Share this page

IFC Obtains Consent for Local-Currency Bond Program Supporting Ghana’s Capital Markets

Washington, D.C., August 21, 2013 —IFC, a member of the World Bank Group, has obtained consent from the Securities and Exchange Commission—Ghana and the Ghana Stock Exchange to regularly issue cedi-denominated bonds. The consent enables IFC to issue cedi bonds when market opportunities align with funding needs, supporting local capital markets while increasing access to local-currency finance for the private sector.
The bonds will be issued under the IFC Pan-African Domestic Medium-Term Note Programme, launched in May 2012 to facilitate regular bond issuances by IFC in the region. The program currently includes Botswana, Ghana, Kenya, Namibia, Rwanda, South Africa, Uganda, and Zambia.
“Supporting domestic capital market development is a priority for IFC because such markets efficiently intermediate funds in an economy,” said IFC VP and Treasurer Jingdong Hua. “The consent from the Ghanaian authorities enables us to support the deepening of the local capital markets and offer local-currency funding for priority sectors such as infrastructure.”
IC Securities is appointed as the Licensed Dealer Member for bonds issued under the IFC program in Ghana.
IFC has issued local-currency bonds in emerging markets around the world, including Brazil, China, Nigeria and Russia. Often, IFC is the first international or corporate issuer of local-currency bonds in a market. When issuing local-currency bonds, IFC works closely with regulators and market participants to refine the regulatory framework, encouraging greater participation in the local markets and providing a model for other international issuers.
IFC local-currency bonds are rated triple-A by Moody’s Investors Service and Standard & Poor’s and sold in their respective markets to domestic and foreign institutional investors. Proceeds from local-currency bonds fund IFC projects that support private sector development in key areas such as infrastructure and access to finance for small and medium enterprises.
IFC has provided over $10 billion in local-currency financing across 58 currencies using a variety of financing tools—more than any other international finance institution.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
Stay Connected