The Chief of Staff, Julius Debrah has said the Volta Region remains a key part of President Mahama’s economic reset agenda.
At the Volta Economic Forum on Friday, October 31, the Chief of Staff in a speech read on his stead by the Deputy Chief of Staff, Nana Oye Bampoe Addo touted the Region’s economic potentials which he believes would be of great significance to the government’s 24-Hour economy policy.
He noted that through the Volta corridor, “we can build value chains that work 24/7, we can expand access to energy, we can create job for our youth and we can open new frontiers of trade that link Ghana to her neighbour and to the World at large.”
“Ladies and Gentlemen, the corridor will not live up to its promise if we in this forum do not share honest view about the potentials. Let us use this forum and gathering to think boldly, to debate freely, to deign practical ways to make the 24-Hour economy work for our collective good,” he added.
The Chief of Staff noted that the Volta Region is poised to lead government’s 24-Hour economy agenda.
He noted that the Volta Economic Corridor spans 2 million hectres of land and will create over one million jobs and attract over one billion dollars in investment.
He further highlighted how the Volta Economic Corridor could turn around agriculture, energy, logistics and tourism sectors of the country.
Agriculture and agro processing (Value chain industrialization)
The Volta basin is agriculturally productive (food crops, tubers, oil palm and fisheries). A logistics spine and 24-hour operations will reduce post-harvest losses by enabling night-shift processing, continuous cold-chain throughout and faster export windows.
There is huge economic investment potential for the integrated agro-processing parks at lakeside nodes (cassava, maize, oil-palm, fish processing). Businesses will also benefit from the many tax incentives and alternative transportation channels available in the movement of people, goods and services.
Increased Alternative Energy Source
Lake Volta: Akosombo remains Ghana’s strategic hydro power asset. The development of this corridor amongst other things will stablise and expand the electric baseload through the addition of more power plants. It is an opportunity to invest in Green Energy by integrating other renewable energy such as solar. These facilities will provide volumes since they will be operation 24/7.
There’s a big investment for our local and national economy throughout the following ways: A hybrid solar-hydro energy facility and several others.
Logistics and multiple transport network: the core idea of the corridor is to convert Lake Volta into a 24/7 multi-modal; corridor that links the North to the South and that links North-South production zones with export getaways and regional markets. This approach significantly reduces inland logistics costs and time used in transporting goods.
Tourism boost
The Volta Region holds world class attractions. When logistics and energy are supplied around the clock, a dependable local and national economy is created that attract foreign investments through tourism.
With the Volta Region’s serene aquatic environment, this corridor could become ideal destination for lake cruises amongst others. Indeed, the Volta economic corridor stands today as the living testament to what can happen when vision meets collaboration.
It offers our state Ghana and our Regional partners and our private sector a unique platform to join hands not in competition but in corporation to translate the vast endowment of this Region into shared prosperity.
