IFC eyes $1.2bn investment pipeline for Ghana

The International Finance Corporation (IFC), a division of the World Bank Group, is planning to invest up to US$1.2 billion in Ghana's private sector over the next few years. IFC Managing Director Makhtar Diop made this disclosure following a meeting with Ghana's Finance Minister, Dr. Cassiel Ato Forson. Diop praised the government's recent economic progress, specifically their efforts to tackle inflation and debt issues.

He noted that these improvements have created a better environment for foreign and domestic investments. The IFC already has a US$500 million portfolio in Ghana and a pipeline of US$1.2 billion in potential investments, with room for additional funding. The IFC is also focusing on bolstering local businesses through its "Local Champion" initiative, encouraging African companies to expand operations within African markets.

Diop emphasized the need for greater local production to enhance economic resilience, particularly in the face of global and geopolitical uncertainties. He pointed to poultry production as an example, highlighting the opportunity to produce poultry competitively within Ghana and reduce dependency on imports. Diop also suggested that increasing domestic production in sectors like pharmaceuticals and energy could contribute to job creation and economic stability.

This comes as the Ghanaian government continues to build on recent economic gains and aims to promote commercial agriculture, enhance local value addition, and generate more employment opportunities.