President John Mahama has tasked a six-member advisory committee, chaired by Mr. Ato Ahwoi, to work out the modalities for the establishment of the Ghana Infrastructure Fund (GIF).

The Fund, which President Mahama has initiated to tackle the huge annual infrastructure deficit of about US$1.5 billion, was first announced in the government’s budget statement and economic policy for 2014.

When fully established, the GIF or Infra Fund will be a quasi-fiscal body chaired by the Minister for Finance. It will pursue its own ratings on the domestic and international financial and capital markets, and mainly “focus on strategic infrastructure that will lead to job creation and the growth of the economy.”

In a brief ceremony at the Flagstaff House to inaugurate the advisory team, President Mahama urged members to prepare a business plan that will guide the initial three years of the operations of the Fund. The President also charged them to provide updates on their activities through the Finance Minister to Cabinet so that progress being made towards the launch of the Fund can be assessed.

President Mahama further directed the committee to provide recommendations and timelines for the completion of activities needed for the launch of the Fund.  Committee members will also work on a proposed legal and governance structure for the Infra Fund.

Mr. Ato Ahwoi assured President Mahama of the committee’s commitment to work expeditiously so that that Ghana can expand its infrastructure base and be able to compete favourably with the rest of the world.  He promised that the committee will complete its work in four (4) months.

The other five members of the advisory committee are former Deputy Governor of the Bank of Ghana, Mr. Lionel Van Lare Dosoo, Economic Consultant Dr. Emmanuel Oteng Kumah, Investment Banker and Financial Analyst Madam Hannah Amoateng, Financial and Marketing Consultant Mr. Tenu Awoonor and the Minister for Finance, Mr. Seth Tekper.