Cnergy Global Holdings has welcomed the government’s renewed focus on infrastructure as a foundation for Ghana’s medium- to long-term growth, but warned that the level of financing earmarked for the effort is far from enough to deliver the ambitious transformation the country has been promised.
In its review of the 2025 Mid-Year Budget, the advisory firm praised the thinking behind the “Big Push” programme and the government’s decision to link it to the 24-Hour Economy initiatives, Grow 24, Make 24, Show 24, and Connect 24, as well as to priority projects under the IMF and Official Creditor Committee (OCC) credit ceiling of US$215 million.
Cnergy argued that this approach is long overdue, noting that across the world, investments in transport networks, energy systems, and public facilities form the backbone of growth. Roads connect farms to markets, power plants fuel industry, and public works create the conditions for commerce and jobs. “The role of infrastructure in economic growth and development cannot be overemphasized,” the review noted, calling it not merely a support system but “a catalyst for inclusive sustainable progress.”
The firm said Ghana’s own drive for structural transformation, a phrase long used in policy circles but rarely backed by sustained investment, could finally move from talk to action if the government truly prioritises infrastructure. It called the emphasis “a well-placed priority” that aligns with the country’s ambition to boost productivity, widen trade access, and reduce inequality.
But Cnergy’s endorsement came with a blunt caveat: the numbers don’t match the ambition. The government has set aside GHS13.8 billion for the Big Push this year, and while the report acknowledged the commitment, it described the allocation as “a good step, but woefully inadequate, given the infrastructure gap facing Ghana.”
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The gap is evident across sectors, crumbling rural roads, overloaded urban drainage, aging hospitals, and stalled industrial zones. Meeting those needs, Cnergy suggested, will require a sharper financing strategy. The firm urged the government to renegotiate the IMF/OCC credit ceiling to allow for more infrastructure spending and argued that any new funds must be channeled into carefully chosen projects.
Rather than scattering resources widely, Cnergy recommended focusing on “self-liquidating and immediate growth impacting projects”, investments that can generate revenue or measurable economic benefits to help pay for themselves over time, reducing the risk of adding to Ghana’s debt burden.
The review also raised a strategic question that goes to the heart of the Big Push: are the chosen projects truly the right ones? “Have these projects been tactically selected to impact the critical growth poles?” it asked, implying that the effectiveness of the plan will hinge not just on how much money is spent but where it is spent.
Cnergy’s observations come against a backdrop of improving macroeconomic conditions. The cedi has staged a remarkable rebound, inflation has eased, and investor sentiment has lifted, creating, in the firm’s view, a rare window of opportunity for transformative infrastructure investment. But the report suggested that this window could narrow quickly if financing and project selection are not handled boldly and wisely.
Ghana’s renewed focus on infrastructure is an important step, and the Big Push offers a promising framework. But without deeper funding and sharper priorities, the initiative risks falling short of the transformative change long promised by policymakers.
