The project aims to reduce reliance on imported PET resin, which is commonly used to produce packaging materials for liquids and food. By promoting local recycling and production of PET resin, Ghana and Nigeria can expect to save an estimated $21 million annually on imports, supporting their economic development and reducing plastic waste.Announced on Wednesday, February 12, 2025, this loan will enable the group to develop polyethylene terephthalate (PET) recycling plants through its subsidiaries Polytank Ghana Limited and Sonnex Packaging Nigeria Limited. Each plant will have a production capacity of 15,000 tons of recycled PET resin (rPET) per year, replacing virgin PET resin used in food packaging manufacturing.A significant component of this initiative is the sourcing of 90% of raw materials from local small and medium-sized enterprises (SMEs) that specialize in plastic waste collection. By supporting these local businesses, the loan is anticipated to contribute to a reduction in reliance on imported materials.This initiative is expected to yield significant economic and environmental benefits. Estimated annual savings of $21 million on PET resin imports will be achieved in each country. 

 Furthermore, by recycling plastic waste, the project will help reduce greenhouse gas emissions, as the energy required to produce recycled plastics is substantially lower than that needed to manufacture new plastics.By recycling up to 30,000 tons of PET waste per year, these new plants will protect the environment and replace imports with locally recycled materials," said Dahlia Khalifa, IFC's Regional Director for Central and West Africa. In addition to financing, IFC will provide advisory services to strengthen Mohinani's environmental and social practices.

 This project, which is expected to create over 4,000 direct and indirect jobs, according to IFC, is part of a long-term vision to transform the plastics industry in West Africa. The goal is to turn plastic waste into a recyclable resource rather than an environmental problem. Furthermore, it aligns with the World Bank Group's Climate Change Action Plan 2021-2025, which encourages reducing the use of virgin plastic resins and greenhouse gas emissions.

Christelle koambi.