Washington, D.C./Accra, July 16, 2009,—IFC,
a member of the World Bank Group, will provide a $30 million guarantee
facility to Stanbic Bank Ghana Limited (“Stanbic Ghana”) to help it increase
financing to companies that purchase cocoa from small farmers in Ghana.
Stanbic Ghana is the country’s fastest-growing
bank. Among other clients, it finances Licensed Buying Companies that procure
cocoa from farmers on behalf of the Ghana Cocoa Board. The increased financing
will enable these companies to improve their financial management, reduce
the overall cost of financing the procurement of cocoa beans, and result
in an increased volume of cocoa purchased from farmers.
“IFC’s guarantee facility will help
Stanbic Ghana meet the growing funding needs of the Bank’s clients in
the cocoa subsector and enable them to adequately prepare for the coming
crop season,” said Alhassan Andani, Stanbic Ghana’s Managing Director.
“This facility is a vote of confidence in Stanbic Ghana’s cocoa sector
“Supporting the cocoa sector in Ghana
and other West African countries is a priority for IFC. The sector has
the potential to create significant rural employment and generate income,”
said Oscar Chemerinski, IFC Director for Global Agribusiness Department.
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous
year. For more information, visit www.ifc.org.
About Stanbic Ghana Limited
Stanbic Bank Ghana Limited is a member
of the Standard Bank Group, a large banking group rooted in Africa and
reaching out to all corners of the world. The bank offers a wide range
of financial products and services in personal, business, corporate, and
investment banking. Stanbic Ghana proactively provides solutions
for its clients through creative people and effective technology and comes
up with a solution for every banking need. In Ghana, the bank operates
21 branches located in Accra and other regional capitals.