Rabat – The Moroccan sovereign wealth fund Ithmar Capital and its Ghanaian counterpart Ghana Infrastructure Investment Fund (GIIF) have concluded a strategic partnership to explore co-investment opportunities in many areas and in several African countries.
The partnership was finalized in concurrence with King Mohammed VI’s visit to Accra, Ghana’s capital, this Friday, where he signed 25 economic and trade cooperation agreements with Ghanaian President Nana Akufo-Addo, including a “Strategic Partnership Agreement” and a “Memorandum of Understanding”.
This signature demonstrates the willingness of the two countries to establish the necessary bridges to deepen bilateral cooperation and strengthen their business relationships, as well as to work together on investment at the continental level.
According to the Strategic Partnership Agreement (SPA) signed by Ithmar Capital and the Ghana Infrastructure Investment Fund, the two entities are committed to explore co-investment opportunities in strategic sectors in Ghana, Morocco and other African countries. They’re also committing to share their knowledge and expertise in strategic economic sectors, using and exploiting existing resources.
The two investment funds should also collaborate in the research and dissemination of best practices, and provide guidance for strengthening the capacity of the two countries in the management of their resources.
Taking into account the investment criteria of both parties, the SPA will seek to create channels for the exchange of views and information on joint investment opportunities.
As for the signed Memorandum of Understanding, it foresees the active participation of the Republic of Ghana in the Green Growth Infrastructure Facility for Africa (GGIF), an initiative that aspires to accelerate Africa’s transition to a green economy launched at the 22nd United Nations Climate Change Conference (COP22), held in November 2016 in Marrakech.
GGIF is structured as a private capital fund which aims to attract private investors with interest in Morocco, and the rest of Africa, who are looking for responsible and green investment opportunities.
According to the management of the Moroccan Sovereign Wealth Fund Ithmar Capital, these two agreements prove the willingness of Morocco and Ghana to become major players in investment and cooperation in Africa. The objective is to enable the continent to achieve its own model of economic and social development, to strengthen the competitiveness of its industries and to fill its infrastructure gap.
Morocco has initiated a strategic shift in recent years aimed at consolidating its economic relations with other African countries. A desire illustrated by the number of visits made by Mohammed VI across the continent. At each of his trips, the Moroccan King launches projects and ratifies agreements with the countries visited in order to consolidate bilateral relations.
This dynamic has enabled Morocco to become in just a few years one of the main investors in Africa. The Kingdom is currently the second largest investor country in Africa, after Nigeria, a ranking that the King intends to maintain and even improve in view of the rhythm of his tours in Africa.
