Move from project ideas to defensible investment decisions.

Infrastructure Investment Appraisal and Financing is an expert-led programme focused on the financial and economic appraisal of investment projects for both the public and private sectors. Participants are also guided through the appraisal of projects under Public-Private Partnership arrangements.

Seasoned trainers and consultants combine proven industry expertise with academic knowledge to strengthen participants' ability to conduct effective pre-feasibility and feasibility studies, select projects based on sound analysis, and determine financial and economic viability with confidence.

The programme is delivered through lectures, interactive sessions, case studies, guest presentations, practical exercises and hands-on Excel modelling. Participants may attend the weekday hybrid stream or the virtual weekend stream.

Practical, case-based learning for the people who appraise, approve and finance investment projects.

What you'll learn

Practical capability across the full appraisal workflow.

Model with confidence

Set up clean, auditable Excel models with proper standards, references, named ranges and tables, and apply the core time and financial functions used in appraisal.

Appraise projects properly

Test a project through integrated financial, economic, stakeholder and risk analysis, and treat it correctly as an incremental activity.

Use AI responsibly

Apply AI across research, modelling, drafting and documentation with verification guardrails, confidentiality protection and a defensible audit trail.

Select stronger projects

Apply NPV, IRR and MIRR, pay-back, DSCR, LLCR and cost-effectiveness analysis to rank, approve and defend project decisions.

Build credible cash flows

Construct investment, operating and cessation-phase cash flows using consistent prices, price indices, nominal interest and expected exchange rates.

Handle PPPs, legal and tax considerations

Appraise projects under PPP arrangements and account for regulatory compliance, tax incentives and fiscal policy frameworks that shape long-term value.

The Curriculum

Six modules. Practical and Excel-driven.

Six modules · two attendance streams Select a module to see the topics covered

Module 1 Microsoft Excel & Responsible AI in Appraisal

Establish a clean Excel modelling foundation, then learn where AI can assist the appraisal workflow without weakening verification, confidentiality or analyst accountability.

Model setup & standards
References, named ranges & Excel tables
Core time & financial functions
- DATE, EDATE, EOMONTH
- NPV/XNPV, IRR/XIRR
- PV, FV, PMT, RATE, NPER
- SUMIFS, COUNTIFS, MIN, MAX
- ROUND, ROUNDUP, ROUNDDOWN

AI in Investment Appraisal (Responsible Use)

Research, modelling, drafting and documentation
Generating and auditing formulas, sensitivity tables and assumption logs
Market data, comparables, assumptions memos and risk write-ups
Verifying outputs and avoiding hallucinated data
Protecting client confidentiality and maintaining an audit trail
Analyst accountability, human judgement and when not to use AI

Module 2 Introduction to Project Evaluation

An integrated approach to understanding what a project actually is, and the four lenses through which any project must be evaluated before money moves.

Project definition & building blocks for evaluation
A project as an incremental activity
An integrated approach to project evaluation
- Financial analysis
- Economic analysis
- Stakeholder analysis
- Risk analysis & management

Module 3 Strategy for the Financial Appraisal of Investment Projects

The professional workflow from idea to delivered project, and how to know which study phase you should actually be in.

Idea and project determination
Pre-feasibility study
Feasibility study
Detailed project design
Ex-post evaluation

Module 4 Discounting and Time Value of Money

The discounting logic behind every investment criterion, and the often-fudged question of which discount rate to use, and when.

Time dimension of a project
Time value of money — compounding & discounting
Choice of a discount rate — fixed and variable discount rates

Module 5 Alternative Investment Criteria

The full toolkit of investment criteria, and the working understanding of which ones fail under which conditions. Hands-on Excel sessions throughout.

Net Present Value (NPV)
Internal Rate of Return (IRR) and Modified IRR (MIRR)
Pay-out or Pay-Back Period
Debt Service Coverage Ratios (DSCR)
Loan Life Coverage Ratios (LLCR)
Cost Effectiveness Analysis (CEA)
Practical sessions on alternative investment criteria

Module 6 Financial Appraisal of Projects

The capstone day: putting it all together on a real African project. You leave with a working pro-forma cash flow model you can show your team on Monday.

