The project being undertaken by Gueiroz Galvao Construction, a Brazilian construction firm, started in 2013.
The project, funded with a loan from the Brazilian government, is estimated at 74 million Euros.
Mr Diafo said, so far Gueiroz Galvao, the contractors, had completed the first phase of the project, which comprised a fly-over from the State Housing Corporation head office, to La Paloma on the Ring Road, the Akasanoma fly-over, which is located at Circle, the Nsawam fly-over, and a bridge over the Odaw River, all estimated at 74.88 million Euros.
He disclosed that the phase two of the project comprised the construction of a fly-over from the headquarters of the State Housing Corporation to connect the old fly-over which is close to Accra New Town, a suburb in Accra.
He said: “The phase two of the project which is about 40 per cent completed and is estimated at 174 million dollars, also involves the construction of several small roads.”
Mr Diafo said, the interchange when completed, would reduce drastically traffic around Kwame Nkrumah Circle and its environs.
He said there would be tremendous improvement in the safety of both motorists and pedestrians, as there would be traffic lights, markings and demarcations for pedestrians, motorists and other signs, which would help improve traffic safety for road users.
“There will also be the construction of several drains which would help to reduce flooding, as well as the reduction of air pollution by fumes, as vehicles will not have to stay in traffic for long,” he added.
He appealed to road users to be careful and respect road signs when the interchange was completed next year, to avoid traffic fatalities.
According to Government, the objective of the project is to reduce congestion, travel time and vehicle operating cost, and thereby stimulate local economic growth.
The Ring Road, of which the Kwame Nkrumah Circle Roundabout is part, was constructed in the 1960s, and its capacity, according GNA information, had been exceeded since the late 1990s.
Gueiroz Galvado has 60 years experience in the road construction sector and other businesses, and is therefore confident of completing the works on time.