President John Dramani Mahama say his government is reviewing the scope of the Pwalugu Multi-purpose Dam project for execution.
He noted that the project held the potential to end the perennial flooding caused by the spillage of the Bagri Dam by the Burkinabe authorities.
Parliament in 2020 approved a US$895 million facility for the execution of the project but same could not materialise.
Responding to a question on the project at a media engagement in Accra on Wednesday, President Mahama said government would prioritise the project in next year and subsequent budgets.
“We are rescoping the project so currently, we are doing appraisal to know what the costing will be again,” he said.
Government, President Mahama said, intends to finance the project under the ‘Big Push’ infrastructure initiative and in two phases – the hydro dam and irrigation facility.
He said the expected GH¢30 billion Big Push budget for next year would take cognizance of the facility.
The President also said work on the Wenchi-Bole-Wa-Hamile Highway is set to commence soon.
He said the fast deterioration of the road was occasioned by the use by heavy duty vehicles ferrying goods from the ports of Ghana to land-lock countries.
To this end, President Mahama said provision has been made to make the road durable when completed to contain the expected weight of the trucks.
On the recent depreciation of the cedi, he said it only reflects the true value of the local currency.
The cedi appreciated against the dollar from GH¢16 to a dollar to GH¢10 early this year prompting optimism that the cedi could fall to below 10 to a dollar by end of year.
But the President said the recent fall of the cedi is a natural adjustment as it would settle at its true value.
“The cedi was undervalued at GH¢16, and it probably is overvalued at GH¢10 (against the dollar). Somewhere between there lies the true value of the cedi,” he stated.
According to President Mahama, the goal is to have a stable currency for effective planning by businesses.
BY JULIUS YAO PETETSI
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