Skip to main content

IFC assures of more support to Ghana

By Kofi AHOVI
The Executive Vice President and CEO of International Finance Corporation (IFC), Lars Thunell, has assured IFC’s commitment to increasing its activities to support Ghana's sustainable economic growth.

IFC plans to work more closely with the World Bank, the government and the private sector to create more opportunities for entrepreneurs and business in the country.

Thunell made the assurance during an interaction with the media and a section of IFC’s local partners during a visit to Ghana last week.

“IFC will support Ghana’s commitment to rapid development with robust private sector investments,” said Thunell.

He added that, to have the largest impact, IFC has worked closely with the World Bank to develop new initiatives that leverage its strengths and improve the lives of the Ghanaians.

He explained that the IFC is collaborating with government of Ghana and the World Bank’s International Development Association to provide credit and advisory services to micro, small and medium enterprises.

Earlier, he also met with senior government officials including the vice President, John, Finance Minister and the governor of the Bank of Ghana.

IFC has rapidly increased its investment and advisory services programme in Ghana, making IFC the third-largest investment portfolio in Africa at the end of last year, after South Africa and Nigeria.

IFC’s current investment portfolio in Ghana totals about US$533 million. IFC also implements numerous advisory services programme in the country including projects to support smaller businesses, ease access to finance and improve education.

IFC’s strategy for Ghana focuses on supporting the development of infrastructure in the oil and gas, mining and telecoms sectors; providing the appropriate tools to build and deepen the financial sector; expanding financing and advisory services to micro, small and medium enterprises; and proactive support for agriculture in both cash and food crops, through direct and wholesale investments.

It has so far supported Tullow Oil and Komos Energy with US$115 million and US$100 million respectively. Also, in partnership with IDA and the government of Ghana, IFC has provided a loan of GHc17.2 million to help Ecobank increase lending to SMEs in the country.

The IFC boss would also visit Cote d’Ivoire and Mali, where he is expected to meet with private sector partners and government officials. In Mali, he will participate in discussions on replenishing IDA funds and increasing collaboration across the World Bank.

Comments

Popular posts from this blog

Nestlé Ghana Limited Wins Overall Best Industrial Company Of The Year at 13th AGI Industry & Quality Awards

  Nestlé Ghana Limited has been honored with four prestigious awards at the 13th Association of Ghana Industry and Quality Awards ceremony. The event, held in an esteemed setting, gathered prominent figures from Ghana’s industrial sector. Amidst the anticipation, Nestlé Ghana emerged as one of the evening’s notable winners, securing accolades in several key categories. This recognition underscores Nestlé Ghana’s relentless pursuit of excellence and innovation, marking a significant milestone that highlights the company’s substantial contributions to the manufacturing industry in Ghana. Nestlé Ghana's exceptional performance was acknowledged with the following awards: Overall Best National Quality Award, Diamond Category (Food) Overall Best Practices in Sustainable Manufacturing Best Company (Food Sector) Overall Industrial Company of the Year, affirming its status as a leader not only within the food sector but also across Ghana's entire industrial landscape. This success is a ...

Anglogold Ashanti Obuasi Mine tops 2024 Sustainability & Social Investment Awards

 AngloGold Ashanti Obuasi Mine has confirmed its status as sustainability champions by sweeping nine awards, the most won by a company at the 2024 Sustainability & Social Investment Awards (SSI) held at Movenpick Ambassador Hotel in Accra. The feat comes on the heels of a dominant performance in last year's event where AngloGold Ashanti Obuasi Mine swept seven awards. The SSI Awards organised by Ianmatsun Global Services recognizes the most outstanding sustainability, Corporate Social Responsibility (CSR), Environmental, social, and governance (ESG) initiatives in the country and beyond as well as the best teams and individuals who brought them to life. This year's event, which was the 8th edition, was under the theme "Climate Action Now: Accelerating Decarbonization and Building Resilience". The awards won by AngloGold Ashanti on the night include SSI Company of the Year, Best Company in Women Empowerment (project), SSI Company of the Year ( Environment), Best Co...

Zoomlion Advocates Community & Gender inclusive waste management for Climate Action at COP 29

 Africa's waste management giant, Zoomlion Ghana Limited has advocated for an integrated approach to waste management that considers the interest of community members, women and vulnerable groups. James Deku, a Communications Officer of Zoomlion Ghana Limited made this call at the 29th session of the Conference Of Parties (COP 29) of the United Nations Framework Convention for Climate Change (UNFCCC) at Azerbaijan, Baku whiles speaking on the topic "Community-Driven and Gender Inclusive approaches to waste management for Climate Action ". He said the waste sector is a major contributor of methane emissions which is a potent greenhouse gas causing climate change hence the need to manage waste in a manner that considers the interest of all stakeholders. Zoomlion's waste management model is designed and operated in a manner that considers the interest of all stakeholders. Through a Public Private Partnership (PPP) model, local authorities engage community members in clea...