Accra Tuesday 12th October, 2021 - Ken Ofori-Atta, Minister for Finance has disclosed that Government will continue to utilize the Ghana Infrastructure Investment Fund (GIIF) technical and private sector skills to drive its infrastructural initiatives.
“Ghana Infrastructure Investment Fund (GIIF) has in the past years complemented the realization of Government’s infrastructure agenda”. Minister for Finance, Ken Ofori-Atta disclosed.
Speaking at the inauguration of the board of GIIF, the Minister cited the refinancing of debts in the power sector (Power-GIIF), Agenda 111 (Health-GIIF) and PPP’s (Accra Tema Motorway) as initiatives powered by GIIF technical and private sector skills.
He indicated that, this in effect helped to ensure key infrastructure assets remained under Ghanaian ownership, control, and identity to help drive the country’s infrastructural agenda thereby reducing the country’s reliance on foreign investors.
GIIF is an US$325 million infrastructure investment vehicle established by the Government of Ghana to invest and develop infrastructure assets. The purpose was to have a Ghanaian owned entity to help drive infrastructure agenda.
To achieve a progressive success, the Minister urged the reconstituted board to continue with “strong corporate governance and without undue political interference in its operations”.
He therefore encouraged them to be “bold and proactive, without being reckless” this, he believed would “make things happen in the infrastructure space for Ghana with creativity and purpose”.
Mr. Ofori-Atta on behalf of government emphasised that the Ministry of Finance would continue to provide oversight and strategic direction for the Fund, however the day-to-day oversight responsibility rest on the Board.
The Chairman of the Board, Mr. Phillip Addison on behalf of the members pledged their support to help ensure that the institution was well governed and productive in achieving its mandate.
He acknowledged the impressive performance of GIIF in the past four years adding that “it is clear that we as the new Board have been given a solid platform on which to add our contribution and help take GIIF to another level for the benefit of the Ghanaian people”.
The reconstituted board members are: Mr. Solomon Asamoah (new C.E.O.), Eric Okyere Darko, Madam Cecilia Hesse and Mr. Kwabena Nyarko. The others are: Mrs. Theresa Afua Oparebea Ayaode, Amb. George Kumi, Hon. Collins Adomako-Mensah and Nana Afua Kyerewaa Ababio.
Since its establishment four years ago, GIIF has been profitable, providing financial return to the country. It now has a portfolio of 12 investments totalling US$290m; for each dollar invested, GIIF has brought in 10 dollars, about US$2.9billion will have been invested in Ghana; it has invested in 7 sectors; transportation (airport and seaport); Power; ICT; tourism, mining, oil & gas and affordable housing. END
