Tag: 24-Hour Economy Secretariat

  • Volta Economic Corridor ready for long-term private capital as concession negotiations begin

    Volta Economic Corridor ready for long-term private capital as concession negotiations begin

    By Adnan Adams Mohammed

     

    Ghana’s ambitious Volta Economic Corridor project has entered a pivotal phase for institutional and private investors as formal negotiations commenced in Accra.

    The discussion is to help establish the legal and financial framework necessary to unlock major capital investments in inland water transport, logistics, and regional trade infrastructure.

    Driven under the government’s 24-Hour Economy and Accelerated Export Development Programme, the negotiations, involving the Volta River Authority (VRA) and the Ghana Infrastructure Investment Fund (GIIF), are structured to deliver a bankable concession agreement to govern the development, financing, and operation of the Water-Lake Transport Project.

    Launching the negotiations, Chief of Staff Dr. Julius Debrah highlighted the strategic commercial value of the corridor, framing the initiative as a landmark opportunity to transform the Volta Lake from a hydroelectric asset into a multi-sector economic powerhouse connecting northern and southern trade routes.

    “Leadership is measured by the changes it brings to the lives of the people,” Dr. Debrah stated, assuring investors and business leaders that the government remains committed to creating a secure partnership model. He noted that the next phase of the historic Volta basin vision is “to harness the lake to promote transport, trade, investment and regional integration.”

    The initiative seeks to establish a high-capacity north-south transport corridor supported by modern inland ports to streamline cargo movement, drastically lower domestic freight costs, and catalyze commercial activity in surrounding industries.

    Underlining the economic fundamentals underpinning the project, Presidential Advisor on the 24-Hour Economy, Mr. Goosie Tanoh, revealed that detailed technical and market studies confirmed high-yield potential across inland shipping, renewable energy, irrigation, manufacturing, and tourism.

    “The concession negotiations will establish a framework capable of attracting long-term private investment while safeguarding the interests of the state and all participating institutions,” Mr. Tanoh noted, emphasizing the project’s structured approach to risk management and investor security.

    To accelerate project timelines and derisk early-stage development, GIIF has already approved initial financing for preparatory works while actively co-structuring capital mobilization efforts with foreign and domestic private sector partners.

    Board Chairman of GIIF, Franklin Mensah, confirmed that the fund is coordinating closely with the 24-Hour Economy Secretariat to position the Water-Lake Transport Project as a key pillar for infrastructure-led growth.

    “The project will create a major north-south transport corridor along the Volta Lake, supported by inland ports to facilitate cargo movement, reduce transport costs and stimulate economic activities along the corridor,” Mr. Mensah said, adding that GIIF is leading efforts to crowd in additional private equity and debt financing.

     

     

  • Private Sector to Drive 24-Hour Economy Growth

    By Iman Abdulai

    The 24-Hour Economy Secretariat is gearing up to launch a groundbreaking6 initiative on July 2, 2025, aimed at transforming Ghana’s economic landscape. According to Abdul Nasser Alidu, Head of Strategy and Programmes at the Secretariat, the private sector will play a pivotal role in driving the growth of this economy.

    Key Components of the 24-Hour Economy

    – Private Sector Participation: The programme is designed to enable businesses to tap into a more vibrant and responsive economic environment, with financing being a crucial component to ensure success.
    – Financial Strategy: The Secretariat is exploring ways to attract funding without overburdening the government’s fiscal resources, deliberately designed to avoid adding pressure to the national budget.
    – Growth Potential: The initiative aims to tackle unemployment and boost productivity by promoting continuous, round-the-clock economic activity.

    Investment and Funding

    The government plans to invest $300-400 million as seed funding to attract private sector investment, with a projected total cost of $4 billion. Potential pledges have already reached $2 billion, with key components including eight integrated sub-programmes ¹.

    Implementation and Impact

    The programme will focus on strategic value chains such as agro-processing, textiles, pharmaceuticals, and logistics, with incentives like tax rebates and import duty waivers to encourage businesses to operate round-the-clock. This initiative is expected to create 1.7 million jobs within four years and enhance Ghana’s regional trade competitiveness.