The International Finance Corporation (IFC) is considering about US$1.2 billion in new investments in Ghana to support businesses and key sectors of the economy.

The IFC, which is part of the World Bank Group, already has about US$500 million invested in Ghana.

IFC Managing Director Makhtar Diop said the new investment pipeline could support sectors such as energy, infrastructure and agriculture.

He made the disclosure after meeting Finance Minister Dr Cassiel Ato Forson to discuss Ghana’s economic progress and ways to attract more private investment.

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“We have now a portfolio of 500 million dollars, and we have a pipeline of 1.2 billion. But we will do more,” Diop said.

He said Ghana’s recent progress in reducing inflation and addressing its debt problems could help improve investor confidence.

He also called on Ghana to produce more of the goods it currently imports where local production can be undertaken at a competitive cost.

According to him, this would help the country reduce its dependence on imports and better withstand global economic shocks.

He pointed to poultry as an example, saying Ghana imports large quantities of poultry despite the potential to increase local production.

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He said producing more goods locally could also create jobs and support business growth.

The latest development comes as the government focuses on agriculture, local production, value addition and job creation as part of its plans to grow the economy.

DR/MA

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