THE African Development Bank (AfDB) has approved a bold strategy for Ghana, aimed at fostering a resilient, inclusive economy driven by private sector-led industrialisation. The Country Strategy Paper (CSP) 2024-2029, which was approved by the Bank’s Board of Directors early November, prioritises two main goals: accelerating industrialisation through private sector development and establishing a sustainable transport infrastructure that enhances regional integration and trade.
Focus on agriculture, energy, and social development
The first priority of the CSP focuses on strengthening key sectors like agriculture, energy, and social development. The Bank’s efforts will aim to help the Ghanaian government enhance skills training, boost industrialisation, and build resilience in agriculture by supporting value chains and economic transformation zones, particularly in the northern regions of the country.
To achieve these goals, the Bank will focus on innovative financing solutions to support agricultural entrepreneurship and expand the energy supply, while simultaneously improving technical skills in the workforce.
The Bank has also identified specific investments designed to support economic growth, particularly through fostering inclusive and climate-resilient development. By addressing the challenges in the agriculture sector, the AfDB intends to accelerate the country’s industrialisation efforts and ensure that economic growth benefits all regions and socio-economic groups.
Sustainable transport infrastructure for regional integration
The second priority of the AfDB’s strategy focuses on transforming Ghana’s transport infrastructure to boost regional integration and trade. The Bank will focus on the development and maintenance of high-quality, climate-proof roads to improve connections between production centres and national, as well as regional, markets.
This approach aligns with the Bank’s vision of fostering economic integration within Africa, where improved infrastructure will play a critical role in strengthening trade links between Ghana and its neighbours, ultimately leading to more efficient movement of goods and services across the region.
Support for private sector development and entrepreneurship
The AfDB’s strategy also highlights its commitment to boosting private sector-led industrialisation. ‘The Country Strategy Paper will adopt innovative methods to accelerate agri-industrial transformation and increase the Bank’s support for the private sector,’ said Eyerusalem Fasika, the African Development Bank’s Country Manager for Ghana. Fasika added that the Bank would introduce transformative initiatives to promote entrepreneurship, e-skills development, and job creation in the country.
Through these efforts, the AfDB plans to empower a new generation of entrepreneurs and ensure that Ghana’s workforce is equipped with the skills needed to thrive in a rapidly changing global economy. These efforts will align with the Bank’s broader goals of fostering inclusive economic growth and ensuring that the benefits of industrialisation and private sector growth reach all sectors of society.
Integrated solutions for climate-smart agriculture
In addition to infrastructure development, the Bank’s strategy will integrate climate-smart solutions to ensure that Ghana’s agricultural sector is resilient to the impacts of climate change. By investing in climate-resilient technologies and promoting sustainable agricultural practices, the AfDB will help Ghana increase its agricultural productivity while safeguarding the environment.
These solutions will help strengthen agricultural value chains, boost food security, and promote environmental sustainability in the face of evolving climate challenges. As part of this effort, the Bank will advocate for the widespread adoption of resilient technologies that will allow farmers to thrive in the face of increasing climate unpredictability.
Ongoing projects and future investments
As of October 2024, the AfDB’s active portfolio in Ghana comprised 23 projects with total commitments amounting to $850 million. These ongoing projects reflect the Bank’s long-standing commitment to supporting Ghana’s development and improving its prospects for long-term growth.
With the new CSP in place, the AfDB is poised to expand its support for Ghana’s economic transformation, with a strong focus on innovation, sustainability, and private sector engagement. By targeting key sectors such as agriculture, energy, and transport, the Bank aims to drive forward a future of prosperity for Ghana and its people.
