Projects and Construction Law in Ghana
As a developing nation, Ghana's focus on infrastructure growth is aimed at driving socio-economic development and enabling greater productivity within the various sectors of the economy. The annual infrastructure funding gap is estimated at US$1.5 billion for the next decade. and government and private sector participants are developing innovative ways to bridge this gap. This has increased the reliance on project financing for the development of both privately funded infrastructure and public-private partnerships (PPPs). The World Bank's Private Participation in Infrastructure database indicates that of the 30 projects that reached financial close between 1990 and 2019, only five have either been cancelled or are under duress. Multilateral agencies and development financial institutions, such as the World Bank Group and the African Development Bank, are playing a key role in this process through the provision of funding and other credit enhancement facilities, such as partial risk guarantees to private investors and lenders. Their contributions have had a significant impact on the success of many project financings in Ghana.