Business News of 2014-07-01

WAEMGF invests US$5m in LeasAfric Ghana

The West Africa Emerging Markets Growth Fund (WAEMGF) has announced a USD 5 million investment in Leasafric Ghana Limited a specialist non-bank financial institution that primarily providing finance and operating lease solutions to SMEs and leading companies in Ghana.

Set up in 1994, the company has established itself as a solid financial service provider offering innovative asset financing solutions to Ghanaian businesses.

This investment comes at a crucial time to shore up the company’s capital base as per minimum capital guidelines set by the Bank of Ghana and will allow Leasafric to expand its activities into other economic sectors (such as agriculture and oil and gas). The company has also recently acquired the Hertz car rental franchise for Ghana as another business activity.

Commenting on the investment J. Mawuli Ababio, Partner, PCM Capital Partners (PCP), opined: “The financial services sector is crucial to SME growth and development and our investment gives us an excellent platform to provide growth capital to local companies. We are pleased to partner C&I Leasing together with respected local partners in this investment.”

According to Alex Mbakogu, Managing Director of Leasafric: “This investment in Leasafric is a testament to the confidence PCM Capital Partners, and a lot others have in Leasafric as one of the most profitable, fast growing non-bank leasing and ancillary service company in Ghana, and will enhance Leasafric’s capacity to do more businesses, growing our SMEs, fleet services, operating leases and Hertz Rent A Car brand.”