The International Finance Corporation (IFC), a subsidiary of the World Bank Group, has announced plans to invest $600 million in Ghana’s private sector.
This substantial investment is geared towards boosting job creation and fostering economic growth, with a strong emphasis on the government industry and agro-processing sectors.
Kyle Kelhofer, IFC Country Director, stated, “Our goal is to support and invest in both local and international private sector businesses, ultimately helping to create more and better jobs.”
Kelhofer disclosed the investment plan during a courtesy visit to Majority Leader Mahama Ayariga on Thursday. He reiterated the IFC’s commitment to collaborating with parliamentarians to expand employment opportunities for Ghanaians.
“What you saw last week at the garment factory was an example of Ghana’s increased ability to take advantage of industrialisation to create more jobs…in particular for women,” he said.
Mahama Ayariga, in response, appreciated the IFC’s commitment to engaging with his caucus, promoting collaboration, and facilitating discussions on key national issues.
“Clearly, the government will be constrained in terms of financing many of the commitments we have made, so increasingly, we need to look to sources like yours and work with the private sector.
“Parliamentarians should be at the forefront of linking industries to funding sources and shaping policies that enable industrial development,” he said.
This investment aligns with the IFC’s broader mission to drive Ghana’s economic growth, generate employment, and promote sustainable development.
In the past decade, the IFC has injected over $2 billion into Ghana’s economy, with key investments in agribusiness, light manufacturing, and renewable energy, among other sectors.
