GHANA – IFC, a member of the World Bank Group, has partnered with Ghana’s Securities and Exchange Commission (SEC) to facilitate investments in projects that address climate and environmental issues through green bonds.
SEC is the apex regulatory body of the Securities Industry in Ghana mandated 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.
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.
The World Bank Group has issued roughly 170 green bonds in 20 currencies amounting to over US$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.
“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.
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.
IFC is the largest global development institution focused on the private sector in emerging markets.
It works in more than 100 countries, using its capital, expertise, and influence to create markets and opportunities in developing countries.
In the fiscal year 2020, the company invested US$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.