President Nana Addo Dankwa Akufo-Addo, on Wednesday, April 5, has inaugurated a 9-member Board of Directors of the Ghana Investment and Infrastructure Fund (GIIF).
During the inauguration ceremony, the President charged the Directors to bring their creativity on board to help develop the country’s infrastructure space.
President Akufo-Addo also urged the Board to unlock new sources of finance and investment for the country, and work closely with other Ghanaian institutions, both public and private, “so that infrastructure investment in the country can be raised, and more jobs created.”
At a brief ceremony held at the Presidency, the President noted that GIIF “is an important vehicle Ghana can use, with its $250 million seed funding, to leverage capital from other sources for the nation’s infrastructure financing and development.”
The President noted that investments in infrastructure will lead to greater economic activity and job creation, however the challenge is finding money and expertise to make such investments from both public and private sector sources.
“The public sector, within our current constrained financial circumstances, cannot, on its own, provide and finance all of our infrastructure needs. We have to mobilise the private sector to fill the gap. That is how we would be able to achieve our goals for infrastructure development. This is the principal objective of the fund, which is to accelerate economic growth,” he added.
President Akufo-Addo urged GIIF to run on the strong corporate governance principles with members of the Board, as stipulated in Act 877 (2014) to have “the necessary integrity, knowledge, expertise and experience in matters relevant to the functions of the Board.”
The President also commended Prof. Christopher Ameyaw Akumfi, Chairperson of the Board, describing him as a “respected public servant, who has earned an enviable reputation, both in his work as an academician and a politician”, and one who is “eminently qualified to act as Chairperson of the fund.”
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