Ghana: $10 million to prepare projects for $11.5 billion in investments

Afreximbank and the Ghana Infrastructure Investment Fund have committed $10 million to finance the preparation of selected projects under the Ghanaian 24H+ program, which has an investment pipeline valued at approximately $11.5 billion. The agreement also involves the 24-Hour Economy Authority, responsible for presenting priority projects.

Both financial institutions will contribute $5 million each to the joint mechanism. The funds are intended to cover technical, financial, legal, and advisory studies aimed at removing barriers that prevent certain projects from attracting larger financing.

Thus, the mechanism does not constitute financing of $11.5 billion for the projects. The projects will be jointly reviewed and selected before receiving preparatory support, and will still need to secure their construction or investment financing through separate procedures.

Targeted sectors include energy and infrastructure, logistics and digital connectivity, industrial parks, manufacturing, agro-industry, mineral processing, health, tourism, and creative industries. The 24H+ Authority indicated in July that the overall pipeline reached $11.5 billion, of which $5.5 billion was covered by development agreements signed at that time.

A budget dedicated to project preparation

The Ghana Infrastructure Investment Fund is expected to leverage its local capacity for structuring and investment, while Afreximbank will provide its expertise in project development and capital mobilization. The mechanism will also include training, knowledge transfer, and staff secondments to enhance the internal capabilities of the GIIF.

The 24H+ program aims to increase production, exports, and employment by relying on structured private and public investments around eight pillars. According to the Authority, 268 gas stations and 33 manufacturing companies were already operating in multi-shift mode as of July, while the announced projects in the pipeline were associated with over 160,000 expected direct jobs.