West Africa is home to strong economies and to widespread poverty, to emerging democracies, and to countries needing extra support to build their private sectors and bring opportunity to their people.
Among the 15 economies IFC is supporting in West Africa are continental powerhouse Nigeria; places benefiting from increased growth and stability, such as Senegal, Ghana, and Burkina Faso; and also countries emerging from recent conflict, including Liberia, Sierra Leone and Cote D’Ivoire.
IFC is supporting private sector growth across this diverse region with a combination of investments and advisory services. We are providing added developmental backing amid deepening global financial turmoil, which is threatening Africa’s exports, remittances, and other drivers of growth.
“IFC’s engagement in sub-Saharan Africa is the image of what Africa represents for our institution,” said IFC Vice President Thierry Tanoh. “It is clear that for us, private sector development in sub-Saharan Africa is a key element of our global strategy to help bring opportunity and employment and to reduce poverty.”
New Hubs to Serve Clients
IFC’s main strategic focus in West Africa is on supporting the growth of smaller businesses, helping improve and reform the investment climate, infrastructure, agribusiness and health and education projects. We combine our investment services with advisory and have special initiatives to address the needs of post conflict countries.
IFC also recently established a regional hub in Dakar, Senegal, and almost tripled our staff there.
“Our increased presence reflects our growing commitment and improves our capacity to serve this region,” said Yolande Duhem, who became director for west and central Africa last year.
In Senegal, for example, we recently helped strengthen the country’s infrastructure by financing the Kounoune I Independent Power Project, which expanded domestic supply of affordable energy through Senelec, the national utility provider.
“The Kounoune plant contributes to the improvement in quality and quantity of the services offered by Senelec to industry,” said Said Jalkh, local manager of Kounoune Power SA. “It is increasing the stability of the network while lowering the average cost which allows it to counteract an increase in price.”
A Better Business Environment
IFC is working with several West African countries, helping them improve and clarify legal and regulatory systems so they can attract investment and grow their private sectors.
We have helped Burkina Faso become a top reformer in recent editions of the World Bank’s Doing Business Report, which ranks economies on the ease of doing business.
IFC helped Burkina Faso introduce reforms for registering property, dealing with construction permits, and paying taxes. These and other improvements helped Burkina jump from 171st to 148th in the Doing Business Report between 2006 and 2009, a dramatic climb that reflects the success of efforts to create an environment conducive to business growth.
“With more reforms of business regulations in Africa than in any previous year, we are seeing many countries get inspiration from their neighbors about how to reform,” said Sabine Hertveldt, a co-author of the Doing Business report. “Increasingly, countries in the region are committing to reform agendas that make it easier to do business.”
For more information contact:
Jason Hopps
Johannesburg, South Africa
Phone: +27 11 731 3120
E-mail: jhopps@ifc.org
