Mahama Ayariga and Kyle Kelhofer

The country manager for the International Finance Corporation (IFC), Kyle Kelhofer, has disclosed plans by his organization to provide an estimated $600 million in financial support to Ghanaian businesses in 2025.

During a courtesy call on the Majority Leader of Parliament, Mahama Ayariga, on Thursday, February 20, 2025, Kelhofer affirmed the IFC’s commitment to supporting various sectors of Ghana’s economy to create jobs for citizens.

“We are here to support the private sector, invest in the private sector, mobilize private sector resources—both international and local—and help create more and better jobs.

"What you saw last week at the garment factory was an example of Ghana’s increased ability to leverage industrialization to create more and better jobs, particularly in garments, and especially for women.

"This isn’t limited to just garments; it could also include agro-processing and other forms of industry. We believe there’s an increased opportunity, and as a result, we’ve been providing more support,” he stated.

He elaborated on the IFC’s financial commitments, saying, “Last year, we financed approximately $450 million for companies in Ghana.

"This year, we’re targeting approximately $500 to $600 million in Ghana, whether it’s in industrial zones directly, industries or factories operating within these zones, or agro-processors operating throughout the country, all aimed at helping to create more and better jobs.”

He further underscored the IFC’s dedication to collaborating with Members of Parliament to achieve their objective of providing employment opportunities for Ghanaians.

In response, the Majority Leader welcomed the delegation and expressed his appreciation for the IFC’s interest in engaging with members of his caucus.

According to Mahama Ayariga, the meeting, which was attended by various regional chairmen of the Majority Caucus, was also intended to establish a collaboration between the organization and MPs in facilitating engagement between their constituents and the IFC.

“I was hoping that the various regional caucus leaders would be here listening to you to gain a sense of which sub-sectors are your focus and how they can guide their constituents to access the investments and funding that you offer.

"Clearly, a government will be constrained in terms of financing many of the commitments we have made, so increasingly, we need to look to sources like yours and work with the private sector to create jobs and grow the economy.

“Parliamentarians should be at the forefront of linking industries to funding sources and shaping policies that enable industrial development,” the Majority Leader said.

Ayariga expressed hope for a more fruitful collaboration arising from the deliberations between the IFC and his caucus.

The International Finance Corporation (IFC), a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector in emerging markets.

Established in 1956, the IFC aims to reduce poverty and promote sustainable economic growth by providing investment, advisory services, and asset management to businesses and governments in developing countries.

In Ghana, the IFC has been a key player in fostering private-sector development for decades, investing more than $2 billion into the Ghanaian economy over the past 10 years.

GA/KA

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