By Kofi AHOVI
The Intercontinental Development Corporation (IDC) of the United States of America has expressed interest in investing in the country's rail system.
The company, together with the Ministry of Transport, has already carried out feasibility studies within Accra and is ready to invest a total of $1.5 billion in the rail construction project, while the government of Ghana is expected to raise $6 billion to compensate those who will lose their property as a result of the project.
The president of the IDC, Ekram Javad Miller, announced this when he called on Vice President John Dramani Mahama at the Castle, Osu, to discuss the way forward towards the final implementation of the project.
The visit is a follow-up to a Memorandum of Understanding signed between the Transport Ministry and the IDC to help solve the transportation problems in Accra.
Miller said he had already advanced moves to acquire half of the amount from the United States of America Bank, in addition to his personal funds, to execute the project.
He said the project would create a number of jobs for the youth and reduce workers' monthly expenditure on transport.
Vice President Mahama gave the assurance that government would review its development priority list to include the rail transport system.
He said the Ministry of Finance and Economic Planning would also study the terms of the project and come out with appropriate measures after which it would be taken to parliament for approval.
Vice President Mahama commended the investor for the confidence reposed in Ghana's democratic credentials and expressed the determination to collaborate with them for the execution of the project.
The Intercontinental Development Corporation (IDC) of the United States of America has expressed interest in investing in the country's rail system.
The company, together with the Ministry of Transport, has already carried out feasibility studies within Accra and is ready to invest a total of $1.5 billion in the rail construction project, while the government of Ghana is expected to raise $6 billion to compensate those who will lose their property as a result of the project.
The president of the IDC, Ekram Javad Miller, announced this when he called on Vice President John Dramani Mahama at the Castle, Osu, to discuss the way forward towards the final implementation of the project.
The visit is a follow-up to a Memorandum of Understanding signed between the Transport Ministry and the IDC to help solve the transportation problems in Accra.
Miller said he had already advanced moves to acquire half of the amount from the United States of America Bank, in addition to his personal funds, to execute the project.
He said the project would create a number of jobs for the youth and reduce workers' monthly expenditure on transport.
Vice President Mahama gave the assurance that government would review its development priority list to include the rail transport system.
He said the Ministry of Finance and Economic Planning would also study the terms of the project and come out with appropriate measures after which it would be taken to parliament for approval.
Vice President Mahama commended the investor for the confidence reposed in Ghana's democratic credentials and expressed the determination to collaborate with them for the execution of the project.
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