Ghana’s ambitious Volta Economic Corridor project is set to receive significant backing following the signing of a Letter of Intent (LOI) between the Ghana Infrastructure Investment Fund (GIIF), the 24-Hour Economy and Accelerated Export Development Secretariat, and the African Development Bank Group (AfDB).
The agreement, signed on Monday, July 7, 2025, aims to transform Lake Volta into a multimodal transport hub, unlocking agricultural, industrial, and export opportunities for the West African nation.
The initiative falls under Ghana’s newly launched 24-Hour Economy and Accelerated Export Development Programme (24H+), officially inaugurated by President John Dramani Mahama on July 2, 2025.
The Volta Economic Corridor is considered a core infrastructure pillar of this program, designed to expand Ghana’s productive capacity and deepen its engagement in continental and global value chains.
Augustus Goosie Tanoh, Presidential Advisor and Head of the 24H+ Secretariat, emphasized the partnership’s importance at the signing ceremony.
“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,” Tanoh stated.
He added that the AfDB’s involvement instilled confidence in delivering projects that create jobs, increase incomes, and position Ghana as a leading trade and industrial hub under the African Continental Free Trade Area (AfCFTA).
Tanoh highlighted that while government-initiated, the 24H+ Programme will be primarily private-sector driven, with government seed funding acting as a catalyst for private investment.
GIIF, Ghana’s primary infrastructure investment vehicle, will lead the establishment of Special Purpose Vehicles (SPVs) to implement specific components of the corridor.
These SPVs will focus on inland water transport and port infrastructure, agro-ecological parks and irrigation systems, and lakeside industrial parks and logistics zones.
These interventions seek to address logistical inefficiencies, promote agricultural value addition, and expand industrial processing capacity around Lake Volta.
Nana Dwemoh Benneh, GIIF Chief Executive Officer, underscored the fund’s role in bridging public goals and private sector capabilities. “We are proud to be at the heart of this transformative collaboration.
The GIIF, supported by government seed funding, is well-positioned to attract the capital necessary for full-scale implementation,” Benneh said.
He expressed optimism that the project’s model, centered on strong partnerships and targeted public investment, would set a precedent for future development initiatives.
The corridor is expected to significantly boost Ghana’s inland logistics by improving transport connectivity from Lake Volta to landlocked neighboring countries, including Burkina Faso, Mali, and Niger, thereby enhancing Ghana’s competitiveness as a regional trade and logistics hub under AfCFTA.
Beyond infrastructure, the project is projected to generate substantial employment in agriculture, agro-processing, transport, logistics, and manufacturing, while also supporting climate-resilient farming and improving food security.
The initiative aligns with the African Union’s Agenda 2063, which prioritizes sustainable industrialization and regional integration. It also advances the AfDB’s “High 5”
development goals: “Feed Africa, Industrialise Africa, and Integrate Africa.”
The 24H+ Secretariat views the Volta Economic Corridor as a strategic continental node positioning Ghana as a regional powerhouse in logistics, trade, and agro-industrial value chains.