Finance Minister, Ken Ofori-Atta has disclosed that the government will resume the collection of tolls on the Accra-Tema motorway under the Ministry of Roads and Highways (MoRH) Public-Private Partnership (PPP) to recover the whole cost of the completed road.
Delivering the Midyear Budget Review on Monday, July 25 in Parliament, the Finance Minister, Ken Ofori-Atta disclosed a draft Concession Agreement (CA) between GIIF and Ministry of Roads and Highways (MoRH) is currently under review by the Office of the Attorney-General and Ministry of Finance.
The toll will also be to “pay lenders and provide a return for equity investors.”
The collection of road tolls nationwide was stopped as part of a policy announcement in the 2022 budget.
Under the Public-Private Partnership (PPP) programme for road infrastructure, the Accra-Tema Motorway and Extension PPP Project to 10 lanes is currently at its procurement stage.
Site works are expected to commence in September 2022.
“The Government of Ghana has made a strategic decision, in line with the Public Private Partnership Act, 2020 (Act 1039) to procure the Accra-Tema Motorway and Extensions Project through GIIF with a mandate to deliver a Ghana Infrastructure Investment Fund-led PPP financing solution, where maximum funds are raised from the market,” the Minister explained.
Majority ownership of the project will remain with the GIIF on behalf of the government.
The Minister also noted that the draft Concession Agreement between GIIF and MoRH is currently under review by GIIF, MoRH, the Office of the Attorney-General and the Ministry of Finance.
When completed, the Concession Agreement is expected to be approved by the PPP Committee, Cabinet and Parliament.
The government is providing funding through GIIF to take equity in the Special Purpose Vehicle to be created by GIIF for the project.