Ghana's government will not borrow to finance the construction of the Accra-Kumasi Expressway. Finance Minister Dr. Cassiel Ato Forson confirmed that the full amount needed for the project will be available by December 2026. This commitment underscores a strategic shift towards domestic resource mobilization for major infrastructure.
The government plans to secure all necessary funds internally for the 198.7-kilometre expressway. This approach aims to prevent further accumulation of national debt. The project is crucial for improving connectivity and economic activity between Ghana's two largest cities. It will also ease pressure on existing road networks.
This decision aligns with Ghana's broader efforts to manage its public debt and achieve fiscal sustainability. The nation has faced significant debt challenges in recent years, leading to a restructuring program. Relying on domestic funding for such a large project signals a cautious fiscal stance. It also reflects a commitment to self-reliance in infrastructure development. The Accra-Kumasi corridor is a vital economic artery, connecting agricultural regions to urban markets. Improving this route is expected to boost trade and reduce logistics costs for businesses.
Dr. Ato Forson stated, “As your Minister for Finance, I want to use this opportunity to assure the nation that the entire amount needed for the construction of this expressway will be ready by December 2026. For the avoidance of doubt, we will not borrow a Pesewa for this construction.” He made this assurance on Monday, September 14, at a significant handover ceremony. The Ghana Armed Forces had just cleared and handed over a 175.6-kilometre right-of-way for the project. This action marks a critical step forward in the expressway's development.
The implications of this funding strategy are significant for Ghana's economic outlook. Avoiding new external debt for the expressway could improve investor confidence in the government's fiscal discipline. It may also free up borrowing capacity for other essential sectors. Businesses and commuters will closely watch the project's progress, anticipating reduced travel times and lower transport costs. The government expects construction to begin in January 2027. Successful domestic funding could set a precedent for future large-scale infrastructure initiatives. This approach could also stimulate local financial markets and investment. The expressway is designed to enhance road safety and accommodate growing traffic volume. Its completion will significantly impact Ghana's logistics and supply chain efficiency. The project is expected to be operated and maintained for 50 years through toll revenue. This model aims to recover taxpayer investment and ensure long-term sustainability. The government's commitment to domestic funding reflects a mature approach to national development. It prioritizes fiscal prudence while addressing critical infrastructure needs. This move is a strong signal to both domestic and international stakeholders. It demonstrates Ghana's resolve to manage its finances responsibly. The expressway will also create jobs during its construction phase. This will further contribute to local economic growth. The project's success hinges on the government's ability to mobilize the promised domestic resources by the December 2026 deadline. This will be a key indicator of its financial management capabilities.