Ghana Infrastructure Investment Fund

Ghana · Africa · Strategic development fund · Not an IFSWF member

Focus

Ghana Infrastructure Investment Fund: what it invests in

Transport and logisticsInfrastructure and utilitiesEnergy: oil and gasTelecoms and mediaTourism and hospitalityReal estate

InfrastructurePrivate creditPrivate equity

Geography Mainly domestic

Scale

Ghana Infrastructure Investment Fund: how big it is, and on what basis

GHS 7.83B

Total assets (balance sheet)As of 2024-12-31

In US dollars: about USD 0.533B. Converted at about GHS 14.7 per US dollar at end 2024.

Return on assets 23%

Transparency

Ghana Infrastructure Investment Fund: what it publishes

7.5 of 10 Band 4 of 5

Published 5 · Partly 5 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Total assetsS2: GHS 7.83B (about USD 533M, end 2024); As of 2024-12-31
Asset growth 2024S2: +51%; As of 2024-12-31
Profit 2024S2: GHS 1.81B; As of 2024-12-31
Return on assetsS2: 23%; As of 2024-12-31
Anchor equityS1: USD 345M
Transparency scoreS2: 7.5 of 10; As of 2024-12-31

At a glance. GIIF is Ghana's state infrastructure investor, a permanent-capital body seeded with USD 345 million of government equity. It lends to and invests in commercially run projects such as the Takoradi port expansion, an oil jetty, airport works, fibre and power, aiming to pull private money in alongside. Total assets were GHS 7.83 billion at end 2024. S2 S1 S4

Key points

Total assets grew 51 percent in 2024, from GHS 5.17 billion to GHS 7.83 billion. S2
Profit was GHS 1.81 billion in 2024, a 23 percent return on assets. S2
Offers anything from equity to senior debt, from early development to refinancing. S5
Prices each deal on market terms to earn a fair return on its capital. S5
Can create sub-funds and subsidiaries and borrow at home and abroad. S1
Publishes audited annual reports from 2020 to 2025. S6

Interesting facts

Its law requires at least three women among the seven non-executive board members. S2
Its portfolio includes a Pullman hotel in Accra's Airport City and a beach resort. S4
Retained earnings of GHS 3.35 billion now far exceed the State's original contribution. S2

Mandate and goals

GIIF mobilises, manages and provides finance for infrastructure in Ghana that supports national development, keeping each investment commercially viable and drawing in additional capital. S1 S2

Close Ghana's infrastructure financing gap. S1
Leverage private capital alongside its own. S1
Earn a commercial return. S5

How it invests

Industries	Transport and logistics, Infrastructure and utilities, Energy: oil and gas, Telecoms and media, Tourism and hospitality, Real estate, Mining and metals S4 S2
Asset classes	Infrastructure, Private credit, Private equity S5
Stages	Infrastructure, Credit, Growth S5
Geography	Mainly domestic. Ghana only S2
Direct / through funds / co-invest	Yes / No / Yes S2
Managed in house	100 percent S2
Ticket size	No ticket size is published. S2
Deal sizes seen	USD 30M to about USD 42M per facility
External managers	No external fund commitments described. S2
Co-investment programme	Seeks private co-financiers for each project S1

Past investments

Investment	Type	Sector	Stage	Amount
Kotoka International Airport works. Facility to Ghana Airports Company for airport development. S2	Direct investment	Transport and logistics	Credit	USD 30M facility
Takoradi multi-product oil jetty. Facility to Marshall Oil and Gas Services; initial USD 32M. S2	Direct investment	Energy: oil and gas	Credit	About USD 42.3M senior debt
Takoradi Port Expansion. Investment through Ibistek. S2 S4	Direct investment	Transport and logistics	Infrastructure	Not published
Western Corridor fibre. Fibre network through Spectrum Fiber. S2 S4	Direct investment	Telecoms and media	Infrastructure	Not published
Atuabo and Rotan power. Power projects featured in the portfolio. S4	Direct investment	Infrastructure and utilities	Infrastructure	Not published
Airport City Pullman hotel. Hotel in Accra's Airport City. S4	Direct investment	Tourism and hospitality	Real estate	Not published
Cardinal gold project. Gold mine development featured in the portfolio. S4	Direct investment	Mining and metals	Growth	Not published
Crown Forest Safari Park, Platinum Plaza and SAMA Hostel. Hospitality and property projects named in the 2024 statements. S2	Direct investment	Tourism and hospitality	Real estate	Not published

The fund does not publish investment dates or amounts for these holdings.

