Since the start of operation of the International Financial Corporation (IFC) in Ghana, Small and Medium Enterprises (SMEs) have been allocated 25 percent of the financing provided the Corporation.
To date, a total of US$1 billion in investment has been made in Ghana’s SME sector.
This was revealed in an interview with Goldstreet Business, by the Country Manager of IFC, Ghana, Benin, Burkina Faso, Niger and Togo, Ronke-Amoni Ogunsulire.
IFC has invested more than US$4 billion in Ghana, of which US$2 billion has been into agribusiness, education, energy, financial institutions, ports, and tourism, in the past five years.
IFC’s also has advisory programs which are to support the government’s reform agenda to improve the country’s business environment.
Government is soon expected to sign a US$1.5 million agribusiness deal with the Corporation.
The Invest Ghana Agribusiness Conventional Advisory Project will see investments and advisory services from the IFC to improve the country’s agricultural value chain.
The IFC asserts that it has been working in financial institutions particularly to help improve access to financing for SMEs.
As a sister organization of the World Bank and member of the World Bank Group, the IFC is the largest global development institution focused on the private sector in emerging markets.
The Corporation works with more than 2,000 businesses worldwide, using its capital, expertise, and influence to create markets and opportunities in the toughest areas of the world.
In fiscal year 2018, IFC delivered more than US$23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.