Boankra Inland Port needs $210m to complete

The Minister for Transport, Alhaji Collins Dauda has ruled out the possibility of completing the Boankra Inland Port project in 2012 as result of unavailability of funds.
Touted as part of the Government of Ghana’s Gateway projects, the Boankra Inland Port project is currently faced with a deficit of US$210million for the completion of Phase II of the said project.
Alhaji Dauda made this remark when he appeared in Parliament on Wednesday to answer to a question posed by the Member of Parliament (MP) for Ejisu-Juaben, Kwabena Owusu-Aduomi on what plans the Ministry of Transport has to make the Boankra Inland Port operational before the end of December 2012.
Lack of funds coupled with the inability to rehabilitate the existing Eastern corridor Railway Line has been the two most outstanding factors impeding the project since its inception in 2002.
Construction of the project including the rehabilitation of the Eastern Rail Line was expected to be completed in 2007 after taking off with the acquisition of land in 2002.
Phase I of the project according to the Minister of Transport has been completed with funds being sought for the execution of Phase II which is projected to be completed in two years.
Phase I of the project included; payment of compensation for land and crop farmers, clearing of vegetation and fencing of site, building of two schools for Boankra and Hwireso to replace the one on the site used by the two communities, feasibility study, business plan, detailed drawings, construction of an administration block and provision of water, electricity and telecommunication.
Phase II of the said project comprise; the provision of roads, drains, culverts, security posts, sewerage, Customs Bonded and Open Warehouses, truck and car parking lots, commercials estates and light industrial estates.
Securing investors to undertake the project also forms part of Phase II, according to the Minister.
Alhaji Dauda told Parliament that three companies have shown beyond their expression of interest in completing the Boankra Inland Port project. The companies include; China Harbours Engineering, ACI-USA and Dominion Associates Mart.
The aforementioned companies, the Minister said has signed Memorandum of Understanding (MoU) with the Ghana Shippers Authority (GSA) for the execution of the project.
Messrs Dominion Associates Mart is said to be on the verge of securing a US$250million facility from the Bank of Baroda, a premier Indian Bank with operations in Ghana and other parts of the world.
The GSA, according to Alhaji Dauda, has approached its bankers, Ghana International Bank in the United Kingdom for the required due diligence on the project.
The Ministry of Transport, Alhaji Dauda said has also taken up the issue of due diligence and is being pursued with the appropriate authorities.
Touching on the issue of rehabilitation of the Eastern Railway Line, the Minister said his outfit has reached out to several investors but is yet to settle on one who has proven to be competent and have the requisite fund and logistics to execute the task.