Venture Capital Trust Fund (VCTF) has announced the establishment of a US$30.3million women-led fund to bolster women entrepreneurship.

Percival Ofori Ampomah, General Manager-VCTF, made this announcement during the US$100 million Oasis Africa VC Fund II (OAF II) launch, highlighting the importance of empowering women entrepreneurs.

Addressing a distinguished audience of industry players and partners, Ampomah expressed his enthusiasm for the new fund that has been set up by Zinari Women’s Capital.

“The women-led fund, I will not let you wait longer,” Mr. Ampomah began. “That fund has been established by Zinari Women’s Capital and we’ve put in US$30.3million that is supposed to be put to use.”

He further explained that the fund is nearly ready to start investing. “The fund is mostly complete. I think all we are doing is the legal work, and then that fund will start investing. So it’s already done,” he assured. “And it’s focusing on women-led businesses. So for the women entrepreneurs here, you are free to approach Zinari.”

The announcement was part of a larger celebration marking the first close of OAF II, a significant milestone in the venture capital landscape of Africa. Mr. Ampomah commended Oasis Capital Ghana Limited for their achievement, which he described as a testament to the trust and confidence investors have in the firm’s vision and expertise.

“This achievement is a testament to the trust and confidence that investors have placed in Oasis Capital’s vision and expertise,” said Ampomah. He noted that the launch of OAF II represents continuation of a successful partnership between VCTF and Oasis Capital, marking their third fund collaboration.

Mr. Ampomah highlighted the crucial role that VCTF plays in supporting SMEs and developing the venture capital ecosystem in Ghana. “To date, VCTF has invested an amount of GH¢173.2million into 13 funds, actively investing in SMEs across various sectors,” he noted.

He emphasised the leveraging strategy that VCTF employs, which allows them to mobilise up to GH¢5 in additional funding for every GH¢1 invested by VCTF, achieving a leverage ratio of 1:5.

“This approach has allowed us to significantly multiply the impact of government funding,” Ampomah explained.

He also acknowledged government of Ghana support and US$47million financing from the World Bank in 2019, which has been instrumental in anchoring new venture capital funds and attracting far more privately mobilised capital.

Oasis Capital’s commitment to driving economic growth and supporting SMEs in Ghana and beyond was also praised. “Their track record speaks volumes, with impactful investments in Ghana and Côte d’Ivoire that have not only generated returns but have also contributed to job creation and economic development,” the General Manager said.

He recalled the successful journey of Oasis Capital, starting with the Ebankese Venture Fund which invested in eight SMEs across vital sectors such as housing, private education and financial services. This success was built upon with the first Oasis Africa VC Fund’s launch, which achieved an impressive first close of US$27million.

The focus of OAF II on health services, financial services, food services, private education and technology-enabled businesses aligns perfectly with critical needs of the economy. “By targetting these sectors, Oasis Capital is poised to make a significant impact on job creation, innovation and overall economic development in Ghana and West Africa,” he remarked.

VCTF’s continued partnership with Oasis Capital is a reflection of their confidence in Oasis Capital’s ability to deliver strong returns while making a meaningful difference in the lives of entrepreneurs and communities. Ampomah congratulated Matthew Boadu Adjei and the entire Oasis Capital team on achieving this first close, commending their efforts in attracting both local and international investors.

“As we look to the future, VCTF will remain committed to supporting the initiatives that drive economic growth and create opportunities for Ghanaian businesses.

“We are confident that Oasis Africa Fund II will continue to build on the success of its predecessors, making strategic investments that not only generate returns but also contribute to broader development of the country and beyond,” Ampomah concluded.