The Vice President, Dr. Mahamudu Bawumia, has announced his intention to dedicate 3 percent of the nation’s Gross Domestic Product (GDP) to road construction if he is elected to office.
Gross Domestic Product serves as the primary indicator of an economy’s size, rflecting the total value of goods and services produced within a specific timeframe.
During a prominent meeting focused on road infrastructure in Accra, Dr. Bawumia emphasized that this initiative will significantly contribute to resolving issues within the road sector.
As a candidate, when I do my next budget, I am reducing government expenditure by 3 percent of GDP in favor of the private sector.”
This will help to realign expenditure from the public sector to the private sector, three percent of GDP is not small, you are talking about thirty billion Ghana cedis and most of that will be into infrastructure and roads.
So you want the financing to be by the private sector and that therefore reduces the burden on the government and creates fiscal space at the same time.
So we will be looking at these approaches, public-private partnership offers a viable solution to bridge the financing gap by fostering collaboration between the public sector and private investors. We can unlock new funding streams and leverage expertise in project implementation.
