Government has secured a total of €92 million (GH¢588,031,747.27) to finance the design and construction of the second phase of the Obetsebi-Lamptey Interchange.
The Phase 2 of the project is expected to complement the Phase 1 by constructing another flyover on the Ring Road Korle-Bu stretch to make it a three-tier Interchange.
This will enhance traffic flow at the Obetsebi-Lamptey Circle and the road networks in its immediate vicinity and improve the storm water carrying capacity of the main drains.
Parliament on Friday approved the loan, a United Kingdom Export Finance (UKEF) facility agreement between government, represented by the Ministry of Finance and HSBC Bank PLC, United Kingdom for €67.210 million and a Term Loan Facility for €30 million for the financing of the project.
The agreements were laid in House on 12th March 2020.
The report of the Finance Committee presented by the Chairman Dr. Mark Assibey-Yeboah indicates that government recognizes the importance of road transport in facilitating economic development of the nation.
A national transport policy was therefore formulated by the Ministry Roads and Transport under the auspices of the government to create an integrated, efficient, cost effective and sustainable transport system responsible to the needs of society, supporting growth and poverty.
Construction of Phase 1 of the project is currently ongoing which consisted of construction of the Graphic Road-Winneba Road Flyover to end at Pamprom in Kaneshie.
Successful completion of the second flyover is expected reduce travel time and vehicle operating cost and improve the road network in the immediate environs of the interchange.
The project will also improve accessibility and ease of movement of pedestrians and non-motorized vehicle users, especially of persons with disability and also improve the capacity of the drainage system within the area.
The Obetsebi-Lamptey Circle experiences traffic congestion every day that results in long travel times and high vehicle operating cost with high traffic stream mostly of commercial transport.
Additionally, the Ring Road and the Graphic-Winneba Road are designated Bus Rapid Transport (BRT) routes, hence the need to make provision for future incorporation of BRT in the road network.
The project is therefore designed to contribute positively to the resolution of these problems and many more including enhancing the capacity of the undersized road networks of the Awudome and Kaneshie stretches.
In another development Parliament has approved a tax waiver on project materials and equipment for the construction of an advanced research centre for infectious disease at the Noguchi Memorial Institute for Medical Research.
The waived taxes include Domestic VAT, Domestic NHIL and Domestic GETfund Levy amounting to of GH¢3.712 million.
The project is expected to improve facilities for genomics, proteomics and bioinformatics and provide platform for cutting-edge research into chronic diseases and drug discovery.
The Noguchi Institutes contribution has been invaluable especially during major epidemics such HIV/AIDS, H1N1 Pandemic Flu, Lassa Fever, Yellow Fever, Ebola Virus and the current Corona Virus disease among others.
The work of the Institute, the House heard, has engendered global interest and further strengthening it to serve Ghana and the West African sub-region especially during public health emergencies.