Overseas Private Investment Corporation (OPIC)
Overseas Private Investment Corporation (OPIC), the US agency that helps businesses to invest in developing markets across the world, has despatched two of its top officials to Accra to evaluate the impact of its projects as part of a three-country trip to West Africa.
David Bohigian, Executive Vice President of OPIC and Edward Burrier, Vice President of External Affairs of the Agency, would also visit Togo and Cameroon, with their team.
A statement issued by the Public Affairs Department of the United States Embassy in Accra, which made this known, said OPIC was playing a significant role in Ghana’s economic development through the $1.3 billion exposure to support a wide range of projects in the healthcare, housing, education and energy sectors.
“With one-third of OPIC’s active portfolio now focused on the African continent (totalling $7.3 billion), Ghana ranks number one on OPIC’s current country exposure list for Africa, representing more than $1.3 billion in various investment finance, political risk insurance and investment fund support.
“OPIC committed $400 million in financing and political risk insurance for the Amandi 200 megawatt (MW) combined cycle gas turbine power plant in Ghana’s Western Region,” the statement said.
It continued: “This U.S. Power Africa-supported project was the only Power Africa Project to reach financial close in 2016, thanks to OPIC’s support. Over the years, OPIC has also supported Ghana’s healthcare sector through a $250 million project to rehabilitate medical clinics and hospitals throughout the nation, including Korle-Bu. OPIC also provided $60 million in support to Ghana Home Loans to help make mortgages available to Ghanaian families seeking affordable housing. These are just a few of the projects OPIC has supported in Ghana in recent years.
“Our portfolio in Africa has grown from about $1 billion in 2002 to $7 billion today. When I travel with a team from OPIC to Ghana and West Africa this week, I’ll see the impact that investment has had, from Cameroon — where a new hospital is providing sight-saving surgery to thousands — to Togo, where a major power plant tripled electricity generation capacity. Here in Ghana, OPIC has supported investment in many sectors, from a sweeping project to introduce more advanced healthcare equipment, to a major power plant, to a mortgage company that helped simplify land registry, enabling more people to purchase homes,” it said.