Ghana is now the seventh African nation to become a member of the Africa Finance Corporation (AFC), joining host country Nigeria, Guinea-Bissau, Sierra Leone, The Gambia, Liberia and Guinea.
The Ghanaian Parliament, yesterday, formally approved a resolution ratifying the AFC Agreement and the country's request to join the pan-African organisation. Parliament also approved a resolution for Ghana to subscribe for shares in the institution.
First Deputy Speaker Edward Doe Ajaho, who chaired the session in Parliament, said Ghana was pleased to join its sister African nations that had already become members of the Africa Finance Corporation. "Clearly, Africa's area of greatest need today is infrastructure development and AFC is well positioned to help fill the void in this important area. My country welcomes the opportunity to lend our support to AFC's efforts in bridging the dire infrastructure investment gap on our continent. Ghana is one of the countries that supported the establishment of AFC from the very beginning. We are therefore exceedingly happy that the country has today finally become a formal member of the organisation." Mr. Ajaho commended Ghanaian Members of Parliament for supporting the resolution.
Speaking to senior parliamentary and government officials on behalf of AFC's President and Chief Executive Officer Andrew Alli immediately after the proceedings, the corporation's Executive Director and General Counsel, Adesegun Akin-Olugbade, expressed his organisation's appreciation to the Government of Ghana for the confidence reposed in the institution. "We are delighted to welcome Ghana as a formal member of AFC. Ghana is not only a country in which we have a number of active projects, but also one whose continued involvement in helping to champion African development makes it an invaluable player in the vision and mission of our organisation. As more and more countries come on board, AFC can only grow from strength to strength as the African conceived and African led institution that it is. It is truly a reflection of Africa looking within itself to facilitate and consolidate development."
About AFC
AFC is an African led financial institution whose mission is to improve African economies by proactively creating, developing and financing infrastructure, industrial and financial assets. AFC is the lead investor in Cenpower Generation Company Limited (Cenpower), which is implementing the USD450 million Kpone IPP project a 340 megawatt combined cycle gas turbine power plant in Kpone, Ghana. AFC is also the main African participant in a seven-year USD1.1 billion syndicated reserve base lending facility to develop the landmark Ghanaian Jubilee Oil Field West Africa's largest offshore deepwater find in over a decade. AFC is also the lead investor in the Main One Fibre Optic Cable System, with landing points in Ghana and Nigeria. AFC has also partnered with Ghanaian banks to provide trade financing for various transactions, including the importation of petroleum products.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
AFC has invested in and acquired a minority stake in the international firm Seven Energy Limited. Seven Energy, through its local subsidiary in Nigeria, Septa Energy Limited, is playing a critical pioneering role in developing gas for domestic use in Nigeria. Its operations are also expected to have a significant and positive effect on other key sectors of the Nigerian economy such as power. Most recently, AFC invested in the development of a landmark wind power project in Cape Verde. The corporation has made a significant equity investment in Cabeolica SA, the company set up to build, own and operate the project.
