Construction of Multi Storey Parking Facility at the CBD

N/A

Amount Raised

N/A

Total Investors

Project Overview

This project entails the construction of 2,500 capacity car parking facility at Adum, the Central Business District of Kumasi Metropolis, to improve vehicular and pedestrian traffic as well as reduce travelling time and cost to the CBD

Sectors

  • Transport & Mobility
US$2,500,000.00
Funding Goal
Ghana
Country
Africa
Region

Objectives

  1. To reduce vehicular traffic congestion at the CBD
  2. To reduce the time spent driving to and from the CBD
  3. To reduce the fuel wasted driving through traffic congestion at the CBD
  4. To reduce the emission of carbon dioxide as a result of traffic congestion

Progress Tracker

Phases

  • Phase 1

    The project has not started.

Current Stage

Concept Stage: Specific projects are identified and conceptualized. There exists a basic economic model.

Timeline

No

Project Milestones

N/A

ESG Impact

This project is a top priority for the city because of the heavy vehicular and pedestrian traffic congestion at the CBD. The CBD is made up of the Kumasi Central Markets (+30,000 shops), Adum (+5,000 Stalls) and the Kejetia Mall (+8,000 stalls). However, the city has only 108 consciously designed parking spaces to accommodate all vehicles entering the CBD. This has resulted in on-street parking hence heavy vehicular traffic congestion. Thus, it increases the cost (i.e. time and fuel) of transacting business at the CBD and discourages shoppers from coming to the CBD to patronize goods hence affecting the profit margins of the traders. It also has the potential to generate revenue for the development of the city.

Beneficiaries

The project is going to benefit drivers (commercial and private), traders at the CBD and shoppers that patronize goods and services at CBD as well as the City Authorities. Over 1,500,000 people will be positively impacted by the project.

SDG Goals

SDG 1: No PovertySDG 2: Zero HungerSDG 3: Good Health and Well-beingSDG 4: Quality EducationSDG 5: Gender EqualitySDG 6: Clean Water and SanitationSDG 7: Affordable and Clean EnergySDG 8: Decent Work and Economic GrowthSDG 9: Industry, Innovation and InfrastructureSDG 10: Reduced InequalitySDG 11: Sustainable Cities and CommunitiesSDG 12: Responsible Consumption and ProductionSDG 13: Climate ActionSDG 14: Life Below WaterSDG 15: Life on LandSDG 16: Peace and Justice Strong InstitutionsSDG 17: Partnerships to achieve the Goals

Rationale

SDG 9

The construction of multi-storey parking facility at Adum-Kumasi will result in efficient and resilient transport infrastructure in the CBD and will help passengers using vehicles to save cost and improve the travelling time to and from the CBD.

Risks and Limitations

What are the key risks, constraints and dependencies related to the project?

  • The site identified for the project is a highly populated trading centre
  • Inadequate public financial resources to implement the project
  • Poor attitude of drivers towards traffic regulations

Risk mitigation and continuity

Through signed contract agreement between the private sector investor and the government agency.

Financing

Type of Investment

Equity

Financing Structure

Public Private Partnership

Secured Investment

Land for the project has been secured by Kumasi Metropolitan Assembly

Committed Government Funding

No

National and Subnational Investors

N/A

Committed Private Funding

No

Support

Technical Support Required

Technical and financial support to conduct comprehensive feasibility studies.

Stakeholders

Governmental Buy-in

Yes. Subnation/regional level

Other Forms of Governmental Support

The government will provide land for the project, permit and license to operate

National Ministries Involved

Ministry of Local Government and Rural Development;
Key Contact Person - Sylvester Agbenyonu (Director of Policy Planning Monitoring and Evaluation)

SubNational Ministries Involved

Kumasi Metropolitan Assembly;
Contact person - Michael Agyemang (Director of Plan Coordination, Monitoring and Evaluation)

Other Entities Involved

N/A

Licenses and Permits

No

Updates

  • 10th February 2020

    Cities Investment Platform in progress - updates pending

  • 10th February 2020

    Project featured on the Cities Investment Platform, which was launched at the Tenth Session of the World Urban Forum (WUF10)

Supporting Documents

No supporting documents included.

FAQs

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