Ghana has signed a letter of intent with the African Development Bank (AfDB) to transform Lake Volta into a major transport and industrial corridor, in a move aimed at boosting trade and regional integration.
The project, which forms part of Ghana’s 24-Hour Economy and Accelerated Export Development Programme (“24H+”), seeks to connect the country’s ports with landlocked nations in the Sahel, including Burkina Faso, Mali, and Niger.
Under the initiative, the government plans to establish three special-purpose companies to attract private investment in inland water transport and port facilities, irrigated agro-parks along the lake, and lakeside industrial and logistics zones.
These companies will operate under the Ghana Infrastructure Investment Fund (GIIF), which will also seek financing from development partners and commercial lenders.
Presidential adviser Goosie Tanoh, who leads the 24H+ Secretariat, described the agreement as a sign of Ghana’s “commitment to mobilise transformative capital” and generate jobs through public-private partnerships.
GIIF Chief Executive Nana Dwemoh Benneh noted that government seed funding would be used to leverage additional resources from private investors.
Mike Salawou, AfDB Director for Infrastructure and Urban Development, said the bank would explore co-financing options and help mobilize further funding for key projects along the corridor.
Supporters believe the Volta Economic Corridor could significantly enhance transportation, strengthen Ghana’s role in the African Continental Free Trade Area (AfCFTA), and provide a major boost to agriculture and industry.