The International Finance Corporation (IFC) has unveiled plans for a substantial $600 million investment in Ghana's private sector, focusing on expanding the country's garment and agro-processing industries.
The initiative aims to accelerate job creation and stimulate economic growth across the nation.
During a parliamentary visit, IFC Country Director Kyle Kelhofer outlined the organisation's commitment to strengthening Ghana's industrial capacity.
"Our investment strategy targets both international and local private sector development," Mr Kelhofer explained, highlighting recent success in the garment industry as evidence of Ghana's growing industrial potential, particularly in creating employment opportunities for women.
Advertisement
The investment marks a significant increase from IFC's 2024 contribution of $450 million, demonstrating growing confidence in Ghana's economic potential.
Mr Kelhofer emphasised that the funding would support various industrial initiatives, including development zones and agricultural processing facilities throughout the country.
The Majority Leader in Parliament, Mahama Ayariga, endorsed the investment plan, acknowledging the crucial role of private-sector partnerships in achieving the government's economic objectives.
"With growing financial constraints facing governments, partnerships like these are essential for job creation and economic growth," Ayariga stated.
The parliamentary leader also emphasised the importance of legislative support in facilitating industrial development.
He called for lawmakers to actively connect industries with funding opportunities and develop policies that promote sustainable industrial growth, particularly focusing on youth employment and equitable wealth distribution.
This investment initiative represents a key component of the IFC's ongoing commitment to strengthening Ghana's private sector and fostering sustainable economic development.
The focus on garment manufacturing and agro-processing aligns with Ghana's industrial development goals and aims to create lasting economic opportunities across the country.