230 investors across the world ready to invest in Ghana’s railway sector

Ghana has received over 230 investors across the world who have expressed interest in partnering the government to restore the country’s ailing railway sector.

Ghana's railway sector

This follows a decision the government of Ghana took to revamp the country’s railway since it has not been working for some years now.

The restoration includes the development of new lines that could include the country’s North-South line which was conceived in the 1950s but has been left on the drawing board.

According to the Ghana Railway Development Authority (GRDA), the estimated amount that will enhance the full implementation of the project will cost about $21.5 billion.

The amount is needed to procure new coaches, refurbish existing lines and construct additional 4,007.6 kilometres of railway lines across the country.

The Chief Executive Officer of GRDA, Mr Richard Diedong Dombo who spoke to reporters revealed that, because the government at the moment does not have the funds required for the full implementation of the master plan, the authority decided to market the plan in bits to attract investors under a ‘build, own, operate and transfer’ (BOOT) arrangement.

Mr Dombo further said that although the authority had not yet put out any tenders or any publications inviting interests, it had received “unsolicited bids from more than 230 investors” willing to take part in the revamping of the sector.

The bids came from individuals, groups and banks across the globe.

Meanwhile, the Minister for Railway Development, Mr Joe Ghartey, had earlier told Parliament that $40 million had been released to the contractor to commence construction in October.

“Another US$ 40 million requested by the contractor was being processed in line with the contract terms,” he added.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.com.gh