The African Development Bank has made a historic signing of a high-speed railway construction concession agreement for Ghana. The agreement was signed on the first day of the #AfricaInvestmentForum on Nov 11, 2019.
This project is the implementation of a high capacity public transport system, fully automated and cost-efficient; utilizing the lastest pneumatic propulsion technology for a total investment of $2.6 billion. The #AccraSkytrain is huge for Ghana as it will create 5,000 jobs during its implementation phase, and hundreds of permanent fulltime positions once completed. The first train station is expected to be completed in approximately 9 months.
The Africa Investment Forum is an innovative, multi-stakeholder transactional marketplace formed by the African Development Bank. The forum aims at increasing capital, developing projects to the bankable stage, and expediting financial execution of deals. This is the second forum held which takes place Nov 11-13 in Johannesburg, South Africa.
President Nana Akufo-Addo stated, “I was here last year and I’m back this year to make sure the project moves forward. This proves how important the Africa Investment Forum is. The signing of this agreement is on track to improve the lives of our citizens.”
Joe Ghartey, Ghana’s Minister for railway infrastructure, stressed the work onward: “We have worked hard together to get to this stage of the project. We have more work to do to be able to tell the whole world, between now and next year, that the project’s financing is complete and that its operational phase has begun.”
This is big news for Ghanaians citizens as this is a major step to modernizing Ghana’s capital, Accra. Many took to Twitter to show their support for this major achievement.