Accra, Ghana, May 25, 2023 —To increase access to affordable, quality healthcare in Ghana, IFC today announced a partnership with Accra Medical Centre Ltd. (AMC) to help the health service provider expand its operations in Accra and in Takoradi in the Western Region of Ghana, where modern facilities are more limited.
Under the partnership, IFC will provide a $5.7 million loan to AMC, supporting the construction of a new 20-bed hospital in Takoradi, reducing the need for some patients to travel for quality care. In Accra, AMC plans to upgrade its maternity services, intensive care units, and specialist surgeries at its existing hospital that expects to increase the number of patients it serves annually to 120,000.
In addition to providing financing, IFC will advise AMC on healthcare quality management and on advancing its strategy to service lower income patients.
"In eleven years, AMC has grown rapidly from a primary care clinic and offsite mine hospital operator to a fully equipped modern hospital currently serving 90,000 patients per annum," said Dr. Cynthia Opoku-Akoto, AMC's Chief Executive Officer and founding doctor. "IFC's package of financing and advisory services is the type of support we need to allow us to raise the quality of our care even higher while building a sustainable business for the long term," she added.
"The private sector plays an increasingly critical role in delivering quality healthcare in Ghana," said Kyle Kelhofer, IFC's Senior Country Manager for Benin, Ghana, Guinea, and Togo. "IFC's partnership with Accra Medical Centre will increase access to quality healthcare in Ghana, supporting the country's goal of expanding access to quality health coverage."
Since the outbreak of the COVID-19 pandemic in 2020, IFC has provided more than $16 million in financing for healthcare providers in Ghana, including to Nyaho Medical Centre, New Crystal Health Services, and Quest Medical Imaging. The AMC partnership will be IFC's single biggest investment in a health service provider in Ghana.
IFC's investment is supported by the International Development Association's Private Sector Window Local Currency Facility (IDA PSW LCF), which protects against currency fluctuations. IDA PSW support is also necessary to enable IFC to provide AMC with affordable, long-term funding in local currency.
About Accra Medical Centre
Accra Medical Centre Ltd (AMC), is a wholly Ghanaian owned Medical Service Provider (MSP) offering a satisfying Primary Healthcare and Emergency Medical Services to households and corporate clients since 2012. AMC has established itself as a high-quality integrated healthcare service provider within the highly fragmented Ghanian market serving up to 90,000 patients annually. AMC's business model has evolved over the years. It started as a primary care clinic in 2012 and serviced (offsite) mining hospitals for over six years. Since March 2021, AMC has been operating from its ultra–modern Specialist and Diagnostic Medical Centre in Ringway, Osu, Accra. AMC is managed by experienced local professionals and currently employs about 219 medical and healthcare professionals.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
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About the IDA Private Sector Window
The International Development Association's (IDA) Private Sector Window was launched in 2017 to catalyze private sector investment in the poorest and most fragile countries. Recognizing the key role of the private sector in achieving IDA's objectives and the World Bank Group's twin goals, the window provides a source of co-investment funding and guarantees to de-risk private investments supported by IFC and the Multilateral Investment Guarantee Agency (MIGA). The IDA PSW is an option when there is no commercial solution, and the World Bank Group's other tools and approaches are insufficient. For more information, visit: http://ida.worldbank.org/psw.
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