GIIF eyes Volta Lake development to create jobs, boost trade

The Ghana Infrastructure Investment Fund (GIIF) is exploring plans to develop the Volta Lake corridor into a business and industrial hub to create jobs, boost trade and support low-carbon economic growth.

The proposed development would connect northern and southern Ghana, improve access to ports for landlocked Sahelian countries and attract investments in renewable energy, climate-friendly transportation, sustainable agriculture and manufacturing.

Nana Dwemoh Benneh, Chief Executive Officer of GIIF, said the Fund was exploring opportunities to develop the corridor as a net-zero economic zone, with investments in agro-processing parks, climate-smart commercial farming, light manufacturing and multimodal transportation.

He was speaking at an event on the sidelines of the 31st United Nations Climate Change Conference (COP31) in Antalya, Türkiye.

Nana Benneh said the corridor could link agricultural production areas in the north to markets and industrial centres in the south, while strengthening trade connections with neighbouring countries.

The proposed transport system would combine road and water transport, with greater use of the Volta Lake to reduce reliance on road transportation and its associated carbon emissions.

Nana Benneh said renewable energy, particularly solar power, would also be considered to provide electricity for industrial and commercial activities.

Local pharmaceutical manufacturing was another potential investment area, which could reduce the environmental costs associated with transporting medicines from distant markets while improving supplies to Ghana and neighbouring countries.

He said the development would also seek to ensure that young people and small businesses benefited from the opportunities created.

GIIF was therefore working with commercial banks and other financial institutions to explore concessional financing for small and medium-sized enterprises (SMEs) expected to operate within the proposed industrial parks.

Technical assistance and training would also help entrepreneurs adopt more climate-friendly production methods.

Beyond industrial and transport infrastructure, the Fund was exploring grant financing to support alternative livelihoods for communities whose economic activities contributed to the depletion of natural resources.

Nana Benneh cited mangrove degradation as an example, explaining that some communities depended on the ecosystems for their livelihoods, contributing to pressure on the forests.

He said alternative income-generating activities, including aquaculture, could help improve livelihoods while protecting mangroves and the ecological benefits they provide.

The GIIF Chief Executive said the Fund's recent accreditation as a Direct Access Entity of the Green Climate Fund (GCF) would strengthen its capacity to mobilise resources for such projects.

The accreditation, approved at the GCF Board's 46th meeting in October 2026 in the Republic of Korea, allows GIIF to submit eligible climate investment proposals directly to the Fund without relying on international intermediaries.

He said this would give the Fund access to grants, concessional financing and other financial instruments to support Ghana's climate-resilient infrastructure priorities.

Kwadwo Kwakye Gyan, Technical Director of GIIF, said the priority was to translate the accreditation into investment-ready projects capable of attracting climate finance.

He said the Fund would use its Green Project Preparation Facility, climate financing strategies and partnerships to develop a pipeline of projects for investment.

Collaboration with the Coalition for Disaster Resilient Infrastructure would also help identify and prioritise infrastructure projects that could withstand climate-related risks.

Mr Gyan said the success of the initiative would ultimately be measured by the climate finance mobilised, investments facilitated and tangible benefits delivered to communities.

Ghana has made commitments under the Paris Agreement through its Nationally Determined Contributions, but their implementation requires substantial investment in infrastructure, energy, agriculture and other sectors.

Mr Benneh said the GCF accreditation would strengthen the country's ability to turn those commitments into practical development projects.