AfDB, Ghana Sign Landmark Deal to Develop Volta Economic Corridor Project

In a bold move to accelerate economic transformation and regional trade integration, the African Development Bank (AfDB) has signed a landmark Letter of Intent (LoI) with the Government of Ghana to co-develop the Volta Economic Corridor—a central feature of Ghana’s national 24-Hour Economy and Accelerated Export Development Programme (24H+).

The agreement, finalized in collaboration with the 24H+ Secretariat and the Ghana Infrastructure Investment Fund (GIIF), is poised to reshape Ghana’s economic landscape by transforming Lake Volta into a multimodal transport corridor, linking agricultural and industrial zones to local and regional markets, including Burkina Faso, Mali, and Niger.

From Vision to Implementation: A Multidimensional Development Model

The 24H+ Programme, officially launched earlier this year, is Ghana’s flagship initiative aimed at promoting round-the-clock economic activity, improving export competitiveness, and crowding in private investment through strategic public-private partnerships (PPPs). The Volta Economic Corridor emerges as a model project under this initiative, combining infrastructure development with industrial planning, environmental sustainability, and regional integration.

The 24H+ Secretariat, housed within the Office of the President, will provide strategic oversight and ensure alignment with Ghana’s broader development goals. The GIIF will act as the primary financial and investment vehicle, establishing three Special Purpose Vehicles (SPVs) to oversee implementation across key components:

1. Inland Water Transport and Port Infrastructure

2. Agro-Ecological Parks and Irrigation Systems

3. Lakeside Industrial Parks and Logistics Zones

Each SPV will be responsible for project planning, execution, and managing stakeholder coordination with both public and private actors.

High-Level Commitments and Strong Institutional Backing

Augustus Goosie Tanoh, Presidential Advisor and Head of the 24H+ Secretariat, lauded the AfDB partnership as a major boost to Ghana’s national ambition.

“This partnership signals Ghana’s commitment to mobilize transformative capital, world-class expertise, and dynamic PPPs to drive our 24-hour production ambition. We see this as a gateway to job creation, increased incomes, and deeper integration under the African Continental Free Trade Area (AfCFTA),” Tanoh stated.

Tanoh emphasized that although the government will provide seed funding, the initiative is designed to be private-sector driven, unlocking significant flows of domestic and international capital.

Nana Dwemoh Benneh, CEO of GIIF, underscored the Fund’s role as an investment bridge between the public and private sectors:

“GIIF is well positioned, with government backing, to attract long-term capital for projects of this scale. We are excited to work with the AfDB to de-risk and structure projects that can generate sustainable returns for all stakeholders.”

AfDB’s Commitment to Infrastructure-Led Growth

Signing on behalf of the African Development Bank, Mike Salawou, Director for Infrastructure and Urban Development, reiterated the Bank’s dedication to supporting member countries through infrastructure-led transformation.

“The African Development Bank is pleased to deepen our collaboration with Ghana through the Volta Economic Corridor. This is not only an infrastructure project—it is a catalyst for industrialization, regional trade, and inclusive economic growth.”

Salawou confirmed that AfDB will explore co-financing options for key project components and mobilize other development finance institutions and private lenders to participate in the Corridor’s financing structure.

The Volta Economic Corridor: A Gateway to Regional Integration

At the heart of the project is Lake Volta, one of the largest artificial lakes in the world. By transforming it into a multimodal transport spine, Ghana aims to:

• Improve agro-logistics and market access for farmers and agro-processors

• Expand irrigated agriculture through smart ecological park development

• Enable cross-border trade with Sahelian countries lacking coastal access

• Attract anchor industries in food processing, textiles, logistics, and renewable energy

• Reduce transport costs and carbon emissions through water-based freight systems

The corridor is expected to create thousands of direct and indirect jobs, improve food security, and catalyze investments in renewable energy, climate-resilient agriculture, and manufacturing.

Strategic Alignment with Continental Development Agendas

The project aligns with several major development frameworks:

• AfCFTA: By enhancing trade infrastructure, the Corridor facilitates Ghana’s role as a logistics and export hub in West Africa.

• Agenda 2063: The AU’s vision for sustainable industrialization, infrastructure development, and regional integration.

• AfDB’s High 5 Priorities: Especially Feed Africa, Industrialize Africa, and Integrate Africa.

Next Steps and Outlook

The signing of the LoI marks the beginning of detailed feasibility assessments, financial structuring, and stakeholder engagement. Early studies will focus on environmental and social impact, as well as investment incentives to attract long-term financing.

The 24H+ Secretariat, GIIF, and AfDB are expected to convene a High-Level Investors Roundtable later this year to present the Corridor’s investment roadmap to domestic and international partners.

As Ghana positions itself as a 24-hour production and export powerhouse, the Volta Economic Corridor could become a blueprint for infrastructure-driven, inclusive development across Africa.