AfDB Pledges Strong Partnership with Ghana to Drive Economic Transformation
The African Development Bank (AfDB) has reaffirmed its dedication to supporting Ghana’s development agenda following a successful week-long high-level mission, its first major engagement with President John Dramani Mahama’s new administration. The visit, led by Solomon Quaynor, AfDB Vice President for Private Sector, Infrastructure, and Industrialization, identified five strategic areas where the Bank will work with Ghana to deliver inclusive and sustainable economic growth.
Aligning with Ghana’s Vision
During the mission, the AfDB delegation engaged with a wide range of government ministries, regulatory bodies, private sector leaders, and financial institutions. These consultations enabled the Bank to align its resources and expertise with Ghana’s transformational priorities under the new government, while identifying critical areas where support can have maximum impact.
Supporting the 24-Hour Economy
One of the flagship initiatives to receive AfDB backing is Ghana’s 24-Hour Economy agenda. The Bank has committed to providing project preparation assistance, technical knowledge on industrial parks, and financing options to help establish integrated zones focused on textiles, agro-processing, light manufacturing, and related industries. The Volta Economic Corridor, including investments in lake transport, is central to this vision of a round-the-clock industrial sector that creates jobs and boosts productivity.
Boosting Infrastructure Development
Infrastructure was a key focus of discussions. The AfDB pledged to partner with the Ministry of Roads and Highways, the Ghana Ports and Harbors Authority, and the Public-Private Partnership Unit of the Ministry of Finance to advance the “Big Push” transport initiative. The Bank will leverage its expertise to help drive critical projects in road, port, and logistics infrastructure vital to Ghana’s growth ambitions.
Mobilizing Domestic Capital
The Bank also co-hosted a roundtable on mobilizing local currency financing for infrastructure, working alongside GIIF, InfraCredit, Stanbic Bank, and other partners. Building on proven models in Nigeria and Kenya, the AfDB plans to help establish credit enhancement mechanisms that will unlock part of Ghana’s GHS 5.2 billion in pension assets for infrastructure and industrial investments.
Accelerating Digital Transformation
The AfDB highlighted its commitment to supporting Ghana’s digital economy by working with the Ministry of Communication, Digital Technology and Innovation on data harmonization, cybersecurity frameworks, and legislative reforms. These efforts are aimed at strengthening the foundation for Ghana’s digital transformation and ensuring inclusive benefits for businesses and citizens.
Unlocking Private Sector Growth
The Bank stressed the need to catalyze private sector investment in agriculture, energy, logistics, and manufacturing. The AfDB mission identified several opportunities where private capital can drive value addition, job creation, and economic diversification, with the Bank ready to support de-risking and financing solutions.
Shared Optimism for Ghana’s Future
“The level of commitment and alignment we have seen between Ghana’s priorities and the AfDB’s capabilities gives us confidence that we can together deliver meaningful impact,” said Solomon Quaynor. The Bank confirmed that follow-up work will begin immediately across the five pillars, with a focus on delivering practical results that support Ghana’s inclusive growth and economic transformation.
