Finance and investment in transport infrastructure: Case study of the United States & lessons for Ghana
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1 Finance and investment in transport infrastructure: Case study of the United States & lessons for Ghana Cornelius Nuworsoo Professor of Transportation Planning California Polytechnic State University San Luis Obispo, California 1
2 Outline 1. Importance of transportation: a. Efficiency b. Productivity 2. Extent of US Transport Infrastructure 3. Sources of Funding 4. Legislative backing for Funding 5. Evolution of Emphasis 6. Ingredients of Success 7. Lessons & Recommendations 2
3 Importance of Transportation Enhance productivity Facilitate human activity Enhance efficiency Growth & development
4 Extent of US Transport Infrastructure Interstate- 47k NHS 164 k ALL roads 3.7 million miles Rail 195 k Airports
5 Comparison with Other Countries Comparison of Road Network Densities km/1000 km sq USA Canada Brazil Australia China Nigeria Algeria UK
6 Question How did the United States achieve this feat? 6
7 Discovery How did the United States achieve this feat? Partnership Pay-as-you go User fees Trust fund Legislation 7
8 Key Sources of Funding - USA Subtotal Other Revenue General Fund Appropriations 2 Investment Income and Other Bond Proceeds Other Taxes and Fees Property Taxes & Assessments Subtotal User Charges Tolls Vehicle Taxes and Fees Motor Fuel Taxes 0% 10% 20% 30% 40% 50% 60% 8
9 Key Sources of Funding - Ghana The Ghana Road Fund, 1985, 1997 (Road Fund Act, Act 536) Sources of revenue: 1. levy on fuel: petrol, diesel, and other refined fuel oil 2. bridge, ferry and road tolls 3. vehicle License and inspection fees 4. international transit fees, 5. Other monies with the approval of Parliament. 9
10 Key Trust Funds in Ghana PUBLIC The Ghana Road Fund, 1985 Restructured, 1997 (Road Fund Act, Act 536) maintenance and rehab of public roads Assist Assemblies for public roads Ghana Education Trust Fund (GETFund), 2000 The Student Loan Trust Fund, 2005 (under the Trustee Incorporation Act 1962, Act 820). Ghana Petroleum Funds, Petroleum Revenue Management Act (PRMA), 2011 Ghana Infrastructure Investment Fund - GIIF, 2017 (PPP) seed funding, to leverage capital for the nation s infrastructure PRIVATE Ghana Venture Capital Trust Fund, (VCTF) ACT, 2004, (ACT 680) Pension Trust Funds & PenTrust LTD, new pensions Act of 2008, ACT (766) 10
11 Underlying Factors of Success - USA 1. Dedication of funds (fuel tax or sales tax) to specific use 2. Legislation and fund allocation to set and alter priorities over time 3. Fiscal responsibility from the States through ownership, initiation and matching contributions $ $ $80.00 $60.00 $40.00 $20.00 $0.00 Highway Funding ($ billions, 2012) $ $67.50 $ Federal State Local
12 Overview of Landmark Legislation (US) st Federal Road Act interstate Act & US highways Highway Act ~ Trust Fund & Interstate Federal Aid Act ~ Borrowing Surface Transp. Assist. Act ~ Transit Trust Fund ISTEA (Intermodal Surface Transportation Efficiency Act) ~ multi-modalism TEA-21 (Transportation Equity Act) ~ innovative financing & reconstruction 2005 SAFETEA-LU (Safe, Accountable, Flexible and Efficient Transportation Equity Act: A Legacy for Users) ~ transportation safety, quality of our life, enhance the productivity of our economy 2009 TIGER (Transportation Investment Generating Economic Recovery) Temp discretionary funds --- NOT a Transportation Bill! 2012 MAP-21, Moving Ahead for Progress in the 21st Century Act ~ safety 2015 FAST Act, Fixing America s Surface Transportation Act ~ safety, freight, streamlined approval 12
13 Lessons & Recommendations Define a national vision & objectives for transportation Establish workable national/local partnership Refine highway-user tax system Expand to Transport Fund for fuel tax & other receipts Prioritize high quality public transportation Enable local tax initiatives for financing at local level Embed in the financing system fund dedication, network prioritization, and fiscal responsibility Seek multi-modalism for smart transportation Evolve legislation to suit priorities of the time (e.g. safety) 13
14 Thanks! 14
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