Road infrastructure is vital to Ghana’s economic growth, but questions remain about the most effective financing models. This study compares Public-Private Partnerships (PPP) and traditional public financing by examining two road projects in Greater Accra: the PPP-funded Graphic/Winneba Road and the publicly financed Achimota–Ofankor Road. Using interviews, cost analysis, and spatial mapping, the study finds that while the PPP project had lower cost overruns (41% vs. 243%), both models lacked equitable community engagement. Infrastructure development deepened spatial inequalities, with inner-community residents facing higher transport costs due to poor feeder roads, and tenants being unfairly treated in displacement processes. The findings challenge assumptions about PPP superiority and call for more inclusive financing models that balance efficiency with equity. Policy recommendations include mandatory community participation, equitable tolling, and stronger protection for vulnerable populations.