Ghana is to benefit from the U.S. International Development Finance Corporation (DFC)'s $300 million funding for Africa.

This week, the Corporation announced that it is using its $300 million loan facility to Africa Data Centers (ADCs), Africa’s largest network of interconnected data facilities, to construct a first-of-its-kind data centre in Ghana.

This investment builds on Vice President Kamala Harris’ recent trip to Ghana.

Kamala told the enthusiastic crowd cheering her upon arrival at the Kotoka International Airport, “I’m very excited about the future of Africa. I’m very excited about the impact of the future of Africa on the rest of the world, including the United States of America.”

The DFC investment is laying the groundwork for a digital revolution on the continent by increasing access to cloud-based technologies, bringing down the cost of internet, which facilitates greater access to women, and making the continent a more competitive destination for industry.

Reacting to this, Finance Minister, Ken Ofori-Atta, confirmed his meeting with officials of the DFC in Washington.

He is excited that after Ghana secured an IMF Bailout Programme, the United States has led the way with investment.

Following the #IMFDeal, the @UnitedStates has led the way to signal renewed confidence in Ghana as an attractive investment destination. We welcome the announcement of a $300m private capital investment through @DFCgov, to build a first-of-its-kind data center in #GhanaRising https://t.co/oxWPKPh0ss

— Office of the Finance Minister-Ghana (@oofmghana) May 20, 2023

Partnership for Global Infrastructure and Investment (PGII)

At the 2023 G7 Summit in Hiroshima, Japan, G7 leaders affirmed their commitment to identify new opportunities to scale the Partnership for Global Infrastructure and Investment (PGII).

This is President Biden and the G7’s flagship infrastructure initiative which has attracted major investors to better respond to the global demand for high-quality infrastructure financing, in low- and middle-income countries.

Since its launch, G7 Leaders have, through PGII, started to work towards the goal to mobilize hundreds of billions of dollars in infrastructure financing – delivering energy, physical, digital, health, and climate-resilient infrastructure.

This work is done with a real focus on advancing gender equality and equity, raising labor and environmental standards and promoting transparency, governance, and anti-corruption measures. 

President Biden also announced new projects and highlighted the impact of several projects announced since PGII’s launch at the 2022 G7 Summit, showcasing how the U.S. Government is collaborating with partners to develop transformative ecosystems of infrastructure investment that support inclusive growth, benefit partners’ economic security, diversify our global supply chains, and create new opportunities for American workers and businesses. 

Meanwhile, the United States announced a series of new PGII announcements to build out transformative economic corridors through PGII and drive infrastructure investments that can boost and connect economic development across multiple countries and sectors.

To date, the United States has mobilised $30 billion through grants, federal financing, and leveraging private sector investments towards PGII.