Accra, Ghana: The International Finance Corporation (IFC), a member of the World Bank Group, has partnered with Ghana-based Mohinani Group to advance plastic recycling in West Africa. As part of the initiative, IFC will provide a $37 million loan to Mohinani subsidiaries Polytank Ghana and Sonnex Packaging Nigeria to establish polyethylene terephthalate (PET) recycling facilities in Ghana and Nigeria.
The initiative aims to produce 15,000 tons of recycled PET (rPET) resins annually, replacing virgin PET in food and beverage packaging. The project will rely on a community-based sourcing strategy, with 90% of raw materials coming from local small businesses engaged in plastic waste collection. This approach is expected to create more than 4,000 direct and indirect jobs across the value chain and contribute an estimated $21 million in annual import savings for both countries.
In addition to financial support, IFC will offer advisory services to enhance Mohinani’s environmental, social, and recycling operations.
Roshan Mohinani, Strategy and Transformation Manager at Mohinani Group, emphasized the broader impact of the project:
“The rPET project by the Mohinani Group was born out of a vision to close the bottle-to-bottle recycling loop in Africa and the group’s dedication to advancing environmental sustainability. It is also inspired by our group’s purpose of improving the quality of lives in Africa, as this initiative is expected to create over 4,000 jobs along the value chain in Nigeria and Ghana, thereby providing economic empowerment to a significant number of young people, particularly women.”
The project aligns with IFC’s strategic focus on climate change mitigation, job creation, and economic transformation in Ghana and Nigeria. It also supports the World Bank Group’s Climate Change Action Plan 2021-2025, which seeks to reduce reliance on virgin plastics and lower greenhouse gas emissions within the packaging sector.