The African Export-Import Bank (Afreximbank) and the Ghana Infrastructure Investment Fund (GIIF) have signed an agreement to establish a joint project preparation facility (JPPF) to accelerate priority projects under Ghana's 24-hour economy program (24H+). The program aims to transform Ghana into a competitive production hub. The partnership will enable the preparation of bankable projects, increasing access to funding.
The 24H+ program is a government-led initiative driven by private sector operations, focusing on eight interconnected areas: agriculture, manufacturing, infrastructure, creative industries and tourism, logistics, finance, skills, and national packaging. The program's broader investment portfolio is estimated to be worth $11.5 billion. The JPPF will support priority projects within this portfolio.
Afreximbank and GIIF will contribute $5 million each to finance technical, financial, legal, and advisory works required to address project financing challenges. The partnership brings together Afreximbank's expertise in project preparation and fundraising, GIIF's local investment capabilities, and the 24-hour economy authority's coordination role.
The joint project preparation facility will focus on energy, infrastructure, logistics, digital communications, industrial parks, manufacturing, agro-industries, mining, tourism, creative industries, and healthcare. The facility will also include a capacity-building component to enhance GIIF's project development capabilities.
The partnership is expected to accelerate the implementation of priority projects, enhance Ghana's project preparation capacity, and create a sustainable pipeline of investment-ready transactions. The initiative may serve as a model for other African countries, promoting similar partnerships and improving project preparation.
The agreement was signed by Afreximbank's Executive Vice President, Kanayo Awani, GIIF's Chief Executive Officer, Nana Duemoh Biney, and the Presidential Advisor on 24-hour Economy, Augustus Obouadom Tanoh. The partnership is expected to contribute to Ghana's transformation into a competitive production and export hub.
The successful implementation of the 24H+ program is anticipated to deepen Ghana's integration into the African Continental Free Trade Area (AfCFTA). The partnership between Afreximbank, GIIF, and the 24-hour economy authority is poised to play a catalytic role in achieving this goal.
Key points
- The partnership aims to accelerate project preparation for Ghana's 24-hour economy program.
- The joint project preparation facility will focus on energy, infrastructure, and logistics.
- The initiative may serve as a model for other African countries.
