By Joshua Worlasi AMLANU
The International Finance Corporation (IFC) remains optimistic about Ghana’s economic prospects, reaffirming its commitment to supporting private-sector growth despite recent macroeconomic challenges.
Dahlia Khalifa, IFC’s Regional Director for Central Africa and Anglophone West Africa, highlighted Ghana’s resilience and economic potential in an interview with B&FT following her working visit to the country last week.
She emphasised that IFC’s impact is measured by job creation and economic transformation rather than just investment volumes.
“Our focus is not just on how much we invest but on the lives and livelihoods impacted,” Ms. Khalifa stated, noting IFC’s long-term commitment to Ghana.
Over the past decade, IFC has injected more than US$2billion into the Ghanaian economy, with US$450million disbursed in the last year alone – a figure expected to rise in 2024.
Khalifa noted that the IFC is channeling its investments into sectors with high employment potential including agribusiness, light manufacturing and renewable energy, adding that Ghana’s fundamentals remain strong despite economic turbulence, positioning the country for sustained growth.
She pointed to IFC’s growing focus on value chain development, particularly in agriculture where Ghana has the potential to reduce imports and enhance local production. “IFC is exploring opportunities in the rice, tomatoes, fisheries and animal feed industries to strengthen domestic supply chains.”
“Ghana should not be importing certain products when it has the resources to produce them locally. IFC is actively supporting businesses that enhance domestic value addition,” the Regional Director stated.
Investments in Renewable Energy
One of IFC’s most significant recent projects is its US$21million investment in Ghana’s largest private-sector-led solar initiative in partnership with LMI Holdings. The financing is part of a US$100million facility designed to scale-up rooftop solar capacity in industrial zones.
Ms. Khalifa highlighted the success of LMI’s solar deployment, which currently stands at 16.8 megawatts – making it Africa’s largest rooftop solar installation and the third-largest globally, just behind Tesla and Apple. She noted that the facility is set to expand to 200 megawatts, further strengthening Ghana’s renewable energy infrastructure.
“This is a project that Ghanaians should be proud of. LMI’s vision is transformative, creating an ecosystem that enables economic growth,” she said.
Boosting Manufacturing and SME Financing
Beyond energy, IFC is expanding its footprint in Ghana’s manufacturing sector, particularly in garments and textiles. One standout beneficiary is DTRT (Do the Right Thing), a major apparel manufacturer employing over 7,000 people.
Ms. Khalifa described the company as an example of how strategic investments can scale up industries and create employment at scale.
“Behind each of these 7,000 jobs is a household benefitting from stable income. IFC sees immense potential for Ghana to become a regional hub for garment production,” she noted.
IFC is also deepening its support for small and medium-sized enterprises (SMEs) by working with local banks to expand financing. Recent agreements include a US$20million facility with Access Bank to support SMEs, with a specific focus on women-led businesses.
Additionally, IFC is leveraging private equity and venture capital to fund high-growth startups. The institution currently has direct investments in Ghana-based Oasis Capital and 4DX Ventures, both of which provide financing to early-stage businesses in sectors such as fintech and logistics.
Reflecting on her visit, the Regional Director described Ghana as being at an “inflection point” for economic growth – citing both private-sector momentum and government efforts to improve the business climate.
“There is a unanimous sense that Ghana is on an upward trajectory. The private sector is expanding, and government is committed to enabling that growth,” she observed.
