Business News of 2014-07-11

Gov't picks PwC as transaction advisors of railway project

The Ministry of Transport has selected PricewaterhouseCoopers (PwC) as Transaction Advisors for the Boankra inland port and the Eastern railway line project.

The Boankra inland port and the Eastern Railway line project is an important multi-modal transport infrastructure development, which when completed, would improve the rail link between Tema and Kumasi.

It would also enhance the operational efficiency of both the Tema and Takoradi ports.

Mrs Dzifa Attivor, Minister of Transport, said at the contract signing ceremony that the projects will be developed through a public-private partnership arrangement (PPP).

She said with the signing of the contract; the transaction advisors would undertake various feasibility studies, develop financial and economic models, advice and manage a procurement process.

She said government had adopted PPP as a strategic investment option to finance and develop the needed infrastructure in the country.

The Minister said government’s budgetary resources are inadequate to provide these transport facilities and also to develop and maintain adequate infrastructure in the other sectors resulting in the huge infrastructure gap.

She said it was, therefore, essential that the government seeks alternative financing arrangements that would ensure adequate investment in the provision and maintenance of various infrastructure and services in the country.

“As a policy direction, PPP has been adopted as the most viable investment option by Government,” she added.

She said the project would also facilitate trade as it would bring imports and exports services closer to the doorsteps of shippers in the northern half of Ghana.

Mrs Attivor said the Advisors are expected to work closely with the Ministry and the beneficiary agencies to ensure desired results are achieved.

Mr Felix Addo, Country Senior Partner, PricewaterhouseCoopers, assured the Minister of effective execution and timely delivery of advice on the project.

The World Bank is supporting the initiative.