BREAKING NEWS: "Govt To Re-Introduce Road Tolls On Some Selected Roads" - Finance Minister
The Minister for Finance, Ken Ofori-Atta has hinted that the Akufo-Addo administration will be reintroducing road tolls on some selected roads in the country.
According to him, the reintroducing will help raise funds to facilitate the construction, rehabilitation and extension of the Tema Motorway.
Presenting the Mid-Year Budget Review in Parliament on Monday, he said Government, in line with the Public Private Partnership Act, 2020 (Act 1039), will establish a concession agreement between the Ghana Infrastructure Investment Fund (GIIF) and the Roads and Highways Ministry that will sponsor the 27.7-kilometer project"
The Finance Minister stressed that the project when completion will be tolled.
“The completed road will be tolled to recover the whole life cost of the completed infrastructure as well as pay lenders and provide a return for equity investors.
“The Government of Ghana shall provide funding through GIIF to take equity in the Special Purpose Vehicle to be created by GIIF for the project,”
Despite a cancelation of road tolls, the Finance Minister further revealed that government will toll all new roads constructed under such concession agreements.
“All new roads of this nature will be tolled,” he stressed.
Touching on the contract drawn so far, the Minister said a draft concession agreement between GIIF and MoRH is currently under review by all parties including the Office of the Attorney-General and Ministry of Finance.
“When completed, the concession agreement is expected to be approved by the PPP Committee, Cabinet and Parliament,”
It will be recalled that in November 17, 2021, the Akufo-Addo government hinted that motorists who ply various road in the country, will no longer be required to pay tolls.
Story by: Joshua Kwabena Smith