Wednesday, 17 November 2010
Ghana plans major infrastructure spending in 2011
The Ghanaian finance ministry has published a summary report on Ghana's 2011 budget, due to be unveiled on Thursday 18th November. The report indicates major infrastructure spending aimed at economic growth and employment.
"There will be significant investments in the areas of agriculture, energy, housing, rail transport, roads and highways," said the report, which gave no indication of the planned spending or its estimated impact on the country's economy.
The report also said that even though Ghana's economy will benefit from its fledgling oil and gas industry the impact in terms of revenue will only contribute “small portions" to the 2011 fiscal year. It estimated about six per cent of total revenue saying, “Ghanaians must therefore continue to focus their attention on the non-oil sectors of the economy which hitherto have been the backbone of the economy."
The report added that most of the spending will focus on the farming sector; completion of several roadwork projects; the rebuilding of the rail network; and the construction of 200,000 new affordable housing units.
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