The African Export-Import Bank (Afreximbank) and the Ghana Infrastructure Investment Fund (GIIF) have committed $10 million to support Ghana's 24-Hour Economy programme. The funds will be used for project preparation, including technical, financial, legal, and advisory work. This initiative aims to boost industrial growth and job creation in Ghana. The 24-Hour Economy programme has a pipeline of $11.5 billion, but the current facility only covers a small fraction of the overall ambition.
The Joint Project Preparation Facility (JPPF) Framework Agreement was signed by Afreximbank, GIIF, and the 24-Hour Economy Authority. Under the arrangement, projects will be jointly screened and prioritised by the three institutions. Afreximbank will bring project-development and capital-mobilisation expertise, while GIIF will contribute local project origination and infrastructure-investment know-how. The 24-Hour Economy Authority will be responsible for putting forward strategic projects and coordinating government stakeholders.
The persistent obstacle to big infrastructure and industrial investment in Ghana is often not a lack of capital but a lack of properly structured, investment-ready projects. Analyst Amo Agyapong described the agreement as real progress toward the 24-hour economy agenda. The facility also includes training, knowledge transfer, and staff secondments intended to build up GIIF's own project-preparation capacity over time.
The 24-Hour Economy programme has been pitched to Ghanaians as a route to significant job creation and industrial growth. President Mahama has projected that the plan could unlock $9 billion in agro-industry investment and 800,000 jobs. This latest agreement is a step toward turning such projections into projects that banks and investors can actually finance.
The push has not been free of friction on the ground. The 24-hour economy agenda has already stirred controversy in Agbogbloshie, where traders have raised concerns about market redevelopment and displacement. A government official assured Agbogbloshie traders their businesses would not be taken away amid those tensions.
The sectors targeted for the facility include energy and infrastructure, logistics and digital connectivity, industrial parks, manufacturing and agro-processing, minerals beneficiation, tourism, creative industries, and healthcare. No details have been given on which specific projects will be prioritised first or how quickly the preparation work is expected to conclude before projects can seek full financing.
A Joint Project Preparation Facility is a financing arrangement used in development finance to fund the early work that a project needs before it can be considered "bankable". The agreement marks a significant step toward implementing Ghana's 24-Hour Economy programme, but it does not guarantee that any specific factory, industrial park, or logistics hub will be built.
Key points
- Afreximbank and GIIF have committed $10 million to support Ghana's 24-Hour Economy programme.
- The funds will be used for project preparation, including technical, financial, legal, and advisory work.
- The 24-Hour Economy programme has a pipeline of $11.5 billion, but the current facility only covers a small fraction of the overall ambition.
