AfDB Supports Ghana to Sign Historic Construction Agreement for High-speed Railway

African Development Bank (AfDB) has thrown its weight behind a concession agreement for the construction of a high-speed railway in Accra, Ghana’s capital.

This led to the signing of the agreement on the opening day of the second day of the Africa Investment Forum, taking place in Johannesburg.

“It’s a great day for Ghana!

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,” said Ghanaian President, Nana Akufo-Addo.

The Accra Skytrain project, representing an investment of $2.6 billion, is a high-capacity public transport system that is completely automated and cost-efficient, using pneumatic propulsion technology.

The system would transport more than 380,000 passengers annually and create some 5,000 jobs during its implementation phase.

“This is what Africa wants: finalised agreements. What we want is for Africa to invest in Africa! We want to see this kind of thing happening all the time. This project will modernise Ghana, providing green transport for its citizens,” remarked President of the African Development Bank Group, Akinwumi Adesina.

To the Fund Manager for Infrastructure Investment, Solomon Assamoah, this project would profoundly transform Ghana’s economic capital.

“This is a major contribution to infrastructure development in Ghana, and in Africa as a whole. We need mass transport. This project will help overcome traffic gridlock,” he explained.  

Also speaking at the event, Ghana’s Minister of Railway Infrastructure, Joe Ghartey, said: “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.”

The Chief Executive Officer of Ghana Investment Promotion Centre, Yofi Grant, expressed confidence that the project would reach financial close by this time next year.

The Africa Investment Forum is an innovative, multi-stakeholder transactional marketplace conceived by the African Development Bank, aimed at raising capital, advancing projects to the bankable stage, and accelerating financial closure of deals.