Abstract

In this study we revisit Ghana’s P3 policy outcome after 25 years of implementation using select projects recently executed in the country. Our central objective was to determine how Ghana’s P3 policy implementation compares to global practices given the institutional challenges Ghana confronts regarding infrastructure delivery, especially its limited private sector capacity, a shallow capital market, and its inability to attract investments to meet overall developmental targets. We reviewed both institutional and academic literatures on Ghana’s P3s experience and adopted a secondary data analysis method in uncovering central themes such as historical trends, key characteristics, financial models, and funding mechanisms.

We found that Ghana deviated from conventional P3 financing models and adopted an innovative multilateral financing approach for its P3 projects. Given that this approach has helped Ghana deliver critically needed infrastructure, we conclude that this project financing strategy could be an attractive alternative model of P3 infrastructure delivery for similarly challenged political and institutional jurisdictions.

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