By Mildred Siabi-Mensah, GNA
Takoradi, Nov. 14, GNA – A retired banker and businessman, Mr Richard Adjorlolo, has welcomed the major investments outlined in the 2027 Budget for the Western Region, describing them as significant opportunities to transform the region’s economy.
He said the proposed investments in mineral processing, railway infrastructure, port expansion and the redevelopment of the Takoradi Market Circle, could reposition the region as a major centre for industrialisation, transportation and commercial activities.
A major highlight of the budget is the proposed establishment of a 24-hour critical minerals processing enclave in the Western Region to process manganese, bauxite, lithium and gold locally rather than exporting them in their raw state.
The initiative falls under Pillar Four of the New Economy agenda, which provides for an investment of US$1.5 billion in industrial minerals.
The targets include refining 70 per cent of artisanal and small-scale gold locally by December 2027 and achieving 100 per cent by December 2028.
For manganese and bauxite, the target is to process 50 per cent locally by the end of 2028, increasing to full local processing by 2030.
The budget also outlined plans to commence construction of the Western Corridor Railway in 2027, linking the Takoradi Harbour to Nyinahin through Nsuta, Awaso and Twifo Hemang.
The project is expected to be financed through petroleum revenues and mineral royalties for 2027 and 2028, without resorting to borrowing.
The Ghana Armed Forces is expected to provide security for the railway right-of-way to facilitate construction and prevent delays.
The railway is expected to transport manganese and bauxite from mining areas to the proposed processing enclave while providing an additional channel for transporting agricultural produce from farming communities along the corridor to Takoradi.
This is expected to improve upon market access for farmers, facilitate the movement of goods and potentially reduce food transportation costs.
In the maritime sector, the budget highlighted plans to position the Takoradi Port as Ghana’s principal maritime gateway to the Sahel.
An investment of US$98.41 million is being made by the Ghana Ports and Harbours Authority (GPHA) towards the construction of a 300-metre berth, financed entirely from the Authority’s internally generated funds.
The new berth is expected to accommodate vessels of up to 75,000 tonnes, strengthening the port’s capacity to handle increased cargo volumes and facilitate regional trade.
The Takoradi Market Circle redevelopment project also received attention, with an allocation of GH¢200 million in the 2027 Budget to support its completion.
The project, which is approximately 81 per cent complete, is expected to receive renewed impetus following the allocation, after about two years of stalled construction.
Mr Adjorlolo said the successful implementation of the projects, would be important in ensuring that the Western Region derived maximum benefits from its natural resources and strategic economic position.
He urged residents, businesses and other stakeholders to position themselves to take advantage of the opportunities that the investments would create.
He said the region had the potential to move beyond its traditional role as a source of raw materials to become a major destination for processing, manufacturing, transportation and trade.
GNA
Edited by Justina Hilda Paaga/ Christabel Addo
Reporter: Mildred Siabi-Mensah
Email:[email protected]