Ghana and African Development Bank Sign Landmark Deal to Develop Volta Economic Corridor
The African Development Bank today signed a landmark Letter of Intent (LoI) with the Government of Ghana to support the 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 the Ghana Infrastructure Investment Fund (GIIF), sets the stage for an ambitious effort to reposition Lake Volta as a multimodal transport spine for agricultural and industrial expansion, and gateway for cross-border trade with landlocked neighbours including Burkina Faso, Mali, and Niger.
The signing follows the formal launch of the 24H+ Programme, a national initiative to promote round-the-clock production, enhance export competitiveness, and attract private investment through strategic public-private partnerships.
Under the agreement, the 24H+ Secretariat, housed in the Office of the President, will lead the overall coordination and strategic implementation of the Volta Economic Corridor project. The Ghana Infrastructure Investment Fund will serve as the anchor institution for infrastructure and will 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.
In his remarks at the signing ceremony, Augustus Goosie 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 that create jobs, raise incomes, and position Ghana as a leading trade and industrial hub under AfCFTA.” Tanoh noted that the programme will be private-sector driven, with government seed funding helping to unlock larger pools of private capital.
Nana Dwemoh Benneh, CEO of the Ghana Infrastructure Investment Fund, reaffirmed GIIF’s role as a bridge between government and private investors in delivering critical infrastructure. He expressed optimism that the GIIF, supported by government seed funding, is well-positioned to attract the capital necessary for full-scale implementation.
Signing on behalf of the African Development Bank, Mike Salawou, Director for Infrastructure and Urban Development, emphasized 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 the GIIF to support the success of the Volta Economic Corridor project,” he affirmed.
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 aligns with the objectives of Agenda 2063, the African Union’s blueprint for sustainable industrialization and regional integration. The project is also in tandem with the African Development Bank’s development priorities to Feed Africa; Industrialize Africa; and Integrate Africa.
