With new opportunities in sectors such as education, infrastructure, and financial services, IFC's activities in Ghana are expanding rapidly.
From just $22 million at the end of the 2004 fiscal year, IFC's investment portfolio in the country has climbed to over $160 million. IFC's advisory services are an integral part of IFC's growth story in Ghana. Our advisory work is expanding to help reform the business environment and better facilitate long-term lending in local currency to Ghanaian financial institutions. Under two separate technical assistance programs funded by seco, the Swiss government's State Secretariat for Economic Affairs, IFC is supporting the development of the leasing and housing mortgage industries in the country.
IFC Executive Vice President Lars Thunell, who was in Ghana in late January as part of a visit to Sub-Saharan Africa, had the opportunity to see first-hand the development impact that IFC is having.
He visited a number of IFC-financed projects, including Star Avenue School, one of 17 private schools that have benefited from IFC's Ghana Private Schools Support Program. In addition to loan financing, the program provides schools like Star Avenue School with support to strengthen their financial, managerial, and educational capacities. So far, the program has benefited over 6,000 students.
Mr. Thunell also met Vice President Alhaji Aliu Mahama to discuss the country's priorities for economic and social development. They explored ways to improve the business environment and enhance private sector development, including how IFC and the private sector can support the country's growing power needs.
IFC's commitment to business growth in Ghana has been backed by increased resources. "Since joining IFC, I have pushed to move resources to the countries where our customers are based," said Mr. Thunell. "This is better for clients, private sector development, and IFC."
Current Activities in Ghana
IFC investments in Ghana include a $40 million loan to Scancom for upgrading and expanding the company's mobile telephone network, which operates under the name Areeba. Scancom was recently acquired by MTN group, a leading telecoms provider in Africa.
IFC has been especially active in the financial sector, where it helps banks become better established with international partners and provides targeted financing that helps banks reach smaller enterprises. The Corporation has committed an 8-year $30 million loan to Barclays Bank Ghana, which will support the development of export-oriented companies and small enterprises. IFC has also approved trade lines of $15 million to two domestic banks, Merchant Bank Ghana and the Trust Bank.
Learn more by reading the IFC in Ghana fact sheets... [pdf]
For more information contact:
Daniel Musiitwa
Communications Officer
Johannesburg, South Africa
Tel: +27 11 731 3175
E-mail: dmusiitwa@ifc.org
Published January 31, 2007
