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Starting in March 2020, Indonesia had the COVID-19 pandemic. Furthermore, this situation has decreased the utilization of highways due to complying with the government regulation, including work from home and large-scale social restrictions to reduce the spreading the corona virus. There are three highway companies listed on Indonesia Stock Exchange such as CMNP, META, and JSMR. On the other hand, the research about the financial performance and the financial distress prediction in Highways sector, especially in Indonesia is not available during the COVID-19 pandemic. This research is aimed to evaluate the financial distress by the Zmijewski model with two criterions: bankrupt and non-bankrupt zone and the financial performance by state-owned enterprise (SOE) rating with three criterions: healthy, less healthy, and unhealthy condition. The period of research is Q1 2019 – Q1 2020 as the period before the COVID-19 pandemic and Q2 2020 – Q2 2021 as the period during the COVID-19 pandemic. The study concludes that all highway companies was in non-bankrupt zone by the Zmijewski model for both before and during the COVID-19 pandemic. In addition, based on SOE rating on average for the period before the COVID-19 pandemic, CMNP, META, and JSMR achieved rating consecutively BBB, BBB, and BB. Meanwhile, on average, for the period during the COVID-19 pandemic, CMNP, META, and JSMR achieved ratings consecutively BB, BB, and B.

This Chapter examined the development of sustainable road infrastructure in Ghana including transportation roads, and laws, regulations, and frameworks. The Ministry of Transport (MoT) and the Ministry of Roads and Highways (MRH) are responsible for the development of transportation infrastructure and related services. The Department of Urban Roads (DUR) is responsible for facilitating the movement of people, goods, and services and promoting economic and social development of urban regions. The Metropolitan and Municipal Assemblies established road centres to manage, construct, and maintain city roads, the Ghana Road Fund (GRF) was established to provide funding for the maintenance of Ghana’s road network, and the Koforidua Training Centre (KTC) was established in 2007 to provide management and project implementation staff with professional development and hands-on training. The current road length is 71,418 km, including 42,045 km of feeder roads, 14,873 km of trunk roads, and 14,500 km of urban roads. The budget for preventative maintenance is expected to rise year over year. Road infrastructure development (RID) can lead to positive societal outcomes, such as financial gains, employment opportunities, social support systems, equal rights for women and men, increased productivity, and less pollution, but it can also have unintended consequences such as deteriorating air and water quality, noise and vibration, soil erosion and sedimentation, disruption of essential services, confusion between drivers and pedestrians, changes to the landscape and habitat, and eminent domain takings. Environmental and social evaluations of development projects in Ghana must comply with several laws and regulations, and there is no unified sustainability policy or guideline in place to regulate the development of highway infrastructure projects. Resettlement is expected to help those who have been displaced by development initiatives and the Environmental Protection Agency Act of 1994 provides the authority to authorize facilities, set performance standards, and ensure compliance with standards and regulations. The Forestry Policy focusses on reducing deforestation and enhancing ecological and social commitment of forest areas, while the method for managing cultural property requires investigating and cataloguing damaged objects. Sector medium-term development plan (SMTDP) provides solutions for enhanced RID access, while the strategic environmental assessment (SEA) incorporates ecological factors into the Ghana Integrated Transport Plan. The resettlement policy framework (RPF) coordinates laws, rules, and procedures to manage road infrastructure projects and establishes criteria for determining eligibility and entitlement. The Directorate of Policy and Planning of the MRH is responsible for managing road safety and the environment, while the Directorate of Monitoring and Evaluation oversees Monitoring and Evaluation of road projects. The Ghana Highway Authority’s (GHA) four-person Road Safety and Environmental Management Unit (EMU) is responsible for addressing social and environmental issues associated with the feeder roads zone. Sustainable development (SD) has not received much attention from the Ghanaian government, with state-owned institutions prioritizing economic growth over social benefits and environmental preservation. Local governments should include a sustainability framework in their strategic planning for the successful execution of sustainable projects.

To recognize and investigate the hypotheses that opportunistic behaviour of project participants in infrastructure public–private partnerships (PPPs) changes over the project’s life cycle. Case study methodology is adopted. The first Indian highway PPP project, awarded with negative grant, is used as the case context. Opportunistic behaviour is a continuous game played by the project stakeholders. Its manifestation depends on the vulnerability of the other party at that point in time in the project life cycle and the past display of opportunism. Because the study is limited to a highway project in an emerging economy, the findings may lack generalizability for which further research is recommended. PPP is increasingly popular. Stakeholders recognize that the existing ex-ante contractual arrangements that seek to mitigate opportunism are not enough for project success. This study addresses this difficulty by providing a closer understanding of how opportunistic behaviours evolve over projects’ life cycle and what steps are necessary to negotiate. Failure to address the antecedents of opportunistic behaviour in time leads to a competition to be more opportunistic, in which the common public gets short changed. This study is an attempt to advance understanding of stakeholders’ behaviour outside the ambit of contract. The extant literature is largely silent on the timing and vulnerability of opportunistic behaviour, viewing it as a static concept. The study demonstrates the changing nature of opportunism that manifests in different forms over the projects life cycle.