Presidential Advisor on the 24-hour Economy policy, Goosie Tanoh and officials from AfDB
The African Development Bank (AfDB) has signed a landmark Letter of Intent (Lol) with the government of Ghana to support development of the Volta Economic Corridor, a transformative initiative under the country’s flagship 24-Hour Economy and Accelerated Export Development Programme (24H+).
The agreement – signed in partnership with the 24H+ Secretariat and Ghana Infrastructure Investment Fund (GIIF) – aims to unlock Lake Volta’s potential as a vital transportation artery, fostering agricultural and industrial growth while enhancing regional trade with landlocked countries like Burkina Faso, Mali and Niger.
The signing ceremony follows official launch of the 24H+ Programme, a nationwide initiative aimed at boosting production, enhancing export competitiveness and attracting private investment through strategic collaborations between the public and private sectors.
Under this agreement, the 24H+ Secretariat – housed in the Office of the President – will lead the Volta Economic Corridor project’s overall coordination and strategic implementation.
The Ghana Infrastructure Investment Fund will serve as the anchor institution for infrastructure and establish three Special Purpose Vehicles (SPVs) to drive investment and execution across critical domains: (1) Inland Water Transport and Port Infrastructure, (2) Agro-Ecological Parks and Irrigation Systems, and (3) Lakeside Industrial Parks and Logistics Zones.
The African Development Bank (AfDB), a leading multilateral financial institution committed to the sustainable economic and social advancement of its member countries, will explore co-financing options for key infrastructure components while helping to mobilise additional funding from other development partners and private lenders.
Signing on behalf of the African Development Bank (AFDB), Mike Salawou, Director for Infrastructure and Urban Development, emphasised the bank’s commitment to infrastructure-led transformation across Africa.
“The African Development Bank welcomes this opportunity to deepen our collaboration with Ghana by working closely with the 24H+ Secretariat and GIIF to support the Volta Economic Corridor project’s success,” he affirmed.
In his remarks at the signing ceremony, Augustus Tanoh – Presidential Advisor and Head of the 24H+ Secretariat – described this collaboration as a strong endorsement of the programme’s potential.
“This partnership signals Ghana’s commitment to mobilise transformative capital, world-class expertise and public-private partnerships to drive our 24-hour production ambition and unlock export competitiveness,” he said.
“AfDB’s collaboration with GIIF and the Secretariat gives us confidence that we can deliver projects which create jobs, raise incomes and position Ghana as a leading trade and industrial hub under AfCFTA,” he added.
According to Tanoh, the programme will be private-sector driven – with government seed funding helping to unlock larger pools of private capital.
Nana Dwemoh Benneh, Chief Executive Officer (CEO) of Ghana Infrastructure Investment Fund (GIIF), emphasised his outfit’s role in connecting government initiatives with private investors to drive crucial infrastructure projects.
He expressed confidence that GIIF, backed by government funding, is poised to secure the necessary capital for successful large-scale implementation.
“As a bridge between government and private investors, we deliver critical infrastructure with optimism – leveraging seed funding to attract capital for full-scale impact,” he revealed.
The Volta Economic Corridor is a flagship example of how Ghana’s 24H+ Programme is translating national priorities into bankable, high-impact projects. By enhancing inland logistics, supporting industrial and agricultural growth and unlocking trade with landlocked neighbours, the corridor directly advances Ghana’s commitments under the African Continental Free Trade Area (AfCFTA).
It also aligns with objectives of Agenda 2063, the African Union’s blueprint for sustainable industrialisation and regional integration.
The project is also in tandem with the African Development Bank’s development priorities to Feed Africa; Industrialise Africa; and Integrate Africa.
