By Morkporkpor Anku,
Accra, Aug. 5, GNA – The Volta River Authority (VRA), the 24-Hour Economyand Accelerated Export Development Secretariat (24H+) and the Ghana Infrastructure Investment Fund (GIIF). have begun negotiations on a Master Concession Agreement for the Volta Economic Corridor.
The proposed agreement will establish the commercial and legal framework for developing the corridor through private investment to support industrialisation, exports, job creation and regional trade.
The negotiations commenced in Accra on Wednesday, according to officials from thre entities.
The Volta Economic Corridor, approved by Government in July 2025, has been designated Ghana’s first net-zero economic corridor.
It is expected to utilise the Volta Lake and adjoining lands to reduce transport costs, expand agricultural production, promote industrial development and strengthen regional trade.
Dr Julius Debrah, Chief of Staff, described the project as a national priority and a central component of President John Dramani Mahama’s strategy to unlock the economic potential of the Volta Lake Basin.
He said Cabinet had approved the initiative and that it had the full backing of the Presidency.
Dr Debrah said the project built on the original development vision behind the construction of the Akosombo Dam, which sought to promote industrialisation, agriculture, transportation and regional economic development in addition to electricity generation.
He said many of those broader economic objectives remained unrealised despite the success of hydroelectric power generation.
Dr Debrah said the President envisaged the corridor becoming a hub for inland ports, integrated transport systems, agro-processing, manufacturing, employment creation and regional commerce.
Mr Goosie Tanoh, Presidential Adviser on the 24-Hour Economy and Accelerated Export Development Programme, said the corridor formed part of Government’s strategy to increase domestic value addition and strengthen industrial value chains.
He said the Master Concession Agreement would establish a transparent and commercially viable framework capable of attracting long-term private investment while safeguarding the State’s interests.
Mr Tanoh said the agreement would not affect hydroelectric power generation at the Akosombo Dam or the management of water levels in the Volta Lake, which would remain the responsibility of the VRA.
He said the project was intended to build an integrated productive economy capable of meeting domestic demand while expanding exports of higher-value goods.
Mr Edward Ekow Obeng-Kenzo, Chief Executive Officer of the VRA, said the Authority would continue to be responsible for the safety of the Akosombo Dam, management of the Volta Lake and electricity generation while supporting the broader economic development of the lake basin through the partnership.
Mr Nana Dwemoh Benneh, Chief Executive Officer of GIIF, said the Fund would serve as the lead infrastructure investor by mobilising long-term capital for the project without adding to Government’s balance sheet.
He said GIIF’s mandate was to finance nationally significant infrastructure projects and cited its investments in the Takoradi Port expansion, the national fibre optic backbone and thermal power projects.
“GIIF has served as the designated infrastructure financing partner for the 24-Hour Economy initiative since its inception and signed a Joint Development Agreement with the programme in May 2026,” he said.
Mr Benneh said GIIF’s Board had granted approval in principle for funding support, subject to the necessary approvals from the Ministry of Finance.
He described the concession negotiations as a significant step towards establishing a bankable framework for implementing the Volta Economic Corridor.
GNA
Edited by Kenneth Sackey