Vice President Dr Mahamudu Bawumia has acknowledged that Ghana has challenges in providing adequate road infrastructure due to fiscal challenges.
Speaking to stakeholders in Accra, the Vice President challenged stakeholders in the road infrastructure provision system to, “critically evaluate the current models for financing road construction and explore ways to bridge the huge financing gap”.
According to recent estimates, Ghana requires $12 billion to clear the maintenance backlog and enable the network of about 94,203km to be at an optimal level.
However, current funding levels only cover about 38% of this requirement, leaving a significant shortfall. “This gap translates into deteriorating road conditions, increased maintenance costs, and missed economic opportunities”, Dr Bawumia noted.
He said that going forward, “we will need to explore the potential of Public Private Partnerships, shifting the burden of financing infrastructure development to the private sector and freeing up budgetary funds for investments in other sectors”.
He also proffered the need to look at new funding schemes, leveraging on best practices and local dynamics.
“This requires bold, innovative thinking, and I am confident that all stakeholders will come up with sustainable solutions to our infrastructure financing gap”, Dr. Bawumia acknowledged.