Financial appraisal for public sector projects
Construction of financial cash flows
Investment phase
Operating phase
Cessation of project operations
Pro-forma cash flow statement
Use of consistent prices in the cash flow forecast
Definition of prices & price indices
Nominal interest rate
Expected nominal exchange rate
Incorporating inflation in the financial analysis

Who should attend

Built for the people who appraise, approve and finance projects.

The programme is designed for public institutions, financial institutions, development organisations and private-sector investors.

Government institutions, departments & units

Responsible for investment appraisal, project selection, and financing decisions in the public sector.

Banks & financial institutions

Loans and disbursement approval officers from local and international banks involved in project or investment financing.

Development banks & international NGOs

Grants and disbursement officers responsible for assessing and financing development programmes.

Private-sector institutions

Institutions with active investments in mining, oil & gas, commercial agriculture, and infrastructure development.

The Faculty

Expert faculty with applied experience.

Senior economists, advisors, legal, tax and finance specialists bring practical project experience and academic depth to the programme.

Dr Nhial Kuch

Lead Facilitator · Associate Partner

Lead facilitator with more than ten years' experience as Senior Country Economist of the International Growth Centre in Uganda and significant advisory roles across East Africa. He previously worked as an economist at the Canada Revenue Agency and contributes to the Program in Investment Appraisal and Risk Analysis at Queen's University.

Credentials PhD & MA Economics, Queen's University (Canada)
BA Economics, University of Western Ontario
Certificate & ToT, Investment Appraisal & Risk Analysis, Queen's

Dr Abudu Abdul-Ganiyu

Managing Partner · EM Advisory

Extensive experience in baseline and endline studies, large systems interventions, organisational restructuring, and cost-benefit analysis. Worked on Ghana's National Identification System Project, leading its transition into a fully-fledged public sector organisation. Former Technical Advisor at Ghana's Ministry of Finance, advising on public sector efficiency, power sector reforms, and SME growth.

Credentials DBA, Sheffield Business School (UK)
MA & PGD Org. Development, UCC
MBA Strategic & Project Mgt, ESG-PGSM (France)
Certificate, Investment Appraisal, Queen's

Benjamin Hornsby-Odoi

Senior Partner · Research & Transactions

Applied economist with over a decade in public finance, infrastructure and deal advisory, and strategy consulting. Former Technical Advisor at Ghana's Ministry of Finance, evaluating PPP and public investment projects and developing financial models for transaction structuring. Earlier Senior Associate at KPMG Ghana in transaction advisory, corporate finance, and strategy consulting.

Credentials BSc Economics & Finance (First Class), University of York
MSc Finance & Investment, Durham University
Reading at University of Oxford (Policy Evaluation)

Isaac Danso Agyiri

Senior Partner · Tax & Law

A rare blend of skills as a Lawyer, Chartered Accountant, and Chartered Tax Practitioner. Over 15 years of experience including Tax Advisor to Ghana's Minister for Finance, Senior Counsel at the Volta River Authority, and Policy Manager at Tax Justice Network Africa. An academic high-flier: three-times valedictorian, graduated national best at the Ghana Bar Finals in 2017, and Ghana's youngest Chartered Accountant.

Credentials LL.B, MBA
MPP (Distinction), Oxford
PhD candidate in Law, Oxford
Chartered Accountant & Tax Practitioner

Fees & registration

Choose your attendance stream.

Fees are per participant and are due at least one week before training starts.

In-person participation

GH₵3,500

Hybrid weekdays · 19–23 & 26 October 2026

Virtual participation

GH₵2,000

Virtual weekends · 24 October–8 November 2026

What's included

Training materials and course pack
Certificate of participation
Lunch and snacks throughout for in-person participants
Full virtual support and access for online participants

Payment details: Zenith Bank · Emerging Markets Advisory Ltd. · Account 6012639317 · Premium Towers Branch. Send nominee details to info@emarketsadvisory.com before payment.

Apply Now

Reserve your seat in two minutes.

Complete this form and our admissions team will respond within one business day with payment instructions and joining details.

Or speak to admissions directly

+233 25 611 9111 +233 24 214 8423 info@emarketsadvisory.com

Infrastructure Investment Appraisal & Financing