Business News of Thursday, 3 December 2015
Proparco, a subsidiary of the French development agency, Agence Francaise de Development (AFD), has invested about 200 million Euros in various sectors of the economy of Ghana over the last five years, Proparco’s Regional Director for West Africa, Mr Laurent Farge, has disclosed.
This means that Proparco invested about 40 million Euros in various sectors every year, including the financial services, agribusiness and infrastructure, which represent over 70 per cent of the loan book in Ghana, as well as providing funding for six local banks in equity/tier II or senior debt to Cal Bank, SG Ghana, Fidelity Bank, Ghana Home Loans, HFC and Access Bank.
The support from Proparco also covers the electricity sector through partaking in the funding of the expansion of the Takoradi Power Plant.
Mr Farge, who disclosed this at a press conference at the residence of the France Ambassador to Ghana in Accra, said in the area of agribusiness, the Ghana Rubber Estates Limited had received funding for the expansion of its plantations and to increase its plant production capacity.
The regional director was speaking as the head of a delegation of Proparco to the country to find out ways to develop Proparco’s support to the Ghanaian private sector.
While here, the delegation is expected to hold meetings with chief executives of private sector organisations and managers of investments to better understand the challenges in the sector and find potential investment opportunities.
He said Proparco intended to continue to expand its investments in Ghana and Africa in general.
He said while Proparco would continue looking for any project that was financially viable, with positive and sustainable development impacts, it would also focus on renewable energy and energy-efficiency projects.
He was happy to note that Proparco had been operating actively in Ghana for about 30 years and noted that his outfit was ready to invest in a sustainable transport business but emphasised that there was the needed to see that there was the drive and to be convinced that it was a really viable business.
Mr Farge also said Proparco had interest in such areas as education.
For her part, the Resident Manager of AFD, Madam Amelie July, said Proparco was interested in social housing as well.
The Ambassador of France to Ghana, Mr Francois Pujolas, said France and Ghana had very good relations which continued to deepen.