The International Finance Corporation (IFC), a member of the World Bank Group, has announced plans to invest $450 million in Ghana’s private sector this year.
The investment is aimed at enhancing productivity, creating jobs, and driving sustainable economic growth.
Mr. Kyle Kelhofer, the IFC’s Senior Manager for Ghana, Liberia, and Sierra Leone, shared the news during a field visit in Accra alongside the Minister of Trade, Industry, and Agribusiness, Mrs. Elizabeth Ofosu-Adjare.
The visit included meetings with Foreign Direct Investment (FDI) companies to understand the challenges they face in operating in Ghana.
“Last year, we invested over $450 million in Ghana, and this year, we’re targeting a similar amount to support job creation,” Mr. Kelhofer said.
He emphasized that investments in the private sector not only boost economic productivity but also contribute to poverty reduction and overall global development.
Mr. Kelhofer commended Mrs. Ofosu-Adjare’s efforts to engage directly with businesses to understand their operational challenges.
He noted that fostering a more conducive investment environment would enable companies to expand and attract more businesses to Ghana.
“The government should continue improving the investment climate,” he remarked. “Creating an enabling environment is key to sustaining and attracting more investors like B5 Plus.”
He also stressed the importance of local production, highlighting its potential to reduce imports, lower production costs, and strengthen the value chain for other industries. He called for more opportunities to harness local materials and resources.
Mrs. Ofosu-Adjare assured investors that her ministry is committed to resolving challenges that hinder business growth. She highlighted plans to address land litigation issues through Alternative Dispute Resolution (ADR) mechanisms and acknowledged the need to review tax policies that could affect businesses’ profitability.
“We are working to streamline processes to make it easier for investors to do business in Ghana,” she stated. “Addressing these challenges will help businesses thrive and create more job opportunities for Ghanaians.”
The minister also appealed to foreign companies to treat their employees fairly, emphasizing that a motivated workforce is essential for productivity.
“Your workers are your lifeline, treat them well, pay them well, and create a harmonious work environment,” she added.