Case studies

Takoradi oil jetty: senior debt for energy logistics S2

What: Provided a senior facility to Marshall Oil and Gas Services for a multi-product jetty at Takoradi.
When: Noted in 2024 statements
Size: About USD 42.3M (initial USD 32M)
Why: Fuel import and export capacity supports the western oil and gas corridor.

Kotoka airport: financing a state operator S2

What: Extended a facility to Ghana Airports Company for Kotoka International Airport works.
When: Noted in 2024 statements
Size: USD 30M
Why: Airport capacity is national infrastructure with commercial revenue.

Investment process

A board of a chair, the CEO and seven others decides investments, supported by an Investment and Finance Committee and a Budgeting and Reporting Committee. Terms are set on market principles for each project. S2 S5

Committee	Role
Investment and Finance Committee	Reviews investments S2
Budgeting and Reporting Committee	Budget and reporting S2

Sponsors bring projects at any stage, from development to refinancing. S5
GIIF prices risk and structures equity, debt or hybrid finance. S5
The committee and board approve. S2

How to approach: Project sponsors can use the contact page and project pages on the GIIF website. S4

Size and returns

Headline size: GHS 7.83B (Total assets (balance sheet), as of 2024-12-31) S2
In US dollars: about USD 0.533B. Converted at about GHS 14.7 per US dollar at end 2024.
Total equity: GHS 4.69B (Net assets or equity, as of 2024-12-31) S2
Government anchor equity: USD 345M (Committed or authorised capital) S1
Return, 2024: 23 percent (return on assets) S2
Size over time (GHS billion): 2023 5.17, 2024 7.83 S2

Leadership

Name	Title	Since
Nana Dwemoh Benneh	Chief Executive Officer S2	2024-05-13
Franklin Mensah	Board Chairman S3	Not published
Linda Quaynor	Board member S3	Not published
Harriet Bertha Anewenah	Board member S3	Not published
Dr Eric Afful	Board member S3	Not published
Theseah Lardi Awuni	Board member S3	Not published
Nana Kwao Ansah	Board member S3	Not published
Thomas W. Tsekpo	Board member S3	Not published
Harriet Abban	Board Secretary S3	Not published

Governance and transparency

Legal basis: Body corporate with permanent capital established by the Government of Ghana S1
Oversight: Board of directors S2
Auditor: Independent auditor; statements published annually S6
The 2024 report named Philip Addison as Chairman; the website now lists Franklin Mensah. S2 S3

Transparency score: 7.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, annual return, audited financial statements, named leadership, regular reporting schedule. S2 S3 S6
Partly published: long-term returns, asset allocation, geographic or sector split, holdings or deal list, governance and mandate documents. S2 S3

History

Date	Event
2024-05-13	Nana Dwemoh Benneh becomes CEO. S2
2024-12-31	Total assets reach GHS 7.83B. S2
2026-05	2025 statements published. S6

For family offices

GIIF aims to leverage private capital into Ghanaian infrastructure, so investors can co-finance projects it backs. S1

Co-lend or co-invest alongside GIIF in Ghanaian projects. S1 S5

Reports

Annual Report and Financial Statements 2024: https://giif.gov.gh/wp-content/uploads/2026/03/2024_GIIF-Annual-report-and-financial-statement-31_12_2024.pdf S2
Annual Report and Financial Statements 2025 (cedis): https://giif.gov.gh/wp-content/uploads/2026/05/2025_GIIF-Annual-report-and-financial-statement-CEDIS_31_12_2025__.pdf S7

Common questions

How big is GIIF?

GHS 7.83 billion of total assets at end 2024, built on USD 345 million of government equity. S2

Who leads GIIF?

Nana Dwemoh Benneh, CEO since May 2024. S2

Who chairs the board?

Franklin Mensah, per the GIIF website. S3

What financing does it offer?

Equity, debt and hybrids, priced on market terms. S5

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All sovereign wealth funds in Africa · All strategic development funds · All funds in Ghana

Sources

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