24.5 C
Accra
Sunday, September 15, 2024
BusinessGhana Railways, Afcons seal US$419 million rail deal

Date:

Ghana Railways, Afcons seal US$419 million rail deal

The Ghana Railways Development Authority (GRDA) and Afcons Infrastructure Limited of India, have signed a railways development contract.

The contract, valued at US$419 million, was signed on Tuesday, 29 September 2020 at the Ministry of Railways Development in Accra.

The contract is for the construction of a 51-kilometre standard gauge railway line from Eduadin to Obuasi in the Ashanti Region.

Afcons Infrastructure Limited, which is constructing the Tema-Mpakadan rail line, is per the new contract, expected to construct the Obuasi to Eduadin stretch of the Western Rail line which forms part of the Ghana Railway Masterplan.

The project is expected to be completed within 36 months from the date of commencement.

Speaking shortly after signing the contract on behalf of GRDA and the Government of Ghana, Chief Executive Officer (CEO) of GRDA, Richard Dombo, said based on the great work Afcons Infrastructure Limited has done on the Tema-Mpakadan rail line, it was not difficult for Government to award them the contract.

Giving the scope of the contract, he stated that there will be the construction of 64 freight wagons, construction of six railway stations, construction of pedestrian footbridges, among others.

He stated that “We are building modern railway lines.”

Minister for Railways Development, Joe Ghartey, who witnessed the signing ceremony, said, the deal will be sent to Parliament for approval.

Vice President of Afcons Infrastructure Limited, Uv Singh, thanked the Government of Ghana for once again reposing trust in the company.

He assured the Government and people of Ghana that Afcons will deliver to expectation, saying railways will be the game-changer for Ghana’s economic development.

Source: Class FM

Will you vote in the 2024 general election?
Will you vote in the 2024 general election?

Latest stories

Non-performing loans ratio in banking sector increased to 24.2% in 2023 – BoG

The Bank of Ghana’s July 2024 Monetary Policy Report...

SEC establishes task force to crack down on fraudulent online investment schemes

The Securities and Exchange Commission (SEC) has announced the...

List of presidential aspirants who have filed nomination forms

The Electoral Commission (EC) officially opened its nomination process...

Marriage is not meant for everyone – Pastor

Marriage counselor Rev. Dr. Nanayaa Owusu-Prempeh has highlighted that...

Anomalies in voters register have been resolved – EC

Deputy Chairperson of the Electoral Commission (EC), Dr. Bossman...

Related stories

Non-performing loans ratio in banking sector increased to 24.2% in 2023 – BoG

The Bank of Ghana’s July 2024 Monetary Policy Report...

SEC establishes task force to crack down on fraudulent online investment schemes

The Securities and Exchange Commission (SEC) has announced the...

Banking sector’s financial health has strengthened – BoG

The July 2024 Bank of Ghana monetary policy report...

Halt tax waivers on imported bitumen – GOIL director demands

Group CEO and Managing Director of GOIL Ghana PLC,...

Govt secures GHS74.65bn in mid-year revenue – Report

Provisional data on budget execution revealed an overall fiscal...

Bank of Ghana’s July 2024 report reveals surge in non-performing loans

The Monetary Policy Report for July from the Bank...

SEC collaborates with NCA to combact fraudulent online investment schemes 

The Securities and Exchange Commission (SEC) has established a...