A leading economist has cautioned that without actual cash flow commitments, the long list of road projects outlined in the government’s 2025 Mid-Year Budget remains nothing more than political rhetoric.
In an interview, Professor Godfred Bokpin of the University of Ghana Business School said while the announcement of long-abandoned road projects may generate public excitement, no real impact can be expected until funds are disbursed to back those commitments.
Prof. Bokpin said “listing the roads is different from committing resources to them. Until you see cash flow disbursal, nothing is going to happen. It’s not real yet.”
Finance Minister Dr. Cassiel Ato Forson had earlier revealed an ambitious list of road infrastructure projects to be undertaken under the government’s “Big Push” agenda.
These include the Kasoa–Winneba, Ofankor–Nsawam dual carriageway, the Takoradi–Agona Junction road, Suame Interchange, and several other roads in the Oti, Bono, Upper East, and Volta Regions.
But Prof. Bokpin says such declarations have little economic meaning without the release of funds to contractors.
“The government is not spending appropriately to match our infrastructure deficit. I’m not blaming the minister, because they are trying to spend within their means, but it means these promises may not materialise in the near term,” he added.
He warned that Ghana’s massive infrastructure deficit, particularly in roads, demands more than just policy announcements. Real economic transformation, job creation, and regional development depend on the actual release of funds and timely project execution.
Roads without resources: A missed economic opportunity
The expert said the impact of capital expenditure on economic growth is significant, especially road infrastructure, which reduces travel time, increases trade, and opens up rural areas to markets, education, and healthcare.
“If contractors aren’t mobilised with advance payments, they can’t move equipment to site. If cash isn’t released, feasibility studies, procurement, and design processes stall. So you lose time and value,” Prof. Bokpin emphasized.
He stressed that while the government’s current fiscal discipline is commendable, especially amid debt restructuring and IMF conditionalities, it must be balanced with growth-enhancing spending.
“You can’t consolidate your way to development. Some capital expenditure is necessary to drive real GDP growth and public confidence,” he said.
Signs of progress but questions remain
Still, Prof. Bokpin gave credit to the current economic management team for what he called a more disciplined approach. “It looks to me that this government has listened adequately in terms of the direction the economy has to go. They deserve to take some credit,” he said.
He praised the level of fiscal cuts being implemented, saying, “We haven’t seen anything like this in our history.”
However, he cautioned that capital investment should not be the casualty of austerity.
“We must spend smart, not just spend less. Infrastructure creates a ripple effect across the economy, jobs, taxes, trade, and long-term productivity,” he added.
