Ghana and AfDB sign agreement to launch Volta Economic Corridor
The government of Ghana and the African Development Bank (AfDB) have signed a Letter of Intent to develop the Volta Economic Corridor, a transformative initiative under Ghana’s 24-Hour Economy and Accelerated Export Development Programme (24H+).
The agreement, which was signed on Wednesday, July 3 in Accra, outlines a strategic plan to reposition Lake Volta as a central logistics and industrial hub. It is aimed at boosting Ghana’s export capacity, promoting regional integration under the African Continental Free Trade Area (AfCFTA), and facilitating trade with landlocked neighbours such as Burkina Faso, Mali, and Niger.
The project will be implemented in collaboration with the 24H+ Secretariat and the Ghana Infrastructure Investment Fund (GIIF), with the AfDB committing to explore co-financing options and help mobilise additional funding from private and development partners. The initiative forms a critical part of Ghana’s efforts to operationalise its 24-hour production policy, which seeks to enhance productivity and create jobs through strategic public-private partnerships.
Speaking at the signing ceremony on July 3, 2025, Presidential Advisor and Head of the 24H+ Secretariat, Augustus Goosie Tanoh, described the partnership as a bold step forward. “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 stated.
He added that the initiative is designed to be private-sector led, with government seed capital unlocking greater pools of private investment. “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,” Mr Tanoh added.
Under the agreement, the GIIF will serve as the principal infrastructure anchor, overseeing the creation of three Special Purpose Vehicles (SPVs) that will focus on key components of the corridor: inland water transport and port infrastructure, agro-ecological parks and irrigation systems, and lakeside industrial parks with logistics zones.
Nana Dwemoh Benneh, CEO of the GIIF, reaffirmed the fund’s role in bridging government efforts with private sector capital. He expressed confidence in the ability of the GIIF, supported by government backing, to attract the investment needed to deliver the project.
The Director for Infrastructure and Urban Development at the AfDB, Mike Salawou, who signed on behalf of the bank, underscored the importance of the project for Africa’s infrastructure-led development agenda. “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 said.
The Volta Economic Corridor is expected to enhance Ghana’s inland logistics, industrial output, and agricultural value chains. It will also serve as a model for regional infrastructure and trade integration in line with Agenda 2063, the African Union’s blueprint for sustainable development.
The project aligns with AfDB’s core development priorities, which include promoting food security, industrialisation, and regional integration. It is viewed as a flagship venture that exemplifies the 24H+ Programme’s goal of translating national ambitions into bankable and high-impact economic projects.