VCTF CEO pays working visit to 2 Coys in Accra
THE Chief Executive Officer (CEO) of Venture Capital Trust Fund (VCTF), Mr Michael Abbey, has paid a working visit to Sinel Specialist Hospital and Kofa Swap & Go to assess the impact of venture capital financing on their operations.
The tour forms part of a broader exercise by the Fund to monitor businesses that have received investments through venture capital firms supported by the VCTF.
The VCTF provides capital to venture capital funds, which in turn invest in businesses operating in sectors including healthcare, agriculture, agribusiness, and manufacturing.
Speaking during the visit in Accra on Wednesday, Mr Abbey said the exercise was aimed at enabling the Fund’s management to gain first-hand insight into how venture capital investments are contributing to business growth and improved service delivery.
Mr Abbey indicated that the investment made through a VCTF-supported fund had significantly supported the expansion of Sinel Specialist Hospital. According to him, before the investment the hospital employed about 70 members of staff, but the workforce has now nearly doubled to about 140.
He said the funding had enabled the facility to expand its infrastructure and acquire additional medical equipment to improve healthcare delivery.
Mr Abbey explained that the VCTF’s investment model was designed to leverage private capital to support the growth of small and medium-sized enterprises in the country.
“For every one Ghana cedi provided to the Fund by government, the VCTF is able to attract an additional five cedis from private investors for investment,” he said.
Since its establishment in 2006, the Fund has invested in 87 companies through partner venture capital funds and has successfully exited 15 of those investments.
Mr Abbey disclosed that the VCTF has received approximately $70 million in funding to date. He said while part of the funds had been deployed directly into investments, a portion had also been used to strengthen Ghana’s venture capital and private equity ecosystem.
He added that additional investments had also been made under the Ghana Economic Transformation Project, which is financed by the World Bank in collaboration with the Ministry of Finance.
Mr Abbey emphasised that the Fund would continue to mobilise both domestic and international capital to support business expansion and job creation in Ghana.
The founder of Kofa Swap & Go, Erik Nygard, expressed appreciation for the support received from the VCTF. He said the investment had enabled the company to expand its infrastructure, machinery, and technological capacity.
Mr Nygard noted that the company had also trained Ghanaian engineers to develop technologies that monitor battery movement, performance, and the availability of swap stations for customers.
He explained that Kofa Swap & Go operates a network of battery swap stations in Accra and plans to expand across Africa to deliver accessible green energy in urban areas without the need for extensive wiring.
Mr Nygard urged VCTF to continue supporting the company to enable it to expand its operations across major regions of the country and create more jobs.
BY RAYMOND APPIAH AMPONSAH
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