IFC to inject $450m to boost Ghana’s private sector, create jobs

The International Finance Corporation (IFC) plans to invest $450 million in Ghana's private sector this year. This investment aims to boost productivity and create jobs.

Kyle Kelhofer is the Senior Manager for Ghana, Liberia, and Sierra Leone at IFC. He stated that supporting businesses helps reduce poverty and improve global development.

Kelhofer spoke during a field trip with Trade Minister Elizabeth Ofosu-Adjare. They visited Foreign Direct Investment (FDI) companies in Accra over the weekend.

“Last year, we invested over $450 million in Ghana,” Kelhofer said. “This year, we aim for a similar amount to support job creation.”

He praised the minister’s visit to identify challenges faced by companies. This approach can attract and sustain foreign businesses, promoting economic growth.

Kelhofer urged the government to enhance the investment climate. This would help companies expand and attract more businesses like B5Plus, creating better jobs in Ghana.

He believes increased local production will lower imports and costs for other industries. He also called for more opportunities to use local materials and resources.

Minister Ofosu-Adjare emphasized addressing land litigation issues through Alternative Dispute Resolution (ADR). She also highlighted tax concerns that affect company success in Ghana.

She encouraged foreign companies to treat their staff with dignity. “Your workers are your lifeline,” she said. “Treat them well, pay them well, and work happily together.”