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The International Finance Corporation (IFC), a member of the World Bank Group, has announced plans to inject approximately $600 million into Ghana’s private sector.
This strategic investment aims to stimulate job creation, enhance industrialisation, and drive economic growth, with a particular focus on the garment industry and agro-processing sectors.
Kyle Kelhofer, the IFC’s Country Director, revealed this initiative during a courtesy visit to the Majority Leader in Parliament.
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He emphasised the organisation’s commitment to mobilising both local and international private sector participation to strengthen Ghana’s industrial base.
“We are here to support the private sector, invest in the private sector, and mobilise the private sector, both international and local, to help create more and better jobs,” Kelhofer stated. “What you saw last week at the garment factory was an example of Ghana’s increased ability to take advantage of industrialisation to create more and better jobs, particularly in garments for women.”
Beyond the garment industry, Kelhofer noted that agro-processing and other industrial sectors also stand to benefit significantly from the IFC’s financial support.
“Last year [2024], we mobilised approximately $450 million for companies in Ghana. This year [2025], we’re targeting between $500 million and $600 million,” he added. “Whether it’s in industrial zones directly, or industries and factories operating within these zones, or agro-processors spread across the country, our goal is to help create sustainable employment and economic expansion.”
The Majority Leader, Mahama Ayariga, welcomed the IFC’s initiative, highlighting its crucial role in helping the government fulfil its employment and economic promises.
“Clearly, a government will be constrained in terms of financing many of the commitments we have made. Therefore, we need to explore sources like yours and collaborate with the private sector to create jobs and grow the economy,” Ayariga remarked.
He also underscored the vital role of Parliament in connecting industries to financial opportunities and shaping policies to foster industrial development.
“It is essential for parliamentarians to be at the forefront of linking industries to funding sources and crafting policies that enable industrial growth. This will go a long way in fulfilling our commitment to young people—creating jobs, growing the economy, and generating wealth for equitable distribution.”
As Ghana continues its industrialisation drive, the IFC’s investment is expected to serve as a catalyst for economic transformation, fostering long-term sustainability and private-sector-led growth.
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