Accra: The African Development Bank (AfDB) has entered into a Letter of Intent with the Government of Ghana to support the development of the Volta Economic Corridor. This initiative is part of the 24-Hour Economy and Accelerated Export Development Programme (24H+).
According to Ghana News Agency, the agreement, in collaboration with the 24H+ Secretariat and the Ghana Infrastructure Investment Fund (GIIF), aims to transform Lake Volta into a multimodal transport hub for agricultural and industrial expansion. It also seeks to enhance cross-border trade with landlocked countries such as Burkina Faso, Mali, and Niger.
A statement released in Accra indicated that the signing is a follow-up to the formal launch of the 24H+ Programme. This national initiative is designed to boost round-the-clock production, enhance export competitiveness, and attract private investment through strategic public-private partnerships.
The 24H+ Secretariat, located in the Office of the President, will oversee the coordination and strategic implementation of the Volta Economic Corridor project. The Ghana Infrastructure Investment Fund will serve as the primary institution for infrastructure development and will establish three Special Purpose Vehicles (SPVs) to drive investment in key areas.
These areas include Inland Water Transport and Port Infrastructure, Agro-Ecological Parks and Irrigation Systems, and Lakeside Industrial Parks and Logistics Zones. The AfDB will look into co-financing options for crucial infrastructure components and mobilize additional funding from other development partners and private lenders.
Mr. Augustus Goosie Tanoh, Presidential Advisor and Head of the 24H+ Secretariat, highlighted the collaboration as a significant endorsement of the programme’s potential. He emphasized Ghana’s commitment to attracting transformative capital, top-tier expertise, and public-private partnerships to advance the 24-hour production goal and enhance export competitiveness.
Mr. Tanoh stated that the programme would primarily be driven by the private sector, with government seed funding facilitating the unlocking of broader private capital investment.
Nana Dwemoh Benneh, CEO of the Ghana Infrastructure Investment Fund, reiterated GIIF’s role in bridging government and private investors for the delivery of critical infrastructure. He expressed confidence that with government support, GIIF is well-equipped to attract the necessary capital for comprehensive implementation.
Mr. Mike Salawou, Director for Infrastructure and Urban Development, who signed the agreement on behalf of the AfDB, reaffirmed the Bank’s dedication to infrastructure-led transformation across Africa. He expressed enthusiasm about the opportunity to deepen collaboration with Ghana, working closely with the 24H+ Secretariat and the GIIF to ensure the success of the Volta Economic Corridor project.
The Volta Economic Corridor serves as a prime example of how Ghana’s 24H+ Programme is translating national priorities into high-impact projects. By improving inland logistics, bolstering industrial and agricultural growth, and facilitating trade with landlocked neighbors, the corridor supports Ghana’s commitments under the African Continental Free Trade Area (AfCFTA).
The project aligns with the objectives of Agenda 2063, the African Union’s strategic framework for sustainable industrialization and regional integration. It also complements the African Development Bank’s development goals to Feed Africa, Industrialize Africa, and Integrate Africa.