Excerpt
The Ghana Infrastructure Investment Fund (GIIF) is a sovereign investment entity established to address the nation’s infrastructure financing needs. Below is a comprehensive overview of GIIF, covering its history, constitutional mandates, leadership structure, operational units, recruitment processes, governance, partnerships, operations, and notable reforms.
Historical Background
Established by the Ghana Infrastructure Investment Fund Act, 2014 (Act 877), GIIF commenced operations in 2015. The fund was created to mobilize, manage, and provide financial resources for a diversified portfolio of infrastructure projects across Ghana, aiming to bridge the infrastructure financing gap and promote national development.
Constitutional Mandates
GIIF’s primary mandate is to invest in critical infrastructure sectors to stimulate economic growth. The fund focuses on both economic and social infrastructure, including transportation, energy, telecommunications, agribusiness, health, and education. It operates by providing debt, equity, mezzanine financing, and credit enhancement instruments to commercially viable projects within Ghana.
Leadership and Organizational Structure
GIIF is wholly owned by the Government of Ghana and operates under a unique corporate governance framework. The fund is overseen by a Board of Directors, which includes an Advisory Committee chaired by the Minister for Finance. The day-to-day operations are managed by a Chief Executive Officer (CEO) leading a team of technical and investment specialists.
Offices and Units
The fund comprises various units specializing in different aspects of infrastructure investment, including project finance, risk management, legal affairs, and environmental and social governance. This structure ensures comprehensive evaluation and management of investment opportunities.
Mode of Appointment and Recruitment
The CEO and other key management personnel are appointed by the Board of Directors. Recruitment within GIIF is based on merit, focusing on individuals with expertise in finance, investment, and infrastructure development. The fund emphasizes attracting professionals with international experience to enhance its operational effectiveness.
Governance and Ownership
As a state-owned entity, GIIF is accountable to the Government of Ghana. The Advisory Committee, led by the Minister for Finance, provides strategic guidance, ensuring that the fund’s activities align with national development objectives.
Partners and Clients
GIIF collaborates with various stakeholders, including private sector investors, development finance institutions, and international organizations. Notable partnerships have been established with entities such as the African Development Bank, which provided a US$75 million loan to support GIIF’s investment initiatives.
Operations and Job Roles
GIIF’s operations encompass the identification, evaluation, and financing of infrastructure projects. Key roles within the fund include investment analysts, project managers, financial analysts, risk assessment officers, and environmental and social governance specialists. These professionals work collaboratively to ensure that investments are financially viable and socially responsible.
Historical Reforms
- Since its inception, GIIF has undergone strategic reforms to enhance its effectiveness. These include the development of an Investment Policy Statement to guide its investment decisions and the establishment of a robust risk management framework to safeguard its assets.
Additional Information
GIIF has been instrumental in financing significant infrastructure projects in Ghana, such as the development of Terminal 3 at Kotoka International Airport and the expansion of the Takoradi Harbour. These investments have been pivotal in enhancing the country’s economic infrastructure and attracting further investments.
Reference
- https://www.odekro.org/Images/Uploads/Ghana%20Infrastructure%20Investment%20Fund%20Act%2C%202014.pdf
- https://www.mofep.gov.gh/sites/default/files/reports/economic/GIIF%20Investment%20Policy%20Statement_April62017.pdf
- https://cop28ghana.org/wp-content/uploads/2023/12/Ghana-Infrastructure-Investment-Fund.pdf
- https://globalswf.com/fund/GIIF?
- https://www.ghanaweb.com/GhanaHomePage/features/The-future-of-infrastructure-under-the-new-John-Mahama-government-1966567
- https://siga.gov.gh/sector/ghana-infrastructure-investment-fund/
- https://ghanainfrastructurenews.com/ghana-infrastructure-investment-fund/
- https://www.mofep.gov.gh/economic%20reports/Ghana%20Infrastructure%20Investment%20Fund%20-%20%20Investment%20Policy%20Statement/2017-04-11
- https://giif.gov.gh/wp-content/uploads/2024/11/GIIF_Investor_Presentation_June-2024.pdf
- https://ukgcc.com.gh/wp-content/uploads/2021/10/Ghana-Infrastructure_GIIF-Presentation.pdf
- https://cop28ghana.org/wp-content/uploads/2023/12/Ghana-Infrastructure-Investment-Fund.pdf
- https://www.odekro.org/Images/Uploads/Ghana%20Infrastructure%20Investment%20Fund%20Act%2C%202014.pdf