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OPIC Board Approves $250 Million in Insurance to Provide Medical Equipment for Hospitals in Ghana

March 10, 2011

WASHINGTON, D.C. – The Board of Directors of the Overseas Private Investment Corporation (OPIC) today approved political risk insurance for the provision of $250 million in medical equipment, services and infrastructure to benefit up to 100 hospitals throughout Ghana. The project will make a significant impact on Ghana’s ability to meet its growing need for modern health care infrastructure.

The OPIC coverage will enable Belstar Development, LLC, a Miami-based company, to insure its investment in the Ghana National Medical Equipment Modernization Project, a partnership with Ghana’s Ministry of Health for the supply of equipment such as oxygen generator systems, MRI machines, CT scanners, ultrasound and digital image management systems, critical care packages, medical waste treatment plants, and mobile clinics. The project will also provide Ghanaian medical personnel with training both on-site and in the United States.

According to the Honorable Joseph Yileh Chireh, Ghana’s Minister of Health, the project will help close a significant gap in the delivery of specialty medicine, and will impact all 10 administrative regions in Ghana, including 11 teaching and regional hospitals and 89 district hospitals.

Delivery of effective health care to Ghana’s population has been severely constrained by the lack of modern medical equipment – a fact compounded by the inception of a national health insurance program in 2003 which has resulted in a sharp increase in the demand for institutional care.

“This project will go a significant way toward closing the $1 billion gap in Ghana’s health care infrastructure,” said OPIC President and CEO Elizabeth Littlefield. “It will especially help Ghana  upgrade health care technology in regional hospitals by increasing the availability of mobile specialized clinics. Low- and middle-income Ghanaians stand to benefit greatly as a result.”

Arthur Polk, Belstar’s CEO, said, “Belstar is honored to contribute to the structured development and technological consolidation of Ghana's health facilities. The implementation of this priority project of the Government of Ghana provides an opportunity to geographically cover most of the country.  We are very grateful to OPIC and the Government of Ghana for their trust in our company as well as the support of the U.S. medical equipment industry in general.”

The project is also expected to generate approximately $147 million in U.S. exports through initial procurements, services and training geared toward the transfer of medical technology to Ghana.

Belstar was established in 2006 to develop infrastructure projects in Africa and other developing countries.