Ghana requires an estimated $271.7 billion to expand its road network from 78,401 km in 2016 to 253,000 km by 2047, according to the Minister of Finance, Mohammed Amin Adam.
Speaking at a forum on road financing in Accra yesterday, Dr. Amin Adam outlined that the plan, detailed in the Ghana Infrastructure Plan, aims to increase paved roads to 70 percent and to improve connectivity between urban areas through multi-lane carriageways and long-span bridges across the Volta Lake. Achieving these goals translates to approximately $9 billion in annual investment. Additionally, about $1.3 billion will be needed each year for maintenance and improvements.
Since January 2024, the government has invested GH¢10 billion (approximately $660 million) into the road network, with a further GH¢7.6 billion (around $509 million) in planned investments.
With Ghana’s population growing at about 2 percent annually, Dr. Amin Adam stressed the urgency of delivering reliable infrastructure and public services, including affordable housing and improved transportation. The government has implemented a coordinated approach to infrastructure delivery as outlined in the Ghana Infrastructure Plan 2018-2047, aiming to address the country’s infrastructure challenges effectively.
Key initiatives include the recently launched District Road Improvement Programme (DRIP) and the upcoming Economic Roads Improvement Initiative. These programs are designed to fund roads that support crucial areas such as agricultural hubs and tourist sites.
However, Dr. Amin Adam acknowledged that public sector funding alone would not suffice to bridge the infrastructure gap. He emphasized the need for increased private sector involvement and reassured that his ministry would facilitate investor support to deliver “bankable” projects without bureaucratic delays.
The minister also highlighted the potential for leveraging pension funds, noting that pension assets under management reached nearly GH¢50 billion last year. He proposed working with pension fund regulators to create a framework that allows these funds to co-invest in commercially viable infrastructure projects offering stable returns.
Additionally, a revised framework for road and bridge tolls, set to be developed in 2025, aims to mitigate commercial risks and encourage greater participation from pension funds and private investors in road and infrastructure projects.
The World Bank’s Country Director, Robert Taliercio O’Brien, praised Ghana for having the second-largest pipeline of road projects in the sub-region and the 38th largest globally by dollar value. He acknowledged the country’s progress as a result of strong leadership, effective institutions, and significant financing flows. However, he also noted that macroeconomic challenges have impacted the completion of some ongoing road projects