Ghana will invest up to $1.2 billion in infrastructure projects this year in a bid to boost growth, the country’s deputy finance minister said.
The proposed spending is aimed at engineering an “an economic reset,” Thomas Nyarko Ampem told a conference in Accra on Saturday, citing better transportation, dependable energy, and modern irrigation among Ghana’s most pressing needs.
The government aims to secure funds for the projects from oil revenues and mineral royalties, and the spending could rise by half a billion dollars by 2028.
The cocoa and gold producer is recovering from its worst economic crisis in a generation, which led to a 2022 debt default that prompted a $3 billion loan from the IMF.
Ghana’s economy grew 5.7% last year, according to the World Bank, and is this year expected to expand 4.3%. President John Mahama, who took office in January, made a $10 billion infrastructure program a key pillar of his campaign manifesto.