GH₵100m private sector led COVID-19 fund launched

A team of private sector players have launched a GH₵100million innovative fund ‘The Ghana COVID-19 Private Sector Fund’ to complement the government’s efforts to fight the rapid spread of the COVID-19 in the country. 

The fund will be used to resource health facilities with supplies and equipment and promote desired citizenry behaviours required to overcome the spread of the virus.

At the launch, the Co-Chair of the Board of Trustees of the Fund and Fidelity Bank’s Chairman, Mr Edward Effah, said, “The purpose of the fund is to raise a minimum of GH₵100million. We will approach selected individuals and corporates to compliment the fund trustees to support the government’s fight against COVID-19. Seed money of 1million Cedis has already been raised by the ten trustees to support the fund.”

“We are counting on the public to contribute towards the fund since we have put in place adequate measures to ensure maximum transparency and accountability. We have therefore appointed Stanlib Ghana Ltd as the fund administrator, responsible for administering the fund. Fidelity Bank will serve as the fund custodian and Ernst & Young as the fund auditors,” he disclosed.

Mr Effah added that, “For complete transparency, all donations and disbursements will be published on the fund’s website unless the donor requests anonymity.”

Mr Alexander K Abban, Deputy Minister of Health (MoH), commended the private businesses for such an exceptional show of love even though the outbreak of the virus is negatively affecting their businesses. 

“This fund will help with protective gears and equipment to boost the confidence of the frontline health workers in the discharge of their duties,” he added.

The Deputy Finance Minister, Charles Adu Boahen said, “The initiative by the private sector will be supported by the government to win the fight against coronavirus.” 

To demonstrate his support of this initiative he generously donated three months of his salary to the Ghana Covid-19 Private Sector Fund. 

He then tasked the managers of the fund to effectively coordinate and prudently allocate the resources to meet the expectations of the donors.

On his part, Chairman of Tropical Cable and Conductor Ltd and co-chair of the Board of Trustee, said, “In the midst of such a major tragedy,  we should all ask ourselves what we can do to help,” adding that, “Every single money collected is going to the primary purpose of supporting to fight the virus.”

Mr Alex Asiedu of Stanlib Ghana Limited, the fund managers, disclosed that the COVID funds will be well managed and deployed in a transparent way in collaboration with the Technical Committee of the fund.

The trustees of the Ghana Covid-19 Private Sector Fund are Mr Anthony Oteng-Gyasi (Chairman – Tropical Cable & Conductor), Edward Effah (Chairman – Fidelity Bank Ghana Ltd), Mr Kwaku Bediako (Director – CH Group), Mr John Taylor (CEO – Woodfield Energy Resources Ltd).

The rest are Mr Omane Frimpong (Chairman – Wilkins Engineering Ltd), Mr Kwame Ofosu Bamfo (MD – Bamson Group), Mr Kwabena Adjei (Group Chairman – Kasapreko), Mr Thomas Svanikier (Chairman – Svani Group), Mr Kwasi Twum (CEO – Multimedia Group) and Mr Senyo Kwasi Hosi (CEO – Chamber of Bulk Oil Distributors).

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