The International Finance Corporation (IFC) is set to inject roughly $600 million into Ghana‘s private sector, targeting investments in the garment and agro-processing industries to spur industrial growth and create more robust job opportunities.
The investment will concentrate on the garment industry and agro-processing sectors, with the goal of fostering industrial development and expanding employment opportunities. During a courtesy call with the Majority Leader in Parliament, IFC Country Director Kyle Kelhofer provided further insights into the initiative.
He said: “We are here to support the private sector, invest in the private sector, mobilize the private sector, both international and local, and to help create more and better jobs. And what you saw last week at the garment factory was an example of Ghana’s increased ability to take advantage of industrialization to create more and better jobs, and in garments in particular for women.“
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“Last year, we probably mobilized, we financed approximately $450,000,000 for companies in Ghana. This year, we’re targeting approximately 500 to 600,000,000 in Ghana. And 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, helping to create more and better jobs.”
Majority Leader, Mahama Ayariga also underscored the importance of this support for the government‘s efforts to meet its job creation targets, stating that: “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.”
Ayariga said further that MPs should be at the forefront of linking industries to funding sources and also try to shape policies that will enable the development of industries.
Source: Accra Street Journal
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Samuel Kwame Boadu is a Ghanaian entrepreneur, writer, and digital consultant passionate about creating impactful stories and business solutions. He is the Founder & CEO of SamBoad Business Group Ltd, a dynamic company with subsidiaries in digital marketing, logistics, publishing, and risk management.
