WOGFund enhances local firms participation in oil sector
from MASAHUDU KUNATEH in Accra, Ghana
ACCRA – WESTON Capital has launched what is said to be the first sector-focused fund, the Weston Oil and Gas Fund (WOGFund), aimed at enhancing the participation of indigenous companies in the oil industry.
Chief Executive Officer (CEO) of Weston Capital, Rex Kontor, said the fund would support the drive for local participation in the oil and gas industry by helping build the financial capacity of local companies operating in the sector.
The fund will create an avenue for individuals and corporate entities to participate in the success story of the oil and gas industry.
Kontor explained at the launching ceremony that the fund would support Ghanaian companies by investing primarily in a diversified portfolio of debt instruments and equities operating of firms in the oil and gas sector.
“The fund is an open-ended one, approved and licensed by the Securities and Exchange Commission he said with an unlimited number of shares at initial price of Ghana pesewas 20 per share.”
Kontor mentioned that among the aims of the fund was to create an avenue for indigenes to assume centre stage in the oil and gas industry by “creating an investment vehicle for them.
He said it was also meant to create an avenue for multinationals and support agencies to channel sustainable investments into helping build the capacity of local suppliers and services providers to deliver industry required international standards.
The activities in the oil and gas industry require “huge capital,” the Director-General of the Securities and Exchange Commissions, Adu Antwi Anane, said.
“As a specialty fund with a focus on the oil and gas industry, it creates an avenue for every Ghanaian to invest in the country’s oil and gas sector,” he noted.
– CAJ News
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