IFC guarantees support to Ghana's development aspirations

The International Finance Corporation, (IFC) has pledged its continued assistance to Ghana's development goals by supporting infrastructure for oil, gas, mining and telecommunication and other sectors.

The member of the World Bank Group said it would also expand financing and advisory services to micro, small and medium enterprises, including facilitating non-traditional exports and helping enhance the business environment through advisory services.

Mr Lars Thunell, Executive Vice President and CEO of IFC, told journalists in Accra that the IFC was ready to deepen its support, working closely with the World Bank, government and private sector to create more opportunities for entrepreneurs and businesses.

As of May 31, IFC's investment portfolio in Ghana totalled approximately $ 530 million, making it the corporation's third-largest portfolio in Africa.

IFC also implements several Advisory Services projects across a variety of sectors, including programmes to support smaller businesses and improve education.

Ms Mary-Jean Ndlovu, Country Director IFC, said to improve SMEs' access to capital, the Corporation in partnership with the International Development Association and the government provided GH¢ 17.2 million in loans to help Ecobank Ghana increase lending to SMEs.

The IFC, IDA and the Ghana government bore half the risk associated with the loans with Ecobank taking on the remaining risk directly.

Ms Ndlovu said through the scheme, a key constraint of access to finance by the SMEs had been addressed. There are plans to extend the programme by creating similar partnerships with other Ghanaian banks.

Mr Thunell said support for small businesses was at the heart of IFC's operations because it was key for accelerating development.

Mr Thunell arrived in Ghana on June 14 for a three-day visit to highlight IFC's commitment to working with partners to support the country's private sector-led economic growth.

He has met with key development partners, donors, and government officials, including Vice President John Dramani Mahama, Minister of Finance Dr. Kwabena Duffuor, and the Governor of the Bank of Ghana, Mr. K.B. Amissah-Arthur.

GNA