The Africa Credit Opportunities Fund (ACOF), a private credit fund, has invested $20 million in the telecom company Telecel Group, specifically in Telecel Global Services.
This fund aims to help Telecel Global Services’ footprint in West Africa while promoting innovation and reducing the digital divide in Africa.
Why This Matters
The Telecel Group last year completed its 70% stake acquisition of Vodafone Ghana and the company plans a full rebrand by the end of February.
ACOF is a collaborative effort between Gateway Partners and the Fund for Export Development in Africa (FEDA), which is the African Export-Import Bank’s platform for development impact investment.
What They’re Saying
Telecel Group CEO, Moh Damush, stated that the investment not only demonstrates confidence in Telecel’s capacity for expansion but also aligns with the company’s ambition to foster a more inclusive and interconnected digital economy in Africa.
On the other hand, ACOF CEO, Andrew Bainbridge, stressed that the investment not only holds substantial financial prospects but also serves as a testament to the continent’s dedication to enhancing digitalization and e-commerce.
Source: Innovation Village
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