H.E. Alhaji Dr. Mahamudu Bawumia, Vice President of the Republic of Ghana and Flagbearer of the New Patriotic Party (NPP), has on August 7, 2024, joined the Ghana Highways Authority to mark its 50th Anniversary celebration, in Accra.
He has challenged stakeholders in the road infrastructure provision system to critically evaluate the current models for financing road construction and explore ways to bridge the 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.
Adding that, there is the need for us to explore the potential of Public Private Partnerships and shift our burden of financing infrastructure development to the private sector. This he says will free up budgetary funds for investments in other sectors.
Dr. Bawumia has also noted that, attention must also be turned towards “new funding schemes, leveraging on best practices and local dynamics.” These he says requires bold and innovative thinking and is confident that sustainable solutions to Ghana’s infrastructure financing gap will be brought up by the stakeholders.