IFC underscores importance of quality healthcare to economic growth

The International Financial Corporation’s (IFC) Senior Country Manager for Benin, Ghana, Guinea and Togo, Kyle Kelhofer, has underscored the importance of access to quality and affordable healthcare for economic growth.

Speaking at the signing of a partnership between the IFC and Accra Medical Centre Limited (AMC) in Accra, Mr. Kelhofer said access to quality and affordable healthcare delivery will boost the country’s attractiveness to investors.

“As Ghana seeks to add higher value jobs in manufacturing and agriculture services, the challenge is ensuring an enabling environment to attract people to this country or retain people in this country for these jobs,” he stated, adding that a comprehensive assessment and injection of investments in areas such as quality healthcare can help the country to achieve this.

In view of the above, IFC announced a partnership with AMC to help the health service provider expand its operations in Accra and Takoradi in the Western Region, where modern facilities are more limited, in a bid to increase access to affordable, quality healthcare in the country.

Under the partnership, IFC will provide a US$5.7million loan to AMC – supporting the construction of a new 20-bed hospital in Takoradi and thus reducing the need for some patients to travel for quality care.

In Accra, AMC plans to upgrade its maternity services, intensive care units and specialist surgeries at its existing hospital, and expects to increase the number of patients it serves annually to 120,000. In addition to providing financing, IFC will advise AMC on healthcare quality management and on advancing its strategy to service lower-income patients.

“The private sector plays an increasingly critical role in delivering quality healthcare in Ghana,” said Mr. Kelhofer. “IFC’s partnership with Accra Medical Centre will increase access to quality healthcare in Ghana, supporting the country’s goal of expanding access to quality health coverage.”

Dr. Cynthia Opoku-Akoto, AMC’s Chief Executive Officer and founding doctor, thanked IFC for the support and assured that it will be used to expand the company’s growth and scope of services.

“In 11 years, AMC has grown rapidly from a primary care clinic and offsite mine hospital operator to a fully-equipped modern hospital currently serving 90,000 patients per annum; [and] IFC’s package of financing and advisory services is the type of support we need to allow us raise the quality of our care even higher while building a sustainable business for the long-term,” she added.

Since the outbreak of COVID-19 pandemic in 2020, IFC has provided more than US$16million in financing for healthcare providers in Ghana: including to Nyaho Medical Centre, New Crystal Health Services and Quest Medical Imaging. The AMC partnership will be IFC’s single-biggest investment into a health service provider in Ghana.

IFC’s investment is supported by the International Development Association’s Private Sector Window Local Currency Facility (IDA PSW LCF), which protects against currency fluctuations. IDA PSW support is also necessary to enable IFC provide AMC with affordable, long-term funding in local currency.