The deal was signed on the sidelines of the ongoing African Investment Forum, on Monday.
The signing of the SkyTrain agreement means feasibility studies to determine the bankability of the project will commence soon.
At the signing ceremony, President Akufo-Addo described it as “a happy day for Ghana and her good people.”
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He added that it was a “critical step towards the consummation of this project.”
The President further thanked the SkyTrain Consortium for backing the project which “is meeting an important infrastructural need.”
“That is what we are hoping for, so that the people of Ghana benefit from the progress and the relief that a modern system of transport in our capital city is going to bring.”
In his remarks, Minister for Railways Development, Joe Ghartey indicated that the vision of the President included the construction of inner-city rails.
He added that other approvals needed for the project to fully take off will be given to make sure that construction starts.
“What we have signed is a concession agreement but we still have some work to do. We will work hard and work together. We think it is achievable, we must make it work,” Mr. Ghartey said.
The President of the African Development Bank, Akinwumi Adesina, in his remarks said President Akufo-Addo’s personal engagement and leadership made the signing of the concession agreement possible.
He further stated that the African Development Bank (AfDB) will continue to work with all other partners in the Consortium to make the Project a reality.
“What you are witnessing is very significant in another sense, this is Africa to Africa investment. This is an investment of 2.3 billion dollars made up of a consortium of South African investors that are investing in another African country.”
SkyTrain systems are pre-fabricated using precision moulded, pre-stressed reinforced concrete components that are capable of being installed at a very rapid rate, meaning that there is minimal disruption and congestion in the urban area that is undergoing installation and commissioning.
The proposed SkyTrain initiative in Accra provides for the development of five routes, four of which are comprised of radial routes that originate at the proposed SkyTrain Terminal, at the heart of Accra, at a newly developed Kwame Nkrumah circle, and one route that provides and intra-city commuter loop distribution service, also emanating from Circle.
The Project envisages a total track length across all routes of 194 kilometres.
It is expected to ease the increasing road traffic congestion in Accra and boost economic activities in the capital city Accra.
The African Investment SkyTrain Consortium is made up of Wilson Bayly Holmes, a construction engineering company in South Africa; BUNENGI Group, a project development company focused on developing projects in infrastructure; and Ai Capital, the investment and financing arm of the Ai Group, one of the most influential international investment banking advisory groups focused on Africa.