Accra, Ghana, June 29, 2012: IFC,
a member of the World Bank Group, is investing $4.4 million in a Ghanaian
real estate development company building a three-storey commercial center
that will meet a growing demand for office and retail space in Accra.
The investment in A&C Development
Company Ltd will provide an urban foothold for small and medium enterprises
that have trouble gaining access to commercial venues.
A&C’s new commercial center
will be located in a rapidly growing suburban area of East Legon in Accra,
representing an expansion of the existing commercial and retail complex,
known as A&C Square.
As Ghana becomes an important
business destination in West Africa, IFC’s investment will contribute
to broad economic development. Ghana’s economy has been expanding at a
high level, with growth touching 13.6 percent in 2011. Demand for office
space is fuelled by the influx of foreign investors and increasing number
of local companies.
A&C Square already has
a waiting list of over 45 potential tenants for office space, a majority
of whom are small and medium enterprises working in a range of sectors,
from telecommunications to healthcare services. The new building
will also provide additional retail space in Accra to compliment the already
existing retail establishment. The only other retail establishment in operation
in the city is the Accra Mall.
Andrew Asamoah, the CEO of
A&C Development Company, said, “The need to expand is a result of
the growing need for office and retail facilities to meet the continuous
expansion of the East Legon community. IFC’s support is most important
to A&C to meet its vision, goals, and aspirations.”
The construction project will
provide business opportunities for local suppliers of food, construction
materials and services. IFC will work closely with A&C Development
Company to ensure international environmental, health and safety standards
at the site.
Mary-Jean Moyo, IFC Country
Manager for Ghana, said “As entrepreneurship and consumer incomes grow
in emerging economies like Ghana, so does demand for business infrastructure.
The A&C building will provide a one-stop shopping center for
consumers in Accra, and also serve as a platform for retail space for small
and medium businesses, catalyzing local employment. “
IFC has greatly expanded its
investment services and advisory services in Ghana in recent years. Priorities
in Ghana include support for infrastructure, agribusiness and small and
medium businesses. In fiscal year ending June 30, 2012, IFC invested
$497 million in key sectors such as infrastructure, agribusiness, manufacturing
and financial services.
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 year 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