Former Trade and Industry Minister Alan Kwadwo Kyerematen has called on the government to rely more on private capital to finance the proposed US$4 billion Accra-Kumasi Expressway.
He argues that the project, which is expected to generate revenue, should not require the government to commit scarce public funds when private investors could provide the needed financing.
Mr Kyerematen made the proposal during a public lecture at the British Council on the theme, “Transformation of the Ghanaian Economy: From Stability to Prosperity.”
He questioned the decision to use state resources to finance a commercially viable road, arguing that private investors could finance, construct and operate the expressway while recovering their investment from revenue generated by the project.
“You are using four billion dollars to finance a commercial road, which currently can be financed by the private sector,” he said.
According to him, the government should consider public-private partnerships as part of a broader strategy to reduce pressure on public finances.
Alan said Ghana had for decades relied heavily on government resources to fund infrastructure and that this approach should change.
He believes commercially viable projects should be structured in a way that allows the private sector to take a greater role in financing and managing them.
The former minister also argued that such an arrangement would allow the government to redirect funds to other infrastructure needs, particularly roads in communities across the country.
His comments come as preparations continue for the construction of the Accra-Kumasi Expressway. The government has said it plans to finance the project without borrowing, with President John Mahama recently announcing that US$2 billion had already been secured domestically.
The former minister maintains that greater use of private capital should form part of Ghana’s wider economic transformation strategy, with the government providing the policy framework for private investment in commercially viable infrastructure projects.
