Ghana launches project preparation facility for round-the-clock economy — MyJoyOnline
In Ghana, the African Export-Import Bank (Afreximbank), the Ghana Infrastructure Investment Fund (GIIF), and the 24-Hour Economy Authority have signed a framework agreement on a joint project preparation facility. It is intended to accelerate the preparation of priority initiatives under the 24-Hour Economy and Accelerated Export Development Programme (24H+), MyJoyOnline reports.
The total value of the programme's investment portfolio is estimated at approximately $11.5 billion. Afreximbank and GIIF will each contribute $5 million for the technical, financial, legal, and advisory preparation of selected projects.
The funds are not intended for construction
The initial $10 million is not financing for the construction of the entire 24H+ portfolio. The funds will be directed to the preparatory stage, including work on technical, commercial, legal, and financial issues that should make the projects suitable for attracting investment. The projects will be selected and approved jointly by the three institutions.
Afreximbank will provide expertise in project development and capital mobilization, GIIF will provide competencies in local infrastructure investments, while the 24-Hour Economy Authority will coordinate the submission of strategic projects and interaction with government bodies.
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Investment areas
The facility will cover energy and infrastructure, logistics and digital connectivity, industrial parks, manufacturing and agricultural processing, mineral processing, tourism, creative industries, and healthcare.
The agreement also provides for training, knowledge transfer, skills development, and staff secondments to strengthen GIIF's internal project preparation capabilities. The fund's chief executive officer, Nana Dwemoh Benneh, said the partnership should help move priority initiatives from concept to investment readiness.
Presidential adviser on the 24-hour economy and accelerated export development Augustus Obuadum Tanoh noted that the programme would be implemented through transformative projects that must be properly prepared to attract capital.
