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IFC approves 60 million dollars to
rescue Ghana from energy crisis
Accra, Feb.1, GNA - The International Finance Corporation (IFC),
the private arm of the World Bank, has approved 60 million
dollars out of the 200 million dollars needed for the
development and expansion of the Takoradi Thermal Power
Plant Phase II project, Ms Imoni Akpofure, IFC Ghana Country
Director, said in Accra on Wednesday.
Addressing a joint press briefing with Mr Lars Thunell, IFC
Executive Vice President, she said the Thermal Plant Phase
II project would increase the national generation capacity
by 110MW.
She, however, expressed concern about the seeming delay on
the part of Government on the money, saying "there has been
back and forth talk since 2004 when the amount was
approved,” and expressed hope that this year the project
would take off.
Ms Akpofure said a consortium of international development
financial institutions and commercial banks had been put
together to finance the development and expansion of the
thermal power project.
On current IFC investment support in Ghana, she said the
corporation had expanded its investment services and
advisory solutions portfolio in the country over the past
two years.
IFC investment commitment, according to Ms Akpofure, stood
at 162 million dollars in 13 projects, with a strong
pipeline of new investments under development.
She said IFC provided a loan of 75 million dollars with
additional 50 million dollars syndicated from commercial
banks to Newmont Ghana Gold Limited Ahafo gold mine in the
Brong Ahafo Region.
The Corporation also provided a guarantee of 2.2 million
dollars facility to The Trust Bank to offer medium-term
lending to private schools under the Ghana Private School
Support Programme an IFC initiative.
Currently 10 schools have received financing totalling 1.15
million dollars from The Trust Bank in addition to an
advisory solutions programme to strengthen the schools'
financial, managerial and educational capacities for an
improved environment for private education.
IFC committed a loan of 30 million dollars to Barclays Bank,
Ghana and a total of 15 million dollars to Merchant Bank and
The Trust Bank for the support of development of
export-oriented companies and Small and Medium Enterprises.
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Economics IFC Projects 2 Accra
Ms Akpofure said Ghana had been targeted for accelerated
expansion of the IFC Global Trade Finance Programme, which
worked with local and international banks to support the
extension of trade finance to underserved clients globally.
Mr Thunell said IFC's strategy in Ghana included supporting
private provision of infrastructure, deepening the domestic
financial sector, expanding opportunities for micro, small
and medium enterprises borrowing through local financial
institutions.
It also seeks to promote the development of non-traditional
export and enhancing the business environment.
"We are committed to creating the opportunities in Ghana by
increasing investments and advisory services across a
diverse range of private sector business.
"From just 22 million dollars investment portfolio at the
end of 2004 fiscal year, the Corporation's investment
portfolio jumped to over 160 million dollars last year
mainly due to the favourable economic conditions in the
country."
Mr Thunell said the Corporation would continue to invest in
key sectors of the economy including agribusiness,
education, financial services, housing, infrastructure,
manufacturing, mining and telecommunication.
As part of the visit, Mr Thunell toured AfroTropic Cocoa
Processing Company within the Ghana Free Zones enclave and
interacted with toddlers at the Star Avenue Early Childhood
Development School.
GNA
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