In order to boost job creation and greener, more sustainable, and more competitive industrial development in the nation, FC and LMI Holdings today announced a partnership to offer critical infrastructure services to manufacturing enterprises situated in LMI-operated special economic zones in Ghana.
As part of the agreement, LMI will construct a 16.8-megawatt rooftop solar plant that will supply energy to companies operating in the Tema Free Zone (Tema FZ), which is located outside of Accra. This project will assist Ghana to achieve its climate goals. In order to service enterprises in the brand-new Dawa Industrial Zone (Dawa IZ), which is located on the outskirts of Accra, LMI will also construct a water treatment and distribution facility with an initial capacity of treating 4,000 cubic meters per day.
IFC will provide LMI with a loan of up to $30 million from its own account to support LMI’s development plans in the two industrial zones, providing dozens of firms with the essential infrastructure they need to increase their productivity and competitiveness.
“As an indigenous Ghanaian company, LMI is committed to the task of facilitating our country’s industrialization ambitions and boosting exports. This partnership with IFC gives LMI the means and space to make big bets on Ghana,” said Kojo Aduhene, LMI’s CEO.
“This project demonstrates how the private sector can bring effective solutions to development challenges and support job-creation. Through this investment, IFC’s first that is funding both infrastructure and water development in an industrial special economic zone in sub-Saharan Africa, IFC is supporting Ghana’s industrialization ambitions for a greener and more sustainable future,” said Kyle Kelhofer, IFC’s Senior Country Manager for Ghana.
Together with the water plant, LMI’s solar power facility in Tema FZ is anticipated to cut Ghana’s emissions by roughly 10,000 tons of CO2 equivalent yearly when compared to the country’s current thermal power supply. The water plant will be the first privately owned industrial water production facility in Ghana.
The primary developer of the Tema FZ, which is home to more than 80 businesses engaged in a variety of industries, including building materials and agro-processing, is LMI, a highly diversified Ghanaian company with interests in the construction, real estate development, logistics, utilities, and ICT sectors. As part of the creation of Dawa City, a brand-new city 40 kilometers to the east of Accra, LMI has also started to construct its second industrial park, which will cover a total area of 2,000 acres.
IFC has given Ghanaian businesses in a variety of industries over the past ten years, including agribusiness, education, energy, healthcare, financial services, manufacturing, retail, tourism, and transport, about $4 billion in financing and consulting services.
