The International Finance Corporation (IFC) has underscored its long-term support for Ghana’s private sector, highlighting flagship investments that have strengthened the country’s position in energy, logistics and manufacturing.
Speaking with Bernard Avle, IFC senior country manager Kyle Kelhofer reflected on projects spanning more than 15 years. He cited IFC’s role in financing the FPSO Kwame Nkrumah oil production vessel as a landmark intervention that helped demonstrate West Africa’s capacity to develop a viable oil and gas sector.
Kelhofer said the project, valued at more than US$1 billion, relied largely on commercial financing mobilised by IFC. He noted that IFC’s direct investment, analysis and due diligence encouraged private investors to participate, confident the institution would stand alongside them throughout the project’s development.
He also pointed to the Meridian Port Services (MPS) terminal at Tema as another major success. Describing it as one of sub-Saharan Africa’s largest deep-water container ports, Kelhofer said the facility enables Ghana to receive large vessels and direct shipments from China and the United States. That capability, he said, gives Ghana a supply-chain advantage of up to 10 days over some neighbouring countries, reducing costs and boosting competitiveness.
The improved logistics, he added, position Ghana as a potential regional hub for trade and value addition, with goods trans-shipped to destinations across West Africa, South America and beyond.
Looking to the future, Kelhofer highlighted the DTRT Apparel project as a possible catalyst for industrial transformation. Drawing parallels with Bangladesh’s garment industry, which grew from a small foreign-backed factory into a major global employer, he said similar success in Ghana could generate jobs and spur manufacturing growth across West Africa.
He cautioned, however, that such transformations take time, noting that early-stage investments often begin modestly before scaling.