key socioeconomic infrastructure such as drainage, markets, water supply, schools, health centers and lorry parks,” it said in a press release.
According to the press release, the project is designed to provide integrated solutions to urban development in Accra. With more than 40 percent of its population living in urban areas, Ghana is one of the most urbanized countries in Africa.
The strategic location of the road will also specifically enhance regional integration and cooperation between Ghana and its neighbours by facilitating cross border traffic, linking the Accra-Kumasi road to the Accra-Tema Motorway extension at Awoshie. The Awoshie-Pokuase Road will then connect the Tema-Ouagadougou-Bamako corridor (UEMOA/Ghana Road Program I financed by the Bank) with the Trans-West African Coastal Highway.
The release added that the project will be co-financed by the ADF and the French Development Agency (AFD), which will provide UA 25.70 million. The Ghanaian government’s UA 5.25 million counterpart funds will be used mainly to finance compensations and resettlements.
The project is expected to be completed in June 2014.

Ghana has received approval for a loan of $85 million from the African Development Bank (AfDB) to finance a road project, the AfDB has said.

According to the Tunis-based Bank, its Group Board of Directors on Friday approved Units of Account (UA) 53.59 million African Development Fund (ADF) loan, equivalent to US$85 million, to finance the Awoshie-Pokuase Road and Community Development Project in Ghana.

“The project involves constructing the 15-km Awoshie-Pokuase road, secondary roads and provide key socioeconomic infrastructure such as drainage, markets, water supply, schools, health centers and lorry parks,” it said in a press release.

According to the press release, the project is designed to provide integrated solutions to urban development in Accra. With more than 40 percent of its population living in urban areas, Ghana is one of the most urbanized countries in Africa.

The strategic location of the road will also specifically enhance regional integration and cooperation between Ghana and its neighbours by facilitating cross border traffic, linking the Accra-Kumasi road to the Accra-Tema Motorway extension at Awoshie. The Awoshie-Pokuase Road will then connect the Tema-Ouagadougou-Bamako corridor (UEMOA/Ghana Road Program I financed by the Bank) with the Trans-West African Coastal Highway.

The release added that the project will be co-financed by the ADF and the French Development Agency (AFD), which will provide UA 25.70 million. The Ghanaian government’s UA 5.25 million counterpart funds will be used mainly to finance compensations and resettlements.

The project is expected to be completed in June 2014.

Credit:ghanabusinessnews.com

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