IFC to inject US$450m to boost Ghana’s private sector

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

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

He spoke during a field trip with Minister of Trade, Industry, and Agribusiness Mrs. Elizabeth Ofosu-Adjare in Accra over the weekend. Last year, IFC invested over US$450 million in Ghana's private sector. This year, they aim for a similar amount to support job creation.

Mr. Kelhofer praised the minister’s visit to companies to identify challenges. He believes this approach will attract and sustain foreign businesses in Ghana.

He urged the government to improve the investment climate further. This would help companies expand and attract more businesses like B5Plus, creating better jobs.

Kelhofer expressed confidence that increased local production would reduce imports. He called for more use of local materials and human resources.

Mrs. Ofosu-Adjare mentioned that the government will address land litigation issues using Alternative Dispute Resolution (ADR). She also highlighted tax concerns that affect company growth 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.”