AfDB commits to supporting Ghana’s 24-hour economy   

The Africa Development Bank (AfDB) has expressed strong enthusiasm for Ghana’s 24-Hour Economy concept, committing to provide comprehensive project preparation support, knowledge sharing on industrial parks development, and downstream financing solutions.  

Key focus areas include integrated industrial parks for textiles, garments, agro-processing and light manufacturing, and lake transport infrastructure all captured under the Volta Economic Corridor.  

Mr Solomon Quaynor, AfDB Vice President for Private Sector, Infrastructure and Industrialisation, said leveraging its continental expertise, the Bank would support Ghana’s ‘Big Push’ infrastructure initiative through partnerships with the Ministry of Roads and Highways, Ghana Ports and Harbours Authority, and the PPP Unit at the Ministry of Finance.  

Mr Quaynor led a delegation from the Bank on a week-long high-level mission to Ghana, marking the institution’s first major engagement with the country’s new administration under President John Dramani Mahama.  

The delegation held extensive consultations with key government Ministries, public agencies, and private sector stakeholders, to align the Bank’s support with Ghana’s transformational development priorities.  

Mr Quaynor said the visit of AfDB high-level mission to Ghana was to deepen the Bank’s understanding of the new administration’s priorities and to explore how the AfDB could work closely with both the public and private sector partners to drive the implementation of the priority areas outlined by the government.?  

He assured the government that all the areas they identified would be actively pursued and the Bank was committed to working with all stakeholders in Ghana to drive sustainable economic growth and development for the country.  

Mr Quaynor said the objective of AfDB was to establish a credit enhancement and de-risking facility to unlock long-term institutional capital for infrastructure and real sector financing.?  

He said the goal of the credit enhancement facilities was to de-risk local infrastructure assets, making them attractive to local institutional investors.?  

“With Ghana’s pension assets under management currently valued at $5.2 billion, the Bank is seeking to create a secured mechanism to channel a portion of these funds into infrastructure and real-sector investments,” the AfDB Vice President said.  

He said similar models had already been successfully deployed in Nigeria and Kenya, and the same could be replicated in Ghana.?  

“Notably, the Volta Economic Corridor has been identified as a transformational opportunity for integrated industrial development in textiles, garments, and light manufacturing,” he said.  

On infrastructure, he said engagements with the Ministry of Roads and Highways, the Ghana Ports and Harbours Authority, and the Ministry of Finance’s PPP Unit had identified priority transport projects aligned with the government’s “Big Push” agenda.  

Mr Quaynor said the Bank was also deepening its collaboration with the Ministry of Communication, Digital Technology and Innovation to strengthen the foundation for Ghana’s digital transformation.?  

He said the areas of focus include data harmonisation, governance, and cybersecurity, with the Bank offering technical support based on its continental expertise.  

The AfDB Vice President said the Bank discussed private sector investment opportunities in logistics, agriculture, agro-processing, and energy, saying “We will pursue these opportunities, as we firmly believe that a thriving private sector was fundamental to sustainable and inclusive economic growth.  

He said the Bank collaborating with the Ministry of Communication, Digital Technology and Innovation would support critical policy and legislative reviews focusing on data harmonization, data governance, and cybersecurity enhancement to establish a robust foundation for Ghana’s digital transformation.  

Source: GNA  

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