Ghana’s growth story remains one of undeniable resilience. With the economy expanding by 5.8 per cent in 2025 and projected to maintain steady growth through 2027, the macroeconomic picture is brightening. Inflation is easing, the policy rate is lowering, and stability is steadily returning.
Yet, beneath these encouraging indicators lies a structural vulnerability that threatens to artificially cap the country’s long-term potential: an ageing, chronically underfunded infrastructure base.
The 2026 Infrastructure Report Card, developed by the Ghana Institution of Engineering, delivered a sobering D3 grade (57 per cent) for the nation’s infrastructure. This reflects a story of stagnation rather than outright collapse. Despite years of public spending, inadequate maintenance, weak asset management and chronic underfunding have taken their toll, leaving roads, health facilities and rail networks in particularly poor condition.
The scale of the shortfall is formidable. According to the World Bank’s Ghana Sustainable Cities Strategy, Ghana requires an estimated US$37.2 billion annually in infrastructure investment to meet long-term development objectives. Historically, the nation has fallen drastically short; between 2010 and 2020, combined public and private infrastructure investment hovered around merely five per cent of GDP.
Today, the African Development Bank (AfDB) places Ghana’s overall investment financing gap at roughly nine per cent of GDP, a deficit exacerbated by high public debt, limited domestic revenue and tighter global financial conditions that restrict access to affordable capital.
The ultimate economic multiplier
Infrastructure is not merely a budgetary line item; it is the foundational platform upon which every other sector of the economy performs. Reliable power keeps factories operational and cold chains intact. Modern roads and railways slash the cost of moving goods, directly connecting farmers to eager markets. Efficient ports and robust telecommunications dictate whether Ghanaian businesses can successfully compete on the regional and global stage.
When these vital systems underperform, the hidden costs ripple through the economy via higher production expenses, stunted business scalability and communities cut off from opportunity.
Studies consistently show infrastructure investment generates significant multiplier effects through higher productivity, employment and lower transaction costs.
For Ghana, closing its infrastructure gaps, particularly in water, sanitation, power and transport, is not just about modernisation. It is a critical prerequisite for translating projected GDP growth into broad-based, inclusive prosperity, ensuring the economy’s momentum does not stall against a wall of structural bottlenecks.
Strategic reforms and innovative financing
Recent fiscal consolidation measures have contributed to improving macroeconomic stability and investor sentiment. This consolidation, underpinned by successful debt restructuring and IMF programme progress, is yielding renewed investor confidence, credit rating upgrades and a stabilised cedi. Concurrently, the National Infrastructure Plan sets a bold ambition to transform the country’s landscape by 2047.
However, ambition alone cannot bridge a nine-per-cent-of-GDP financing gap, nor can any single government fund a US$37 billion annual requirement exclusively from the public purse. The path forward requires a fundamental shift in how we fund multi-decade assets, moving away from expensive, short-term external borrowing towards long-term, patient capital.
Achieving this requires mobilising capital from multiple sources in concert. First, Ghana must broaden its domestic revenue base and deepen local currency capital markets, allowing infrastructure to be increasingly financed in cedis to mitigate foreign exchange risks.
Furthermore, structured public-private partnerships (PPPs) and blended finance instruments are critical. By combining development finance with commercial capital, we can de-risk private investment in early-stage or lower-return projects, such as rural energy access and sanitation, effectively easing the burden on the public balance sheet.
Crucially, the country must leverage commercial and syndicated bank financing to empower the large indigenous and multinational contractors building our productive infrastructure.
While international investment conferences regularly generate billions in pledges, the true challenge lies in execution. Ghana must aggressively build a robust pipeline of bankable, well-structured projects to ensure that financial commitments are rapidly converted into concrete developments.
The role of financial institutions in driving growth
Turning ambitious infrastructure blueprints into reality requires the capital mobilisation, structuring expertise and risk-management capabilities that financial institutions and development partners can provide. This is a responsibility Stanbic Bank Ghana embraces deeply, anchored by a guiding belief: “Africa is our home, we drive her growth.”
Stanbic has consistently demonstrated this commitment by financing strategic projects that catalyse Ghana’s industrialisation.
A prime example is the financial backing provided to Genser Energy for the development of vital gas transportation infrastructure, which has significantly expanded reliable energy supply to the nation’s mining and industrial sectors. By empowering such critical projects, Stanbic is actively strengthening the foundations for job creation and private sector competitiveness.
These capabilities extend far beyond traditional lending. Leveraging the balance sheet strength and pan-African network of the Standard Bank Group, Stanbic is uniquely positioned to advise on project structuring, helping sponsors design bankable initiatives that attract diverse capital.
Whether it is supporting the government and private investors in developing sustainable PPP models, providing essential trade and working capital for local contractors, or spearheading local currency financing in the capital markets, Stanbic offers comprehensive solutions tailored to the complexities of large-scale infrastructure delivery.
Executing the vision for tomorrow
Ghana stands at a genuine inflection point. Recent macroeconomic stabilisation has created the breathing room necessary for ambitious planning, while the National Infrastructure Plan offers a clear, long-term destination. The scale of the financing gap is daunting, but it is well quantified and thoroughly understood.
What remains is the rigorous work of execution: optimising domestic revenue, structuring commercially viable PPPs and mobilising the blended and commercial capital needed to transform a formidable shortfall into funded, delivered assets.
Financial institutions possessing the regional expertise and local dedication to orchestrate this capital are indispensable to the journey ahead. Through collaborative effort and disciplined investment, we can build the enduring physical networks that will underpin Ghana’s sustained economic transformation for generations to come.
BY REXFORD KISSIEDU ADDI
The writer is Senior Vice President, Power & Infrastructure, Corporate and Investment Banking, Stanbic Bank Ghana.
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