The Volta River Authority (VRA), the 24-Hour Economy and 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 agreement is expected to establish the commercial and legal framework for developing the corridor through private sector investment to accelerate industrialisation, promote exports, create jobs and strengthen regional trade.
Negotiations commenced in Accra on Wednesday, marking a key milestone in the implementation of the Volta Economic Corridor, which was approved by Government in July 2025 as Ghana’s first net-zero economic corridor.
The initiative seeks to harness the economic potential of the Volta Lake and adjoining lands by reducing transport costs, expanding agricultural production, promoting industrial development and facilitating regional trade.
Julius Debrah, Chief of Staff, described the project as a national priority and a key pillar of President John Dramani Mahama’s strategy to unlock the economic potential of the Volta Lake Basin.
He said the project had received Cabinet approval and enjoyed the full support of the Presidency.
Debrah noted that the initiative revived the broader development vision behind the construction of the Akosombo Dam, which was intended not only to generate electricity but also to promote industrialisation, agriculture, transportation and regional economic development.
He observed that while hydroelectric power generation had been successful, many of the dam’s wider economic objectives had yet to be realised.
According to him, the President envisions the Volta Economic Corridor as a major hub for inland ports, integrated transport systems, agro-processing, manufacturing, employment generation and regional commerce.
Mr Goosie Tanoh, Presidential Adviser on the 24-Hour Economy and Accelerated Export Development Programme, said the corridor formed part of the Government’s strategy to deepen domestic value addition and strengthen industrial value chains.
He explained that the Master Concession Agreement would provide a transparent and commercially viable framework capable of attracting long-term private investment while protecting the State’s interests.
Mr Tanoh assured that 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 under the responsibility of the VRA.
He said the broader objective was to develop an integrated productive economy capable of meeting domestic demand while increasing exports of higher-value products.
Mr Edward Ekow Obeng-Kenzo, Chief Executive Officer of the VRA, said the Authority would continue to oversee the safety of the Akosombo Dam, manage the Volta Lake and generate electricity while supporting the wider economic transformation 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 increasing 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.
Mr Benneh said GIIF had 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 disclosed that the GIIF Board had granted approval in principle for funding support for the project, subject to the required approvals from the Ministry of Finance.
Mr Benneh described the ongoing concession negotiations as an important step towards establishing a bankable framework for implementing the Volta Economic Corridor.
