September 30, 2020

New Crystal Health Services’ capital injection shows investor confidence in healthcare sector – GIPC Boss

The Chief Executive of Ghana Investment Promotion Centre (GIPC), Yoofi Grant, has said that the over 5.7 million dollars capital injection secured by private healthcare provider, New Crystal Health Services (NCHS), goes to emphasize investors’ confidence in Ghana’s healthcare sector.

He said the confidence follows on-going support and reforms by government to create a more conducive business environment for local businesses and investments to thrive.

yX Media - Monetize your website traffic with us

NCHS recently secured 5.7 million dollar support from international investors to enable it build two new state-of-the-art hospitals and give 3 of its other facilities a complete face-lift.

The financial support consists of a loan of 2.5 million dollars from the International Finance Corporation (IFC), the private sector arm of the World Bank, and equity of 3 million euros from impact investment group, Investisseurs & Partenaires (I&P) with headquarters in France.

Commenting on this development, Mr. Grant commended the Board, Management and Staff of the company for achieving the feat.

He indicated that qualifying for the funding attests that the company met a certain credibility criteria. He explained that the credibility is evidenced by the company being featured four times in the Ghana Club 100 awards, organised by the GIPC, and aimed at recognizing the top 100 performing businesses in corporate Ghana.

“The club 100 ranking as a key objective promotes good corporate governance and further bestows third-party endorsement to businesses from a recognized and reputable institution” Mr Grant added.

With the fresh capital injection, NCHS is expected to add new and essential services such as intensive care, paediatric care and (complex) surgical services as well as care for lifestyle diseases to its current offerings.

The healthcare provider currently has 7 networked hospitals in Ashaiman, Tema and Takoradi, a modern diagnostic centre and other allied healthcare institutions, significantly supporting healthcare delivery in Ghana.

Ghana’s population estimated to be over 30 million and with a growing population rate of 2.15 percent, demand for healthcare services will continue to increase, and private sector support will be required to provide infrastructure and services to meet the demand gaps.

Mr. Grant noted that the existence of a Private Sector Unit at the Ministry of Health to forge linkages with the private sector, further demonstrates government’s commitment towards encouraging private sector participation in the Health care sector.

With the coming of the African Continental Free Trade Area (AfCFTA), the GIPC Boss is hopeful that Ghana is well positioned to become a medical and pharmaceutical hub for the West African sub-region.

He however noted that more private sector support and investment will be required to meet the demand of the sizeable market under the AfCFTA.

He said the GIPC being the lead investment promotion agency in Ghana is positioned to offer valued services to drive investment into the private healthcare sector.

Source: Business