Finance Minister, Dr Cassiel Ato Forson, has announced that the government has secured approximately US$3 billion to finance the construction of the Accra-Kumasi Expressway without borrowing.
He also announced the government’s plans to dedicate petroleum revenues and mineral royalties in 2027 and 2028 to the construction of the Western Corridor Railway Line.
Presenting the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12, Dr Forson said the dedicated account for the expressway at the Bank of Ghana held US$2.2 billion and GH¢9 billion as of November 11, 2026.
“As of yesterday, 11th November 2026, the project account at the Bank of Ghana held US$2.2 billion and GH¢9 billion, together equivalent to about US$3 billion.
The money is in the safe custody of the Bank of Ghana,” he said.
He said the funds had been accumulated through petroleum revenues and mineral royalties, adding that the government had fulfilled its commitment to secure financing before construction begins.
The Minister further disclosed that the estimated cost of the 198.7-kilometre, six-lane expressway had been reduced from approximately US$4 billion to US$2.98 billion following detailed project assessments.
“Mr. Speaker, disciplined savings have been matched by careful project preparation.
Following detailed feasibility, engineering design, costing, environmental and social studies, the engineer’s construction estimate for the 198.7km, six-lane Accra–Kumasi Expressway now stands at US$2.98 billion,” he stated.
He said international competitive tendering had commenced, with the process expected to conclude by the end of 2026.
The minister added that the savings of more than US$1 billion could be used to finance the proposed Accra Orbital Expressway, for which preparatory works were ongoing.
On the Western Corridor Railway, he said the government would adopt the same funding arrangement to construct the line from Takoradi Harbour through Nsuta and Awaso to the Nyinahin bauxite enclave without resorting to borrowing.
“Mr. Speaker, we will build the Western Corridor Railway Line from Takoradi through Nsuta and Awaso to Nyinahinwith our own money. Just as we pledged for the Accra–Kumasi Expressway, we will not borrow to build this railway. Our petroleum revenues and mineral royalties will finance it,” he said.
He explained that the railway would help unlock Ghana’s bauxite and manganese resources, improve mineral transportation and create jobs.
The minister said Ghana holds an estimated one billion tonnes of bauxite at Awaso and Nyinahin, stressing the need for railway infrastructure and energy to support local processing and value addition.
He said the two projects marked a shift towards using the country’s natural resource revenues to finance major national infrastructure rather than what he described as wasteful expenditure.
Source: Abigail Ekua Arhin
