The government of the Republic of Ghana through the Ministry of Finance has signed a close to US$ 50M deal with the Standard Chartered Bank of Ghana for the implementation of the second phase of the Transport Sector Improvement Project (TSIP).
This phase dubbed the Tamale’s road network project, concerns the asphalt overlay of 100 kilometers of feeder roads in the towns of Tamale, Walewale, Nalerigu, Gambaga, Damongo, and Yendi, all in the Northern Region of the West African country.
The funds in question are provided by the Exportkreditnämnden (EKN), a government agency tasked with promoting Swedish exports and the internationalization of Swedish companies, and the Swedish Export Credit Corporation (SEK), a state-owned company that finances Swedish exporters, their subsidiaries, and foreign customers, and mobilized by the Standard Chartered Bank of Ghana.
Contribution to government’s commitment to road transportation infrastructure
The financing transaction according to the bank provides a significant contribution to the Ghanaian Government’s commitment to major investments in road transportation infrastructure, and alignment with the United Nations’ Sustainable Development Goal 93 (SDG) concerning the industry, innovation, and infrastructure.
Developed by a Swedish Engineering, Procurement and Construction (EPC) company known as QG Konstruktion AB, a subsidiary of the QGMI Group, the project will help the Ghanian government’s efforts to boost the socio-economic development of the West African country’s urban and rural communities by providing easier access to healthcare, education, employment, and other social services.
It will also help improve regional networks in the Northern Region and consequently increase the flow of business, agricultural trade, and market access particularly in Tamale Metropolitan Area, the capital city of the Northern Region of the West African country that is considered as the hub of trade with many other members of the Economic Community of West African States (ECOWAS).