SMEs to benefit from $50 million fund

About 15 Small and Medium scale Enterprises (SMEs) in Ghana and Ivory Coast are expected to benefit from a 50 million dollar fund by private equity firm Oasis Capital.

The Oasis Africa Fund was launched in 2013 to support SMEs in some selected West African countries that provide essential services in the key areas of housing and hospitality, private education, health and related services, financial services (other than banking) and food services.

The Fund has now raised $27 million from investors and partners ready to support SMEs.

According to Chief Executive of Oasis Capital, Matthew Boadu Adjei businesses with a turnover not exceeding an equivalent of $50 million, employing not more than 250 people and with assets not exceeding $15 million are eligible to apply.

“They would have access to patient capital and that is particularly important in an environment where interest rates for small institutions are very high”, he added.

Keynote speaker at the launch of the Fund, Governor of the Bank of Ghana, Dr Abdul-Nashiru Issahaku emphasized the crucial role of SMEs play in the quest for economic development, hence the need to support them.

The Governor also commended Oasis Capital on the initiative taken.

“Private equity plays a lead role in the growth and development of every nation. The Malaysians, Taiwanese, and other Asian tigers are all where they are because the private took charge of the developmental drive of their economy”, he noted.

Oasis Capital Ghana Limited was established in February 2009 as a growth and venture capital fund manager.

Story by Ghana| Myjoyonline.com | Daryl Kwawu | Joy Business