The Volta Economic Corridor must be developed into a “living artery” for productivity, logistics, and trade to support Ghana’s 24-hour economy, the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has said.
Speaking virtually at the Volta Economic Forum on the theme “Harnessing the Volta Corridor Economic Potential for the 24-Hour Economy Take-off,” Dr. Asiama said the time was ripe to turn macroeconomic stability into shared prosperity through regional industrialisation and private sector participation.
“This forum is not just another event, it is the turning of a new chapter in Ghana’s development, one that calls us to turn macroeconomic stability into shared prosperity,” he said.
The governor outlined how recent economic recovery measures had restored confidence in Ghana’s financial system after one of its most difficult periods in 2022.
“Inflation is now at 9.4%, the cedi is appreciating, and our international reserves stand at over $12 billion, covering nearly five months of imports,” he noted. “These are not just statistics, they tell the story of a country that has refused to give up.”
He said the gains made over the past eight months through “deliberate, disciplined policymaking” had created the right conditions for investment and regional transformation, particularly in the Volta region.
Turning Stability into Transformation
Dr. Asiama described the Volta Economic Corridor as a vital production and trade route stretching from Tema and Akosombo through the Volta region to the north, connecting farmlands, energy sources, and border trade routes.
“Our economic corridor in the Volta region is not just a line on a map, it is a living artery through which Ghana’s economic heart connects to fertile farmlands, busy markets, and energy sources,” he said.
He called for deliberate investments to turn the corridor into a “round-the-clock economic engine,” integrating agriculture, logistics, manufacturing, and digital services into Ghana’s 24-hour policy framework.
“The 24-hour economy is not just about working longer hours, it is about working smarter, faster, and more connected,” he said. “It is about creating a Ghana where production never stops, finance flows continuously, and digital systems keep commerce alive beyond daylight.”
Key Priorities for Unlocking the Corridor
Dr. Asiama outlined strategic priorities to unlock the Volta corridor’s potential:
- Infrastructure and Connectivity – Upgrading road networks and logistics hubs, particularly the Eastern Corridor Road, and improving border posts to facilitate trade.
- Energy and Industrial Clusters – Developing renewable energy systems powered by hydro, solar, and wind to sustain 24-hour operations in industrial parks.
- Human Capital Development – Aligning technical and vocational training with digital entrepreneurship and automation to prepare youth for “a 24-hour-ready workforce.”
- Public–Private Partnerships (PPPs) – Creating an attractive investment climate through policy consistency, regulatory clarity, and competitive tax frameworks.
“Government cannot do it alone. We need strong private sector participation, both local and international. The potentials of the region must be packaged well to attract capital,” he said.
Bank of Ghana’s Role
The Governor detailed how the central bank’s policies would underpin the transformation of the Volta corridor and the broader 24-hour economy.
He said the Bank of Ghana’s macroeconomic management, including price stability, inflation targeting, and foreign exchange oversight, was providing the “foundation of predictability” that businesses and investors need.
The expansion of digital finance was also key. Dr. Asiama pointed to initiatives such as GhanaPay, GhIPSS, and the upcoming E-Cedi project, which together would enable seamless, continuous transactions even when banks close.
“In a 24-hour economy, digital payments are the bloodstream of businesses,” he said. “Bank branches may close at 5 p.m., but digital channels must continue to serve economic activity till the next morning.”
He added that reforms to Ghana’s credit ecosystem, the collateral registry, and new digital lending frameworks were broadening access to finance for SMEs and startups, particularly in the Volta region.
“We are promoting fintechs that will be SME-friendly, helping to widen access to capital and enable cooperatives and youth-led startups to scale in the formal economy,” he said.
A Call to Action
Dr. Asiama stressed that the success of the Volta corridor depended on collective effort, from central and local government to private investors, educators, and traditional leaders.
“True transformation is not decreed; it is co-created,” he said. “Government must enable, private capital must build, traditional leaders must anchor, and financial institutions must finance.”
He commended the Volta Regional Coordinating Council, the Volta Corridor Project, and the Ghana Exim Bank for their leadership, describing the forum as “a call to action.”
“Let us turn every idea shared here into tangible outcomes, a factory built, a farm expanded, or a financial hub created. Together, we can make the Volta Economic Corridor the vibrant heartbeat of Ghana’s 24-hour economy.”
Dr. Asiama concluded with a reaffirmation of the Bank of Ghana’s commitment to supporting sustainable, region-led growth through financial stability, innovation, and inclusion.
“Ghana is open, Ghana is stable, and Ghana is future-focused,” he said. “Together, we can make the Volta corridor a model of transformation and shared prosperity.”
