Washington D.C./Accra, Ghana, April
6, 2009—IFC, a member of the World Bank Group, is investing $2.5 million
in Ghana’s Ashesi University College to expand access to higher education
in Ghana. Ashesi, a liberal arts college operating in Accra since 2002,
offers courses in computer science, management information systems, and
IFC’s loan will enable Ashesi to construct a permanent campus in Berekuso,
a village approximately 15 miles north of Accra. The new campus will include
an academic courtyard with classrooms, an auditorium, a library, a cafeteria,
and a dormitory building, and will permit Ashesi to double its number of
students to 800.
By expanding its operations, Ashesi will provide increased access to a
high quality affordable curriculum for students in the country and the
region. Since its inception, Ashesi has aimed for a diverse student body
and today offers financial aid to approximately 45 percent of its students.
Of the total student population, 10 percent are from low income homes and
4 percent come from backgrounds of extreme poverty.
“IFC’s support will enable Ashesi to provide an enriching educational
environment and help build the next generation of African leaders,” said
Dr. Patrick Awuah, Founder and President of Ashesi University. Awuah,
a Ghanaian by birth, returned to Ghana to establish Ashesi after a successful
career in the U.S. software industry.
Guy Ellena, IFC Director for Health and Education, said, “We are pleased
to work with a partner who is committed to creating a center for educational
excellence and is positioned to make a significant impact on Ghana’s educational
system by training future business and government leaders.”
Imoni Akpofure, IFC Senior Country Manager for Ghana, said, “Ashesi will
increase access to high-quality private tertiary education in Ghana. This
project demonstrates IFC’s commitment to social infrastructure development
in Ghana and across Africa. ”
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.