The ability of Ghana’s private sector to attract more investment, compete more effectively and create jobs will come under the spotlight when International Finance Corporation (IFC) Managing Director Makhtar Diop visits Ghana from tomorrow , September 15 to 17.
Mr Diop is expected to meet government officials, businesses and other stakeholders to discuss how the World Bank Group can mobilise more private investment to support Ghana’s development priorities, strengthen competitiveness, widen access to finance and create more and better jobs.
The discussions come as Ghana looks to the private sector to play a bigger role in expanding production, creating employment and driving economic growth.
But attracting capital is only part of the challenge.
The bigger question is whether businesses can access the finance and operating conditions they need to invest, expand and employ more people.
Turning investment into growth
The IFC has increased its financial commitments to Ghana significantly in recent years.
In the 2026 financial year, the Corporation committed US$670 million through its own account and mobilisation in Ghana, compared with US$61 million in 2021.
The increase shows growing interest in financing businesses and projects in the country.
For Ghana, however, the impact of that investment will depend on what it does for the wider economy.
Money invested in manufacturing, agribusiness, renewable energy, logistics and technology can help companies increase production and employ more people.
It can also create business for local suppliers.
A factory that expands, for example, may need more packaging, transport, warehousing, maintenance and other services. Agricultural investment can similarly create opportunities in processing, storage, transport and distribution.
The more local businesses that participate in these supply chains, the wider the economic benefit.
Finance remains a constraint
Access to finance remains a major concern for businesses, particularly small and growing enterprises.
Companies need funding to buy equipment, increase working capital, hire staff and enter new markets. Farmers and agribusinesses also have financing needs that are often tied to seasonal production and uncertain cash flows.
For some businesses, the problem is the cost of finance. For others, it is the availability of financing that matches the nature and stage of their operations.
When viable businesses cannot secure appropriate funding, expansion is delayed and their ability to create jobs is limited.
Expanding access to finance therefore has to be about more than increasing the amount of money available. The financing must reach businesses that can use it to increase production and grow.
The competitiveness question
Competitiveness will also be an important part of the conversation.
Ghanaian businesses operate with a range of costs that affect their ability to compete, including energy, transport, finance and digital connectivity.
These costs can be particularly difficult for smaller companies that do not have the scale or financial strength of larger firms.
A business may have a good product and a ready market but still struggle to expand because the cost of producing and moving its goods is too high.
Improving the business environment is therefore critical if new investment is to translate into stronger domestic companies.
This is also important as Ghanaian businesses seek opportunities in the wider African market under the African Continental Free Trade Area.
Where the jobs are
The focus on jobs comes at a time when Ghana needs a private sector capable of absorbing more young people into productive employment.
That will require investment in businesses and sectors with the capacity to grow.
Agriculture and agribusiness, manufacturing, technology, renewable energy, services and the creative economy all offer opportunities, but those opportunities depend on businesses being able to expand.
Skills are part of the equation.
Employers need workers who can operate equipment, manage production, use digital systems and provide specialised services. Young people, in turn, need businesses that are growing enough to employ them.
This is why the discussions on education, youth employment and skills development are closely linked to the private-sector agenda.
Building local value
The quality of private investment also matters.
Investment that leaves much of the production chain outside Ghana will have a different impact from investment that creates markets for local farmers, manufacturers and service providers.
Ghana’s agricultural and industrial sectors offer opportunities to deepen these connections.
More local processing of agricultural products, for example, can create additional activity in packaging, transportation, storage and marketing.
The same applies to industrial projects that source more of their inputs and services locally.
For domestic businesses, stronger value chains can provide a route to growth without requiring every company to attract large amounts of foreign capital directly.
Energy and business
Renewable energy is another area expected to feature in the discussions.
For Ghanaian businesses, the energy question is as much about production and competitiveness as it is about the environment.
Reliable and affordable power is essential for factories, farms, cold-storage facilities, offices and other businesses.
Investment in renewable energy could help diversify the country’s energy sources while providing businesses with additional options for reliable power.
The commercial viability of such projects will be important, particularly if they are expected to support businesses over the long term.
What happens after the investment?
The significance of Diop’s visit will ultimately be measured against what Ghana can do with the investment it attracts.
Investment commitments are important, but they are only the starting point.
The stronger test is whether businesses expand, production increases, local suppliers win more business and more people find productive employment.
For Ghana, the private-sector challenge is therefore not simply to attract more capital.
It is to create the conditions that allow businesses to put that capital to work, compete, grow and employ.
