The International Finance Corporation (IFC), a member of the World Bank Group, has unveiled plans to inject up to $600 million into Ghana’s private sector this year.

0

The initiative aims to stimulate job creation, drive industrial development, and boost economic growth across key sectors.

1

This substantial investment will prioritize the garment and agro-processing industries, which have been identified as pivotal in generating employment and strengthening Ghana’s industrial capacity. IFC Country Director, Kyle Kelhofer, revealed these plans during a courtesy meeting with the Majority Leader in Parliament.

2

“We are here to support the private sector, invest in the private sector, mobilize the private sector, both international and local, and to help create more and better jobs. And what you saw last week at the garment factory was an example of Ghana’s increased ability to take advantage of industrialization to create more and better jobs, and in garments in particular for women,” Kelhofer stated.

3

He emphasized that the IFC’s focus is not limited to garments alone but extends to other industries, particularly agro-processing. Kelhofer highlighted the IFC’s growing commitment, noting that in 2024, the corporation facilitated approximately $450 million in financing for businesses in Ghana, with this year’s target set between $500 million and $600 million.

4

“This isn’t limited to just garments. It can also be agro-processing, or other forms of industry, but we’re of the view there’s an increased opportunity. And as a result, we’ve been supporting more,” he added.

5

The investment strategy also includes support for companies operating within industrial zones, as well as those involved in agro-processing nationwide, all aimed at fostering job creation and industrial expansion.

6

In response, Majority Leader Mahama Ayariga welcomed the IFC’s commitment, acknowledging its potential to support the government’s job creation agenda. He highlighted the importance of partnerships with organizations like the IFC to bridge funding gaps faced by the government.

7

“Clearly, a government will be constrained in terms of the financing of a lot of the commitments that we have made. And so increasingly, we need to be looking at sources like yours and then working with the private sector to be able to create jobs and grow the economy,” Ayariga remarked.

8

He also urged lawmakers to play an active role in connecting industries with financial resources and shaping policies that encourage industrial growth.

9

“It will definitely go a long way to help us fulfill our commitment to young people, to create jobs, to grow the economy, and then to create more wealth for us to equitably distribute,” he concluded.

10