Government committed to infrastructure development – Finance Minister

The Minister for Finance, Dr. Mohammed Amin Adam has reiterated government’s commitment to the Eastern Region, particularly its first share of infrastructural development.

“In this year’s budget we allocated about GH¢4 billion to the Ministry of Roads in order for us to be able to make payments to contractors so that they can complete road infrastructure projects that commenced a few years ago,” he noted.

He made this known when he led a delegation from the ministry to pay a courtesy call on Osagyefuo Nana Amoatia Ofori Panin at his palace in Kyebi in the Eastern Region.

DrAdams explained that key projects such as the University for Environment and Sustainable Development have stalled because of debt suspension following the country’s decision to seek IMF support. He, however, announced that the Exim Bank of Korea has resumed disbursement towards those projects.

“Government has executed so many projects including road infrastructure and I want to assure you of the President’s commitment and resolve to complete the projects he started in this Region,” he added.

With respect to the Koforidua Hospital, Dr. Amin Adam indicated that feasibility studies have been conducted and that a contractor has been selected and discussions are currently ongoing to ascertain the best financing module for the project.

“We are working with the United Kingdom Export Finance to disburse all IPCs that were issued before November 2023, so by the end of this quarter, up to about €6.6 million would be disbursed to the contractor and we hope that would remobilise and go back to site soon."

“We would still have about 4 to 2 million euros to be disbursed and we are working so hard to complete negotiations with official creditors in order to determine when we can disburse that amount of money for the project to be completed,” he said.

The visit, among other things, was to seek the Osagyefuo’s blessings and counsel as he commences his arduous task as the finance minister of the country.

“I have come before you to seek your counsel and blessings. I know that you have counseled so many ministers and so many Presidents of our country. This job is a very difficult one but with your wise counsel, blessings, support and prayers, I have no doubt that God would see us through,” the finance minister noted.

Lauding his predecessor, he said: “Ken Ofori-Atta is a son of this land and he has done so much for our country. He sacrificed so much for our people and laid a very good foundation for the economy before COVID-19 struck the world and the Russia and Ukraine war compounded the situation”.

The minister however noted that under the direction and guidance of President Akufo-Addo, the former finance minister successfully steered the country’s economy out of the crisis, adding that it is now experiencing palpable signs of recovery as far as key economic indicators are concerned.

He further indicated that aside Inflation going down, the country’s fiscal deficit is being controlled and growth is being enhanced beyond IMF projections, due to prudent fiscal measures put in place by his predecessor.

“I find it a privilege to be stepping into his huge shoes. He did this foundation and I am coming to build on it and with your wise counsel, I believe I will be able to contribute my quota to the management of the economy,” the minister also stated.

He praised the king for relentlessly championing the cause of environmental sustainability through his numerous fights against the scourge of illegal mining in the country and beyond.

“Your area and region have also contributed significantly to the economy of our country. Several mineral resources that this country has benefited from for decades, in addition to forest resources and agriculture, have come from this place,” he said.