Business News of Tue, 14 Nov 20175
Railway budget to shrink by 36.87% in 2018 budget
Budget allocation to the Ministry of Railways Development is to be reduced from GH¢518.42 million in the 2017 budget to GH¢327 million in 2018.
The reduction represents 36.87 per cent, sources familiar with the contents have told the GRAPHIC Business.
When confirmed, the reduction could affect the pace of development of the railway sector, which the government has been identified as one of the sectors it expects to stimulate economic growth in the country.
The railway ministry was established last year in line with the government’s vision to systematically revamp the rail sector and get it to contribute to the development and economic transformation of the country.
The ministry is tasked with the implementation of railway master plan, which hinges on revamping existing lines, building new lines, procuring coaches and enhancing the capacities of staff in the sector.
The new ministry is structured under the traditional four-line-directorates, with additional directorates namely – the Railways Development and Services, and Railway Investment Management.
It is expected to provide the railway infrastructure and services as well as associated infrastructure as part of an integrated transport system which was aimed at facilitating the establishment of Ghana as a transport hub within the West African sub-region.
Today's Business News