The press in Ghana on Thursday focuses on $230 million devoted by the government for the redevelopment of railways in the country.
The Ghanaian Times and the Daily Graphic said that the Minister for Railway Development, Mr. Joe Ghartey, told journalists that President Nana Akufo-Addo has given approval for the release of $230 million to procure rolling stock to operate the country’s railway lines.
He noted that the rolling stock would include 30 coaches, wagons and vans to revamp the sector.
The aim of the President is to get them operational within the shortest possible time to help the country reap maximum benefits from the sector.
Mr. Ghartey informed the press that the project initiated to construct 1,700 kilometers of railways was on course and that most of the projects are being done on build, operate and transfer (BOT) models.
The Business and Financial Times, for its part says the Minister for Works and Housing, Mr. Samuel Atta Akyea, has stated that the country’s economy lacks a credible mortgage system that can provide low cost and affordable housing to the millions of people in need of housing.
He explained that looking at the fact that interest on mortgage was the same as commercial lending rates, such high interest rates cannot support the idea for giving the nation a credible mortgage market.
The country has an average lending rate of 26.5 percent although the Bank of Ghana has reduced the lending rate to 18 percent.
DAP/GIK/APA