The International Finance Corporation (IFC), a member of the World Bank Group, has announced plans to invest up to $600 million in Ghana’s private sector to drive job creation and economic growth.
The investment will primarily target the garment industry and agro-processing sector, aiming to support industrial development and expand employment opportunities.
Speaking during a courtesy call on the Majority Leader in Parliament, IFC Country Director Kyle Kelhofer highlighted the organisation’s commitment to Ghana’s economic progress.
“We are here to support the private sector, invest in the private sector, mobilise the private sector, both international and local, and to help create more and better jobs,” he said.
He pointed to recent developments in Ghana’s garment industry as an example of the country’s increasing capacity to harness industrialisation for employment, particularly for women.
“This isn’t limited to just garments. It can also be agro-processing or other forms of industry, but we’re of the view there’s an increased opportunity. And as a result, we’ve been supporting more,” he added.
Mr Kelhofer noted that IFC had financed approximately $450 million for Ghanaian companies in 2024 and is now aiming to invest between $500 million and $600 million in 2025.
“Whether it’s in things like the industrial zones directly, or industries or factories operating within these zones, or agro-processors operating throughout the country, we are helping to create more and better jobs,” he said.
Ghana’s Majority Leader, Mahama Ayariga, welcomed the investment, stating that private-sector partnerships were crucial to fulfilling the government’s economic commitments.
“Clearly, a government will be constrained in terms of the financing of a lot of the commitments that we have made. And so increasingly, we need to be looking at sources like yours and then working with the private sector to be able to create jobs and grow the economy,” he said.
He emphasised the role of parliamentarians in linking industries to funding sources and shaping policies to drive industrial growth.
“It will definitely go a long way to help us fulfil our commitment to young people, to create jobs, to grow the economy, and then to create more wealth for us to equitably distribute,” he added.
The IFC’s investment is expected to provide a significant boost to Ghana’s industrial and economic development, supporting businesses and generating employment across key sectors.
