Parliament has approved a €72m facility aimed at financing the construction of the Paa Grant Interchange and other roads in the Sekondi-Takoradi township.

The project is expected to enhance economic activities and improve public transport and the standard of living of the residents.

The Paa Grant roundabout is one of the three roundabouts that link the peripheral roads which form a triangular ring road and adjoining roads within the central business district of the Sekondi-Takoradi metropolis.

It attracts significant traffic into the area but has limited traffic capacity, resulting in poor network performance, which impacts commercial activities negatively.

The roundabout is located to the east of the triangular network and is a key access point for inter-city traffic between Sekondi and Takoradi as well as port traffic to the port gates 1 and 2.

The proposed intervention includes road widening, pavement strengthening, interchange and junction improvement, footbridge and railway overpasses, street lighting facilities, and pedestrian facilities.

Moving for the adoption of the Finance Committee’s report on the financing facility, chairman Dr. Mark Assibey-Yeboah said the Ministry of Finance has requested Belfius Bank SA/NV to structure an Export Credit Facility with support from Credendo, Belgium, to finance the project at an estimated contract sum of €65m.

On his part, the Western Regional Minister, Kwabena Okyere Darko-Mensah, said the project is aimed at improving traffic circulation by enhancing the capacity of the road network, removing bottlenecks, and improving the movement of peopIe, goods and services to support socio-economic development of the inhabitants of Sekondi and Takoradi.

The successful implementation of the project is expected to result in lower vehicle operating costs, savings in travel time leading to savings in fuel consumption, and reduction in accident rates.