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IFC Signs Agreement to Support the Growth of Local Businesses in Ghana’s Mining Sector

Accra, Ghana, September 21, 2011 – IFC, a member of the World Bank Group, today signed an agreement with public and private sector partners in Ghana to support the growth of businesses working in Ghana’s mining industry, a major contributor to jobs and economic development in the country.
The collaboration between IFC, Ghana’s Chamber of Mines, and the Ghanaian government’s Minerals Commission will design and implement a local supplier development program to build the expertise of local businesses working in the mining industry’s supply chains, and promote Ghana as a leading African destination for mining investment.
Joyce Aryee, CEO of the Ghana Chamber of Mines, said, “Mining firms operating in Ghana are committed to supporting the development of a program to improve the capacity of local manufacturers of products and providers of services to create competitive Ghanaian suppliers. Ghana has a large, well-established mining sector which provides jobs, government revenues, and has significant opportunities for local businesses to become suppliers to the mining firms.”
The new program builds on the IFC-Newmont Ahafo Linkages Program, which supported job creation and growth in local businesses surrounding Newmont’s Ahafo gold mine in Ghana. The three-year program, which closed in 2010, trained 53 local enterprises, and created local procurement worth roughly $14 million. It was recognized by the World Business Council on Sustainable Development and the Chartered Institute of Purchasing and Supply as a top SME linkages project.
Mary-Jean Moyo, IFC Country Manager for Ghana, said, “Spreading the benefits in the oil, gas and mining sector is an important priority for IFC in Ghana. Together with the Chamber of Mines and the Minerals Commission, we are supporting the development of local businesses through training programs that meet the needs of mining sector firms in a sustainable way.”
The agreement was signed at a World Bank workshop in Accra to discuss a study on increasing local procurement by the mining industry in West Africa. The workshop brought together policy makers, the private sector, and civil society.
IFC’s Sustainable Business Advisory works with firms and sectors to develop inclusive, environmentally sustainable and efficient markets. Building on IFC’s environmental and social performance standards, it promotes sustainable business practices in mining as well as in other sectors such as agribusiness, infrastructure, oil, gas, manufacturing and services.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
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