Finance Minister, Ken Ofori-Atta has given an upbeat assessment of the performance of the US$325 million infrastructure investment vehicle, set up by the government to invest and build assets in Ghana.
He labeled the first four years of operation of the Ghana Infrastructure Investment Fund (GIIF) as “productive”. The GIIF attracted over US$2 billion of foreign funding to complement the Fund’s investment of US$290 million in 12 infrastructure projects.
These investments are in the sectors of transportation (air and sea port), Information Communication Technology (ICT), tourism, oil and gas, mining and affordable housing.
Mr. Ofori-Atta said for every dollar invested, the Fund had brought in outside money of US$10. He was speaking at the inauguration of the new nine-member GIIF’s new Board, which is chaired by Mr. Philip Addison.
The Finance Minister said the Fund was providing good financial returns to the government and made a strong case to shield it from needless political interference.
The government has been using the fund to drive the country’s infrastructure development agenda.
The Minister identified the lack of fully developed infrastructure as one of the major barriers to economic activity in the West African country.
He therefore called for the new Board to be innovative to find new sources of finance and investment for the country. The Fund should work closely with both the public and private sectors to help create jobs and wealth for the people to better their lives.
He encouraged the Board to be bold but without being reckless to get things moving in the infrastructure space.
He said as the Finance Minister, he would continue to provide proper oversight and strategic direction to the Fund. Mr. Addison said tackling the country’s infrastructure deficit was a vital government’s agenda, which they would go to every length to help to achieve.
They were aware that infrastructure by their nature took a long time to develop, finance and build.
The Board would work with the Management to make things happened.
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