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Ghana Buys $50 Million Stake in Africa Finance Corp., GNA Says

Dec. 1 (Bloomberg) -- Ghana will invest $50 million in the Africa Finance Corp. and join the development bank’s board of directors, the Ghana News Agency said, citing James Avedzi, chairman of Ghana’s parliamentary finance committee.

The Nigeria-based bank invests in infrastructure and industrial projects on the continent, the agency said. Its members include Nigeria, Sierra Leone, Guinea-Bissau, Guinea, Liberia and Gambia.

AFC has provided financing to a $450 million gas-fired power plant in Kpone, Ghana and to help develop Ghana’s offshore Jubilee oil field, according to the bank’s website. Its other investments include an underwater fiber-optic cable off West Africa and in a wind power project off Cape Verde.

To contact the reporter on this story: Jason McLure in Accra at jmclure@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.

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