President Mahama and IFC MD Makhtar Diop Signal Major Economic Boost with $670 Million Investment Commitment

President John Mahama and the Managing Director of the International Finance Corporation (IFC), Makhtar Diop, have held high-level discussions at the Jubilee House to strengthen Ghana’s economic trajectory through strategic private-sector partnerships. The meeting highlighted a significant surge in IFC commitments to Ghana, which have risen from $61 million in the 2020/2021 financial year to $670 million for 2025/2026. President Mahama emphasized that his administration's focus on fiscal discipline and infrastructure expansion, under programs like the 'Big Push,' has successfully reduced inflation and national debt while restoring investor confidence. As part of this broader economic support, the President also announced a $300 million World Bank financing package specifically aimed at eliminating the double-track system in Senior High Schools by 2027.

A cornerstone of the discussions was the revitalization of Ghana’s agricultural sector, with a focus on scaling commercial production and local value addition. President Mahama and Mr. Diop outlined a strategy to process at least 50% of Ghana's cocoa beans locally, alongside investments in oil palm and poultry to create sustainable rural jobs. To support this, the IFC is partnering with Absa Bank Ghana and the agritech firm Complete Farmer to provide financial assistance to over 379,000 farmers by 2030. These initiatives are designed to improve food security and integrate local producers into global supply chains while bolstering the livelihoods of cocoa farmers through Licensed Buying Companies.

The IFC's commitment is further reflected in major industrial and tourism projects currently underway. A $39.5 million financing package was recently granted to LMI Holdings for a 100-megawatt solar project at the Dawa Industrial Zone, part of a larger 'Solar for Industries' program targeting 1,000 megawatts by 2032. Simultaneously, the IFC is backing the development of Ghana’s first Hampton by Hilton hotel near Accra International Airport. This project, led by PLP Properties Limited, is expected to create nearly 1,000 direct and indirect jobs and will be a flagship for sustainable hospitality, targeting EDGE Advanced certification for significant energy and water savings.

Finance Minister Dr. Cassiel Ato Forson noted that these international partnerships are already yielding results, with the cost of capital for local businesses declining as treasury bill rates drop. The government has set an ambitious target to achieve an investment-grade credit rating by 2030 to further lower interest rates and reduce the national debt-servicing burden. Mr. Diop commended President Mahama’s commitment to economic reforms, reiterating that the IFC is contemplating up to $1.2 billion in total future investments as Ghana continues to position itself as a competitive hub for agribusiness, renewable energy, and digital connectivity in West Africa.