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- Bank commits to supporting Ghana’s 24-hour Economy initiative, infrastructure, Public-Private Partnership development, and domestic capital mobilization under President Mahama’s administration
AFRICA – Representatives of the African Development Bank Group have concluded 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, led by Solomon Quaynor, the Bank Group’s vice president for private sector, infrastructure, and industrialization, conducted extensive consultations with key government ministries, public agencies, and private sector stakeholders, to align the bank’s support with Ghana’s transformational development priorities.
The agencies included the ministries of roads and highways; communication, digital technology and innovation; the Bank of Ghana; Volta River Authority; Ghana Ports and Harbors Authority; Ghana Infrastructure Investment Fund (“GIIF”); National Pensions Regulatory Authority; National Insurance Commission, Securities Exchange Commission, Ghana Stock Exchange, Ghana Export-Import Bank, Pension Corporate Trustees and Fund Managers, and various private sector companies.
The delegation also cohosted a successful one-day roundtable discussion on “Unlocking Long-term Local Currency Finance for Infrastructure Development in Ghana,” jointly organized with GIIF, the Private Infrastructure Development Group (PIDG), InfraCredit, Stanbic Bank, and PetraTrust, an event that laid the foundation for domestic capital mobilization initiatives.
At the conclusion of the mission, the bank identified five core areas for follow-up collaboration:
- Mobilizing domestic capital for infrastructure development
The Bank will work with partners to establish a credit enhancement and de-risking facility to unlock part of Ghana’s USD 5.2 billion cedis equivalent in pension assets for infrastructure investment. Drawing on successful models implemented through InfraCredit in Nigeria and Dhamana in Kenya and East Africa, the initiative aims to make local infrastructure, industrial, affordable housing and public-private partnerships assets attractive to institutional investors.
- Supporting the 24-hour economy initiative
The Bank 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.
- Advancing transport infrastructure development
Leveraging its continental expertise, the bank will support Ghana’s ‘Big Push’ infrastructure initiative through partnerships with the ministry of roads and highways, Ghana Ports and Harbors Authority, and the PPP Unit at the ministry of finance.
- Strengthening digital transformation foundation
Collaborating with the ministry of communication, digital technology and innovation, the bank will 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.
- Unlocking private sector investment opportunities
The mission identified numerous investment opportunities across logistics, agriculture, agro-processing, energy, and other critical sectors, emphasizing the private sector’s fundamental role in sustainable and inclusive economic growth.
Quaynor highlighted the success of the mission.”The enthusiasm, vision, and commitment we have witnessed this week from Ghana’s leadership and stakeholders give us great confidence in the transformational impact we can achieve together.”
He emphasized that all identified areas will be actively pursued, with the bank firmly committed to working with all stakeholders to drive sustainable economic growth and development for Ghana, noting that the alignment between the government’s priorities and the bank’s strategic capabilities creates an unprecedented opportunity for meaningful collaboration and impact.
The mission concluded with firm commitments for follow-up action across all identified areas, emphasizing the bank’s dedication to forging concrete partnerships that deliver tangible results for Ghana’s economic transformation and improved livelihoods for its people.
Other members of the bank’s delegation were Eyerusalem Fasika, country manager for Ghana; Mike Salawou, director of infrastructure and urban development; Ousmane Fall, director of private sector and industrial and trade development; Akane Zoukpo Sanankoua, manager, capital markets development; Aude Apetey-Kacou, regional NSO lead, West Africa; Dennis Ansah, regional NSO lead, Nigeria and Dovi Amouzou, advisor to the vice president.
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