IFC eyes $1.2bn investment pipeline for Ghana

The International Finance Corporation (IFC), part of the World Bank Group, is set to invest approximately US$1.2 billion in Ghana's private sector across key economic sectors. This was revealed by IFC Managing Director Makhtar Diop during a meeting with Finance Minister Dr. Cassiel Ato Forson in Accra. The meeting focused on Ghana's recent economic progress and potential for attracting more private capital.

Mr. Diop praised the government for its notable achievements in managing the economy, particularly in tackling inflation and debt issues. He noted that Ghana had made significant strides in recent years, enabling it to adjust its economic policies effectively. Speaking on investor confidence, Diop emphasized the importance of this for attracting domestic and international investments.

The Finance Minister highlighted several sectors where the government is interested in furthering IFC's involvement. These include energy, infrastructure, and agriculture. The IFC already has a portfolio of about US$500 million invested in Ghana and aims to expand this to the US$1.2 billion mark. It is also planning to increase its investments based on the government's priorities.

Diop's comments also underscored the importance of local production to enhance Ghana's economic resilience. He urged for a shift towards producing goods that are currently imported on the continent, which would reduce vulnerability to external shocks and foster job creation. He provided poultry production as an example, citing Ghana's import dependency despite the country's ability to produce poultry competitively locally.

He suggested that strengthening local production could lead to job creation and contribute to a more resilient economy.

The government's focus on these areas aligns with its ongoing efforts to strengthen commercial agriculture, increase value addition to locally produced commodities, and create more jobs.