Formal negotiations on the agreement for the Volta Economic Corridor have commenced under the government’s 24-Hour Economy and Accelerated Export Development Programme, marking a major step towards the development of the Water-Lake Transport Project.
The negotiations, involving the Volta River Authority (VRA) and the Ghana Infrastructure Investment Fund (GIIF), are expected to produce a legal framework agreement that will guide investment, financing and implementation of the project.
Launching the negotiations in Accra, yesterday, the Chief of Staff, Dr Julius Debrah, described the initiative as a landmark intervention under the government’s 24-Hour Economy programme that would transform the Volta corridor into a major economic growth zone.
He said the Water-Lake Transport Project would unlock opportunities in trade, agriculture, industry and tourism while creating jobs and strengthening transport links between northern and southern Ghana.
Dr Debrah said the Volta Lake should no longer be viewed solely as a source of hydroelectric power but as a strategic national asset capable of driving economic transformation.
“Leadership is measured by the changes it brings to the lives of the people,” he stated, assuring that government would continue to work closely with state institutions and the private sector to ensure the successful implementation of the project.
He noted that the initiative builds on the vision that gave birth to the Volta Project, which powered Ghana’s industrialisation, adding that the next phase was to harness the lake to promote transport, trade, investment and regional integration.
The Presidential Advisor on the 24-Hour Economy, Mr Goosie Tanoh, described the commencement of the negotiations as a significant milestone in the implementation of government’s economic transformation agenda.
According to him, studies undertaken under the 24-Hour Economy programme had confirmed the enormous economic potential of the Volta basin in inland water transport, renewable energy, irrigation, manufacturing and tourism.
Mr Tanoh said the concession negotiations would establish a framework capable of attracting long-term private investment while safeguarding the interests of the state and all participating institutions.
The Board Chairman of GIIF, Franklin Mensah, said the fund had been working with the 24-Hour Economy Secretariat to develop the Water-Lake Transport Project as a key component of the programme.
He explained that the project would create a major north-south transport corridor along the Volta Lake, supported by inland ports to facilitate cargo movement, reduce transport costs and stimulate economic activities along the corridor.
Mr Mensah said GIIF had already approved funding to advance preparatory work on the project and was leading efforts to mobilise additional private sector investment.
A representative of the VRA, Mr Samuel Fletcher, reaffirmed the Authority’s commitment to the project, saying the Volta Lake possessed immense potential to contribute to Ghana’s development beyond electricity generation.
He said the Authority remained committed to partnering stakeholders to ensure the successful implementation of the project, which is expected to become one of the flagship infrastructure initiatives under the government’s 24-Hour Economy programme.
BY AGNES OPOKU SARPONG & RASHEEDA AFOAKWAH
Follow our WhatsApp Channel now! https://whatsapp.com/channel/0029VbAjG7g3gvWajUAEX12Q
