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 Mrs. Elizabeth Ofosu-Adjare, the Minister of Trade, Industry, and Agribusiness. They visited Foreign Direct Investment (FDI) companies in Accra over the weekend.

“Last year, we invested over US$450 million in Ghana,” Mr. Kelhofer said. “This year, we’re targeting a similar amount to support job creation.”

He praised the minister’s visit to assess company challenges as a positive step. This approach can help attract and sustain foreign businesses for economic growth.

“The Government should continue improving the investment climate,” he added. This will allow companies like B5Plus to expand and create better jobs in Ghana.

Mr. Kelhofer believes more local production will reduce imports and costs for other industries. He called for more opportunities to use local materials and resources.

Mrs. Ofosu-Adjare mentioned that the Government would address land litigation issues using 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.”