The Founder and Senior Partner of AB & David Africa, Dr. David Ofosu-Dorte, has urged the Ghanaian government to focus more on using local pension funds, rather than depending on foreign borrowing, to finance the country’s growing infrastructure needs.
He made this call during his speech at the opening of the Ghana Investment and Trade Week (GITW) Summit held on Tuesday, July 2, in Accra. The three-day business event was organised by MIE Group in partnership with the Ghana Chamber of Construction Industry (GhCCI), and is aimed at showcasing Ghana’s investment potential to major markets from Asia, the Middle East, and Europe.
Dr. Ofosu-Dorte stated that Ghana has more than GH¢200 billion in pension fund assets, which he described as “patient capital” that can be invested in long-term infrastructure projects. These funds, he said, are better suited for development projects that take time to deliver returns.
“Pension funds represent long-term money. The people relying on those pensions are not retiring next year. It’s in 20 to 30 years,” he explained. “Why should we continue borrowing in dollars to finance our cedi-based projects when we have local capital that can be repaid in cedis?”
He further cautioned that currency mismatch—borrowing in foreign currency but earning in cedis—was one of the main reasons behind Ghana’s rising public debt and exchange rate risk. “We don’t need to change any laws. The current regulations already allow for such investments,” he added.
Dr. Ofosu-Dorte, a well-respected lawyer and development expert, warned that Ghana’s infrastructure funding gap, which is estimated at $22 billion every year (almost half of the country’s GDP), cannot be covered by government resources alone. Instead, he stressed the need for increased collaboration with the private sector through structured public-private partnerships (PPPs).
He emphasized that private investors will only commit if projects are properly structured and risks are well managed. “The private sector is not Father Christmas,” he said. “They will only invest when the structure is right and returns are predictable. Government must be consistent and avoid actions that scare investors away.”
He gave an example of how seven serious investors backed out of a project after the government made a sudden decision to cancel road tolls. “I was there at the table. That announcement alone caused a major setback. Investors hate policy inconsistency,” he noted.
Dr. Ofosu-Dorte also criticised the government’s habit of spending borrowed money on full feasibility studies for projects meant to be executed by the private sector. According to him, the public sector should only go as far as preparing pre-feasibility or project concepts and allow private partners to do the detailed feasibility. “This prevents waste and saves time, especially during changes in political leadership,” he said.
In addition, Ogyeahohoo Yaw Gyebi II, the President of the National House of Chiefs, also used the summit to call for discipline and integrity in project management, especially during political transitions. He warned that awarding contracts without proper budgetary support often leads to unpaid arrears and stalled projects.
“Let’s avoid last-minute contract approvals that haven’t been budgeted for. It creates unnecessary debt,” he cautioned.
The traditional ruler stressed that smart planning, transparency, and collaboration between government and industry are key to building resilient infrastructure that will support Ghana’s industrialisation and economic growth.
With growing concern over Ghana’s rising public debt, which has crossed GH¢600 billion, experts like Dr. Ofosu-Dorte believe that a shift to local funding sources like pension funds could reduce the debt burden, stabilise the economy, and build trust with investors.
His remarks have sparked renewed debate on how the country can better manage its finances and reduce reliance on external loans, particularly Eurobonds and Chinese loans, which come with interest payments that strain the budget.
The GITW Summit continues with presentations from investors, trade experts, and policymakers, all focused on unlocking Ghana’s full economic potential through innovation, partnerships, and sustainable investment strategies.
