President of Ghana, Nana Akufo-Addo, has signed a concession agreement with The African Development Bank to construct a high-speed railway in Accra, the country’s capital.
The agreement was signed on the opening day of the second Africa Investment forum, which started on Monday in Johannesburg, South Africa.
He said, “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.”
The Skytrain project, which is worth the sum of $2.6bn, is an automated and cost effective high-capacity public transport system that uses pneumatic propulsion technology.
The system will transport more than 380,000 passengers annually and create some 5,000 jobs during its implementation phase.
“This is what Africa wants: finalised agreements,” said Akinwumi Adesina, President of the African Development Bank Group.
“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,” he added.
According to Solomon Assamoah, fund manager for infrastructure investment, the project will 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.
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.