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The African Development Bank (AfDB) has affirmed its commitment to supporting the 24-Hour Economy accelerated programme to reset and prop up the economy to drive sustainable growth.
The Vice President for Private Sector, Infrastructure and Industrialisation of AfDB, Solomon Quaynor, who disclosed this at a news conference in Accra on Friday after the Bank’s week-long high-level mission to Ghana, described the 24-Hour economy programme as “visionary.”
The programme was to share the outcomes of the discussions with key stakeholders across Ghana’s public and private sectors.
He said the AfDB was working closely with the Coordinator of 24-Hour Economy Policy, Mr Goosie Tanoh, the Secretariat, Ghana Infrastructure and Investment Fund, and other partners to identify areas of collaboration.
The areas, Mr Quaynor mentioned are project preparation, support for industrial park development, and financing options for downstream operations.
“Notably, the Volta Economic Corridor has been identified as a transformational opportunity for integrated industrial development in textiles, garments, and light manufacturing,” the AfDB Vice President stated.
The Vice President said the AfDB would mobilise the private sector in support of the national development priorities outlined by the government.
The areas are mobilising domestic capital for infrastructural, affordable housing, and Public-Private-Partnership (PPP), advancing transport infrastructure development, strengthening digital transformation, and unlocking private sector investment opportunities.
Mr Quaynor said the visit of AfDB’s 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 said the AfDB delegation conducted extensive consultations with key government agencies and the private sector on the priority areas.
“I want to assure you that all the areas we have identified will be actively pursued. The AfDB is firmly committed to working with all stakeholders in Ghana to drive sustainable economic growth and development for the country,” he said.
The AfDB Vice President said “We are not here merely to discuss possibilities – we are here to forge concrete partnerships and deliver tangible results that will benefit the people of Ghana.”
Highlighting on the mobilisation of domestic capital, My 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 stated.
According to him, similar models had already been successfully deployed in Nigeria and Kenya, and same could be replicated in Ghana.
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.
