Business News of 2014-07-31

Mahama outdoors $750m roads improvement plan

Government has decided to commit a total of $750 million to the improvement of the country’s roads over the next five (5) years. Announcing the plan, President John Mahama said the improvement in roads infrastructure would help open up the countryside and also improve access to farming communities for the evacuation of foodstuff.
Ghana currently has an annual infrastructure gap of about $1.5 billion, making it impossible to meet the various infrastructure requirements including roads. While government continues to expand and construct new roads, their capital intensive nature means only a few is executed each year.
To help address the infrastructure deficit, President Mahama this year introduced the Ghana Infrastructure Investment Fund (GIIF), which has just been approved by parliament and when operational, is expected to help in addressing the identified gaps.
Speaking during a meeting with the Standing Committee of the Western Region House of Chiefs, President Mahama acknowledged the need to improve the country’s road network. He informed the chiefs that a number of major trunk, feeder and cocoa roads are been constructed, but said the $750m roads improvement plan is targeted at improving the state of our roads.
The chiefs were at the Flagstaff House to thank the President for the start of a number of major developmental projects in the region and also bring to his attention others that require urgent consideration.
Source: presidency.gov.gh
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