Accra, Ghana – The African Development Bank (AfDB) has thrown its full weight behind Ghana’s flagship 24-Hour Economy initiative, pledging technical, financial, and policy support to accelerate the country’s economic transformation under the new administration of President John Dramani Mahama.
During a high-level mission to Ghana, Mr. Solomon Quaynor, AfDB’s Vice President for Private Sector, Infrastructure and Industrialisation, announced that the Bank will provide strategic support to key sectors, including industrial parks, agro-processing, light manufacturing, textile production, lake transport, and digital infrastructure.
The AfDB’s support will particularly focus on the Volta Economic Corridor, a priority development zone designed to stimulate economic activity across Ghana’s eastern belt through industrial clusters, transport links, and rural-urban integration.
“The AfDB is very enthusiastic about the 24-Hour Economy. We are aligning with Ghana’s national priorities and offering our experience from across the continent,” Mr. Quaynor said in Accra.
Strong Institutional Partnership
Mr. Quaynor led a team from the AfDB on a week-long visit to Ghana — the first major engagement between the Bank and the Mahama-led government. The delegation held meetings with key Ministries, including Roads and Highways, Finance, Trade and Industry, and Communication and Digital Innovation, as well as private sector leaders and development partners.
He said the Bank would work closely with the Ministry of Finance’s Public-Private Partnership (PPP) Unit, the Ghana Ports and Harbours Authority, and the Ministry of Roads and Highways to support Ghana’s “Big Push” infrastructure agenda.
“We have seen how credit enhancement and de-risking facilities can unlock long-term capital. This is how we want to help Ghana achieve its infrastructure goals,” Mr. Quaynor added.
Financing Innovation Through Pensions
One of the key financing mechanisms proposed by the AfDB is the creation of credit enhancement and de-risking facilities to unlock Ghana’s growing pool of pension funds for infrastructure development.
Ghana’s pension assets under management are estimated at $5.2 billion, and the Bank wants to create a safe channel to invest some of this capital in viable, long-term national projects.
“We’ve used this model successfully in countries like Nigeria and Kenya. Ghana has the right conditions for similar success,” said the AfDB Vice President.
Industrial Parks and the Volta Economic Corridor
The Volta Economic Corridor is a key priority area for AfDB’s support. Mr. Quaynor noted that integrated industrial parks for textiles, garments, agro-processing, and light manufacturing would generate jobs and add value to Ghana’s natural resources.
“This corridor presents a transformational opportunity to boost industrialisation and regional trade. We’re ready to help design and fund it,” he said.
Digital Transformation and Cybersecurity
The AfDB is also backing Ghana’s digital transformation agenda, focusing on data governance, cybersecurity, and regulatory harmonisation. The Bank is already working with the Ministry of Communication, Digital Technology and Innovation to provide technical support and policy advice.
“Digital infrastructure and regulation are now core to development. We’re helping Ghana set a strong digital foundation,” Mr. Quaynor stated.
Private Sector and Inclusive Growth
The Bank also held talks with business leaders in logistics, agriculture, energy, and manufacturing to identify private sector investment opportunities. Mr. Quaynor emphasized that private sector growth is essential for inclusive development.
“We believe that a thriving private sector is the only way to drive real, sustainable, and inclusive growth for the people of Ghana,” he added.
Conclusion
With the AfDB pledging full technical and financial backing, Ghana’s 24-Hour Economy and Volta Corridor plans now have a powerful development ally. As the country pushes to industrialise, digitise, and modernise, the AfDB’s continental experience and financing instruments are expected to play a major role in Ghana’s journey toward economic recovery and transformation.
