AfDB to catalyse Ghana’s 24‑Hour Economy via Volta corridor

The African Development Bank (AfDB) has pledged robust support for Ghana’s transformative 24‑Hour Economy initiative, with a special emphasis on developing the Volta Region as a pivotal economic corridor.

During a high‑level mission, Salawou Mike Moukaila Bamidele, Director of Infrastructure and Urban Development at AfDB, confirmed that the Bank will leverage its international expertise to structure, finance, and manage the Volta Economic Corridor project.

He explained that the initiative, including agro-processing zones, industrial clusters, and integrated transport infrastructure, will connect with the Tema port, railway lines, and Volta Lake shipping routes to stimulate regional growth.

Speaking at the signing of a Memorandum of Understanding (MoU) with Ghana’s 24‑Hour Economy Secretariat, Bamidele said:

“This is a highly visionary concept that has captured our attention and enthusiasm. We conducted a series of intensive working sessions … and have identified concrete areas where the Bank can provide meaningful support to drive implementation.”

He elaborated that the AfDB will deploy a suite of financing instruments—ranging from guarantees to grants, low‑interest loans, and private capital mobilization—targeted at infrastructure, energy, transport, and logistics along the corridor. These efforts align with continental priorities such as the Abidjan–Lagos corridor and the African Union’s Program for Infrastructure Development in Africa (PIDA).

Ghana’s 24‑Hour Economy advisor, Augustus “Goosie” Obuadum Tanoh, offered valuable insight into funding strategies during the MoU signing. Speaking to the media:

“The initial projected cost is about 4 billion dollars. Of that, 300 to 400 million dollars will come from the government to support the viability‑gap requirement, ensuring bulk infrastructure is commercially sound and attractive to private investors.”

Tanoh emphasized the initiative’s growth‑for‑purpose structure, designed to create 1.7 million quality jobs within four years. This structural model includes eight sub‑programmes: Grow24 (agriculture), Make24 (manufacturing), Build24 (infrastructure), Fund24, Connect24 (logistics), Show24 (tourism/creative), Aspire24 (human capital), and Go24 (governance).

He further explained that Grow24 will spearhead agro‑transformation along the Volta Lake corridor by integrating large‑ and small‑scale farmers through private service centres, mechanisation rentals, climate‑smart techniques, and anchor‑farmer cooperatives—minimizing input costs and expanding farmers’ access to machinery, credit, and markets.

By Bawa Musah

Read also…