Ghana and AFDB Seal Strategic Pact to Develop Volta Economic Corridor

Ghana has taken a bold step toward redefining its industrial and trade landscape with the signing of a strategic Letter of Intent (LoI) with the African Development Bank (AfDB) to develop the Volta Economic Corridor. The agreement, signed on July 3, 2025, marks a major milestone in the implementation of the country’s 24H+ Programme, an ambitious national initiative aimed at boosting productivity, export capacity, and private sector investment.

Formalised in collaboration with the 24H+ Secretariat and the Ghana Infrastructure Investment Fund (GIIF), the pact lays the groundwork for transforming Lake Volta into a multimodal transport corridor to support large-scale agricultural and industrial expansion. The corridor will also serve as a critical trade route connecting Ghana to landlocked neighbours including Burkina Faso, Mali, and Niger.

Central to the agreement is a plan to establish three Special Purpose Vehicles (SPVs) to spearhead investment and execution in key infrastructure areas:
1. Inland Water Transport and Port Infrastructure
2. Agro-Ecological Parks and Irrigation Systems
3. Lakeside Industrial Parks and Logistics Zones

The 24H+ Secretariat, based in the Office of the President, will lead strategic coordination of the project. GIIF, as the anchor institution for infrastructure, will work to align public and private financing streams to deliver the corridor’s physical assets.

The African Development Bank will play a pivotal role in co-financing the initiative and mobilising additional capital from other development partners and private sector financiers, in line with its commitment to supporting infrastructure-led growth across the continent.

At the signing ceremony, Augustus Goosie Tanoh, Presidential Advisor and Head of the 24H+ Secretariat, praised the partnership as a vote of confidence in Ghana’s industrial transformation strategy.
“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,” he stated.

Nana Dwemoh Benneh, CEO of GIIF, underscored the Fund’s role in bridging the gap between government policy and private investment to ensure delivery of critical infrastructure.

Mike Salawou, AfDB’s Director for Infrastructure and Urban Development, who signed on behalf of the Bank, affirmed its continued support for Ghana’s development goals.
“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.

As one of the flagship initiatives under the 24H+ Programme, the Volta Economic Corridor exemplifies how Ghana is translating national priorities into concrete, bankable projects designed to accelerate inclusive growth, regional integration, and long-term economic resilience.

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