IFC Boss Affirms Commitment To Ghana’s Private Sector

EDMUND SMITH-ASANTE

The Executive Vice President and Chief Executive Officer of the International Finance Corporation (IFC), Lars Thunell, has stressed that the finance institution is very much interested in the development of Ghana’s private sector.

He indicated that as proof of its commitment, the IFC has increased its operations in Ghana in the last couple of years and has syndicated in addition about $70 million or so in its programmes in the country.

According to Thunell, the IFC is focused on getting the benefits of its operations to the poor and other parts of the country.

Speaking earlier on the institution’s work in Africa, he said; “We are very much focused on Africa and we have a series of operations here. We have increased our operations here significantly over the last couple of years”, adding, “back in 2003 we invested about $160 million and we expect to invest about $2.1 billion this year and have significant operations in neighbouring countries throughout sub Saharan Africa.

The IFC CEO made these statements when he addressed a section of the Ghanaian media in Accra Wednesday during a three-day visit to the country.

His visit to Ghana was to affirm the commitment of the World Bank Group’s private sector arm, the IFC, towards Ghana’s sustainable economic growth. Prior to his meeting with the press, the IFC boss had already conferred with senior government officials, including the Vice President, John Mahama, Minister of Finance, Dr. Kwabena Duffuor and Governor of the Bank of Ghana, K. B. Amissah-Arthur.

He also met with private sector clients and others to see how IFC can be a partner to the country’s private sector.

Lars Thunell said IFC will support Ghana’s commitment to rapid development with robust private sector investments, and that “To have the largest impact, IFC has worked closely with colleagues at the World Bank to develop new initiatives that leverage our strengths and improve the lives of the people of Ghana.

Giving some specifics of the IFC’s investment in the Ghanaian economy, Ms. Mary-Jean Lindile Ndlovu, Country Manager, Sub-Saharan Africa Department, IFC, said some $150 million has been invested to support production of petroleum products and syndication amount of about $125 million for the production and storage by offshore users in the oil and gas sector.

In the ICT sector, she said the IFC is investing approximately £100 million and a syndicated amount of about $140 million. She also stated that the institution is offering assistance to a host of banks, specifically for Small and Medium Scale Enterprises (SMEs).

She also mentioned that they are involved in training for SMEs and that about eight trainers had already received training for that purpose which the IFC was looking forward to improve upon.

From Ghana, Thunell is due to visit Cote d’Ivoire and Mali, where he will meet with private sector partners and government officials. In Mali, he will also participate in discussions on replenishing IDA funds and increasing collaboration across the World Bank Group.

The IFC’s current investment portfolio in Ghana totals about $533 million, making it the third largest in Africa after South Africa and Nigeria.