The African Development Bank (AfDB) and the Government of Ghana signed a groundbreaking Letter of Intent (LoI) today to advance the Volta Economic Corridor, a cornerstone of Ghana’s ambitious 24-Hour Economy and Accelerated Export Development Programme (24H+).
The agreement, formalized in partnership with the 24H+ Secretariat and the Ghana Infrastructure Investment Fund (GIIF), aims to transform Lake Volta into a multimodal transport hub, driving agricultural and industrial growth while boosting cross-border trade with landlocked neighbors Burkina Faso, Mali, and Niger.
The signing ceremony, held in Accra, follows the launch of the 24H+ Programme, a national initiative designed to enhance round-the-clock production, elevate export competitiveness, and attract private investment through strategic public-private partnerships. The Volta Economic Corridor is poised to become a flagship project under this program, leveraging Lake Volta’s strategic position to unlock economic potential across the region.
Under the agreement, the 24H+ Secretariat, based in the Office of the President, will oversee coordination and strategic implementation. The GIIF will act as the anchor for infrastructure development, establishing three Special Purpose Vehicles (SPVs) to spearhead investments in Inland Water Transport and Port Infrastructure, Agro-Ecological Parks and Irrigation Systems, and Lakeside Industrial Parks and Logistics Zones.
ALSO READ:RWANDA PM, NGIRENTE ADVOCATES NUCLEAR ENERGY FOR AFRICA’S FUTURE
The AfDB will explore co-financing options for critical infrastructure and work to mobilize additional funding from development partners and private lenders. Mike Salawou, AfDB’s Director for Infrastructure and Urban Development, emphasized the bank’s commitment, stating, “We are excited to collaborate with Ghana’s 24H+ Secretariat and GIIF to support the Volta Economic Corridor, a project that aligns with our goals to Feed Africa, Industrialize Africa, and Integrate Africa.”
Augustus Goosie Tanoh, Presidential Advisor and Head of the 24H+ Secretariat, hailed the partnership as a milestone. “This collaboration underscores Ghana’s resolve to harness transformative capital and expertise to achieve our 24-hour production vision, creating jobs and positioning Ghana as a trade hub under AfCFTA,” he said.
Nana Dwemoh Benneh, CEO of GIIF, highlighted the fund’s role in bridging public and private investment. “With government seed funding, GIIF is well-positioned to attract the capital needed to bring this transformative project to life,” he noted.
