Accra: The Deputy Chief Executive Officer of the Ghana Infrastructure Investment Fund (GIIF), Michelle Atta-Mills, has highlighted a critical barrier to Africa's infrastructure development, emphasizing that the continent's most significant obstacle is not the lack of funding but inadequate preparation.
According to Ghana Web, Atta-Mills made these remarks during a panel discussion at the Africa Trade Summit 2026, held on January 31, 2026. She asserted that the main challenge for infrastructure projects, especially large corridors, is not the availability of funds but the lack of thorough preparation. She pointed out that numerous projects fail to advance to the financial modeling or funding stages due to this issue.
Atta-Mills elaborated on the complications faced by multi-country projects, which often struggle with varying standards and compliance requirements across different nations. She noted that differing standards for feasibility studies and environmental impact assessments complicate the process for corridor projects.
She further stressed that despite the presence of significant funding opportunities, including climate funds and grants, the real difficulty lies in turning promising ideas into bankable projects. According to Atta-Mills, strategic partnerships with Development Finance Institutions are crucial, as they provide early-stage technical assistance that helps to de-risk projects and enable them to reach advanced financing stages.
Additionally, Atta-Mills urged African nations to reconsider the allocation of domestic capital. She suggested that pension funds, currently invested in commercial papers, could be redirected towards infrastructure investments, which would lead to substantial developmental benefits.
The Summit was inaugurated by President John Dramani Mahama, who addressed the pressing need for Africa's economic independence. Mahama criticized the existing economic model that forces Africa to export raw materials while importing finished goods, labeling it a new form of colonialism. He advocated for large-scale domestic and institutional capital mobilization, stronger public-private partnerships, and necessary reforms to the global financial system to secure long-term financial solutions.