Accra, Ghana, May 5, 2021 – IFC and Ghana's Securities and Exchange Commission (SEC) today announced a partnership to facilitate investments in projects that address climate and environmental issues through green bonds. Under the agreement, IFC, a member of the World Bank Group, will help the SEC develop guidelines for issuers and investors for green bonds in Ghana.
The introduction of green bonds will give investors opportunities to finance green buildings, clean transportation, renewable energy, sustainable water management, and other climate-friendly projects. Green bonds will support Ghana's transition to a lower-carbon future as specified in the country's agreed contributions under the Paris Agreement.
IFC's Green Bond Program, launched in 2010, has helped catalyze the market and unlock investment for private sector projects that support renewable energy and energy efficiency. IFC has issued roughly 170 green bonds in 20 currencies amounting to over $10 billion.
"This partnership will enable the SEC to tap into IFC's deep knowledge and develop a comprehensive reference guide appropriate for the Ghanaian market," said Daniel Ogbarmey Tetteh, Director-General of Ghana's SEC.
"Finding new avenues for green financing is a key priority for IFC. Our partnership with the SEC to design the framework for green bonds in Ghana will in turn help Ghana achieve its climate goals with projects that create jobs and spur economic growth," said Ronke Ogunsulire, IFC's Country Manager for Ghana.
The development of green bonds guidelines for Ghana is an initiative of IFC's Green Bond Market Development Program, supported by the Swiss State Secretariat for Economic Affairs (SECO), the Swedish International Development Cooperation Agency (SIDA) and the Luxemburg government.
IFC has played a leading role in developing guidelines for the green bond market globally. In Africa, it has assisted Egypt, Kenya, Morocco, Tunisia, the West African Economic and Monetary Union, and the Economic Community of Central African States.
The Securities and Exchange Commission (SEC) Ghana is the apex regulatory body of the Securities Industry in Ghana set up by the Securities Industry Act, 2016 (Act 929) to regulate and promote the growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected.
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.