Mid-Year Budget review today: I won’t ask for more money — Finance Minister

So far, the Ghana Thermal Power Ltd, the special purpose vehicle (SPV) established to implement a thermal power project, had on its own balance sheet ordered the turbines required for the first phase of the initiative directly from the original equipment manufacturer, General Electric (GE), saving the country 35 per cent of the cost of construction.

Savings Dr Forson said the new customs classification and valuation system, the Publican Trade Solution, had so far helped the state to mobilise $300 million more revenue after three months of rollout at the ports of entry in March this year.

Towards the execution of that project, the government had secured $500 million support from the World Bank, with a $23 million counterpart funding, Dr Forson disclosed, and insisted that the government was determined to direct 98 per cent of the amount into real and direct construction, a marked departure from when such facilities were laden with unnecessary lines such as capacity building, the procurement of vehicles.