News Guide Africa

Tag: Volta Economic Corridor

  • 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.

     

     

  • MiDA rallies MCC successful strategies to champion Grow24 initiative

    The Millennium Development Authority (MiDA) under the leadership of Alexander Kofi-Mensah Mould, is poised to play a central role in Ghana’s agricultural transformation under the government’s new Grow24 initiative.

    The Authority envisage to apply the successful strategies from the US$547 million Millennium Challenge Corporation (MCC) Compact.

    Grow24, recently launched by President John Dramani Mahama, is a bold agricultural policy under the broader “24hr+” development agenda. At its heart is the Volta Economic Corridor project, which aims to irrigate over two million hectares of land for intensive, commercially viable farming.

    MiDA, originally established to implement the U.S.-funded MCC Compact, will now take on an expanded role as a national delivery agency for agricultural transformation efforts. MiDA’s broad experience in infrastructure, energy, and agro-industrial development makes it ideally suited to drive large-scale agricultural initiatives across the country.

    “Through the MCC Compact, we developed proven, high-impact models ready for nationwide implementation,” he stated. “We’re now building on that foundation to support food security, economic diversification, and rural industrialization under Grow24”, MiDA’s Chief Executive Officer, Mr Mould disclosed in an interview.

    One of the key successes of the MCC Compact was its $189 million Agriculture Project, which included the Land Tenure Facilitation (LTF) Activity. This pilot program enhanced land tenure security, encouraged investment in agriculture, and boosted productivity.

    Mr. Mould explained that core components from the Compact—such as land preparation, irrigation engineering, and integrated agronomic systems—will be adapted and scaled to meet Grow24’s ambitious targets.

    He described ongoing efforts to clear and level land using precision methods, alongside the design of advanced irrigation systems tailored to various landscapes. These efforts combine agricultural science, economics, and engineering to build sustainable, large-scale farming enterprises.

    The Volta Economic Corridor, seen as a flagship of the Grow24 policy, is expected to become a key food production hub, improve export capacity, and create thousands of jobs in rural communities.

    MiDA’s role, Mr. Mould said, will be to provide the technical and managerial backbone necessary for the long-term success of the initiative.

    “Grow24 represents a bold new vision for agricultural development in Ghana, and MiDA is fully prepared to deliver on that promise,” he concluded.

    As Ghana embarks on this new chapter of agricultural growth, MiDA’s renewed mandate under Grow24 could transform the landscape of farming and agribusiness across the nation.