US Government Releases $300 Million Private Capital Investment Fund to Ghana to Build Ultra-Modern Data Center

US Government Releases $300 Million Private Capital Investment Fund to Ghana to Build Ultra-Modern Data Center

Ghana is set to benefit from the $300 million funding allocated by the U.S. International Development Finance Corporation (DFC) for Africa. In a recent announcement, the DFC revealed its intention to utilize this loan facility to support Africa Data Centers (ADCs), the largest network of interconnected data facilities in Africa, in constructing a groundbreaking data center in Ghana.

This investment follows Vice President Kamala Harris’ recent visit to Ghana, during which she expressed her excitement about Africa’s future and its potential impact on the rest of the world, including the United States. The DFC’s investment in Ghana lays the foundation for a digital revolution across the continent. By increasing access to cloud-based technologies and reducing internet costs, the initiative aims to promote greater inclusivity, particularly for women, and make Africa a more competitive destination for industries.

Ghana’s Finance Minister, Ken Ofori-Atta, confirmed his meeting with DFC officials in Washington, expressing his enthusiasm for the investment. He highlighted the significance of the United States’ leadership in providing support to Ghana, particularly after the country secured an IMF Bailout Programme.

Furthermore, at the 2023 G7 Summit in Hiroshima, Japan, G7 leaders reaffirmed their commitment to scale the Partnership for Global Infrastructure and Investment (PGII). This flagship infrastructure initiative, championed by President Biden and the G7, aims to meet the increasing global demand for high-quality infrastructure financing in low- and middle-income countries.

Advertisement

Through PGII, G7 leaders are actively working toward mobilizing substantial infrastructure financing, including energy, physical, digital, health, and climate-resilient infrastructure, while emphasizing gender equality, labor and environmental standards, transparency, governance, and anti-corruption measures.

President Biden highlighted the impact of several projects announced since PGII’s launch at the 2022 G7 Summit, demonstrating the collaboration between the U.S. government and its partners to develop transformative ecosystems of infrastructure investment. These initiatives support inclusive growth, enhance economic security, diversify global supply chains, and create opportunities for American workers and businesses.

Additionally, the United States unveiled a series of new PGII announcements, aiming to establish economic corridors and drive infrastructure investments that promote and connect economic development across multiple countries and sectors.

To date, the United States has mobilized $30 billion through grants, federal financing, and private sector investments in support of PGII’s objectives.

The allocation of the $300 million investment from the U.S. government to Ghana’s data infrastructure marks a significant milestone in the country’s digital transformation. It not only enhances Ghana’s technological capabilities but also contributes to economic growth, job creation, and improved competitiveness within the African region. This collaboration between the United States and Ghana signifies the deepening bilateral relations and the shared commitment to fostering innovation, digital development, and sustainable economic progress in Africa.

Advertisement

Accra Mail: