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13.04.2006 Business & Finance

IFC invests US$54.6m into Ghana

By Ghanaian Chronicle (Joseph Coomson)

The International Finance Corporation (IFC), from the 1980s to 2005, invested US$54.6 million into the Ghanaian economy, placing seventh in the amount of IFC investments into the Sub-Saharan African region.
In all IFC investments into Sub-Saharan Africa, Nigeria topped the league by attracting US$278.7million, with $185 million going into the construction and banking industry. Nigeria was followed by South Africa with US$176.1 million and Mozambique with US$137 million. Cameroon got US$119.9 million, Kenya, US$115.7 million, and Cote d'Ivoire, US$97.3 million.

The IFC US$54.6 million investments into Ghana are made up of US$48.9 million loans and US$5.7-million equity.

In 2005, IFC invested US$40 million into an information communication technology company, Scancom Limited, operators of Areeba.

In all, AngloGold Ashanti, Appiah Menka Complex, CAL Bank, Diamond Cement, Enterprise Life Assurance, Ghana Aluminium Products, Network Computer Systems, Professional Technical Services, Securities Discount, Shangrila Hotel, Sikaman – now ProCredit – and Tacks Farms Ghana Limited have benefited from huge investments from IFC in both loans and equity.

Currently, IFC's cumulative gross committed to Ghana, as at June 2005, is US$ 605,661.

These figures were contained in the 2005 IFC financial report released this year.