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Half of Ghana’s GDP required to rejuvenate railway sector
The nation requires about half the entirety of its Gross Domestic Product (GDP) to be able to refurbish the near defunct railway sector
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This is an inference from the declaration by the Chief Executive Officer of the Ghana Railway Development Authority that, the nation requires about half the entirety of its Gross Domestic Product (GDP) to be able to refurbish the near defunct railway sector.
According to Richard Diedong Dombo, about $21.5 billion is needed to procure new coaches, refurbish existing lines and construct additional 4,007.6 kilometers of railway lines across the country.
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Mr. Richard Diedong Dombo told Graphic Business that relying on the state to revamp the railway sector will be unrealistic, hence the authority has decided to market the railway sector master plan to attract investors under a build, own, operate and transfer (BOOT) arrangement.
“The nation does not have the resources to undertake this master plan in one stretch. As a country, we cannot prioritize just the railway sector as there are other priorities such as health, education and agricultural so the railway sector gets just a slice of the national resources and this means we have to think outside the box, which is government funding," he said.
He revealed that the authority is studying proposals that are trickling in from more than 230 investors comprising of individuals, groups, and banks across the globe.
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