Continental lender African Development Bank (AfDB) Group has identified five major areas to lend support for the Ghanaian government’s sustainable and inclusive development agenda, an official disclosed late Friday.
AfDB Group Vice President for Private Sector, Infrastructure, and Industrialization Solomon Quaynor told the media at the end of five days of high-level consultations with Ghanaian officials, the private sector, and state institutions that the bank is impressed by the priority areas of the new Ghanaian government.
Quaynor said the AfDB would collaborate with and support Ghana in mobilizing domestic capital for infrastructure, industrial development, affordable housing, and public-private partnerships as part of the support.
“In Ghana, pension funds under management currently stand at 5.2 billion U.S. dollars, and the objective is to create a secured mechanism that can help channel this capital toward transformational projects,” he stated.
The other areas Quaynor listed include supporting “the visionary” 24-hour economy initiative, advancing transportation infrastructure, strengthening the digital transformation foundation, and unlocking private sector investment opportunities.
We will actively pursue all the identified areas. AfDB is firmly committed to working with all stakeholders in Ghana to drive sustainable economic development for the country, according to the vice president.
The overarching goal of the government’s 24-hour economy initiative is to transform Ghana into a self-reliant, export-driven economy through integrating value chains, enhanced market efficiency, and a competitive workforce to drive inclusive growth and reduce import dependency while creating jobs for the teeming youths.