Africa Development Bank Commits to Supporting Ghana's 24-Hour Economy Concept

Strategic Insights -

The Africa Development Bank (AfDB) has expressed enthusiasm for Ghana's 24-Hour Economy concept, committing to provide comprehensive project preparation support, knowledge sharing on industrial parks development, and downstream financing solutions. Led by AfDB Vice President Mr. Solomon Quaynor, a delegation visited Ghana to deepen the Bank's understanding of the new administration's priorities and explore how the AfDB could work closely with the public and private sector partners to drive the implementation of key areas outlined by the government. The visit marked the institution's first major engagement with the country's new administration under President John Dramani Mahama.

Key Takeaways:

  • The Africa Development Bank (AfDB) has committed to providing comprehensive project preparation support for Ghana's 24-Hour Economy concept.
  • The Bank will share knowledge on industrial parks development, including integrated industrial parks for textiles, garments, agro-processing, and light manufacturing.
  • The AfDB will establish a credit enhancement and de-risking facility to unlock long-term institutional capital for infrastructure and real sector financing.
  • The goal of the credit enhancement facilities is to de-risk local infrastructure assets, making them attractive to local institutional investors.
  • Ghana's pension assets under management are currently valued at $5.2 billion, and the Bank seeks to create a secured mechanism to channel a portion of these funds into infrastructure and real-sector investments.
  • Similar models have been successfully deployed in Nigeria and Kenya, and the same could be replicated in Ghana.
  • The Volta Economic Corridor has been identified as a transformational opportunity for integrated industrial development in textiles, garments, and light manufacturing.
  • The Bank has identified priority transport projects aligned with the government's 'Big Push' agenda.
  • The AfDB is deepening its collaboration with the Ministry of Communication, Digital Technology and Innovation to strengthen the foundation for Ghana's digital transformation.
  • Areas of focus include data harmonisation, governance, and cybersecurity.

Statistics:

  • Ghana's pension assets under management are currently valued at $5.2 billion.
  • The AfDB seeks to create a secured mechanism to channel a portion of these funds into infrastructure and real-sector investments.

Sources:

  • Ghana News Agency: "Africa Development Bank expresses enthusiasm for Ghana's 24-Hour Economy concept"
  • Quotes and statements from Mr. Solomon Quaynor, AfDB Vice President for Private Sector, Infrastructure and Industrialisation.