Impact fund invests in Ghana's XpressGas
Impact investment fund I&P Afrique Entrepreneurs (IPAE) 2, managed by Investisseurs & Partenaires, has invested in Ghanaian company XpressGas, a distributor of liquefied petroleum gas (LPG).
XpressGas is the tenth company funded by the IPAE 2 fund.
XpressGas is the fastest-growing and one of the largest LPG companies in Ghana. The company currently owns three LPG refill stations, 23 LPG bulk road vehicles, and serves a network of 53 third-party-owned stations across all the regions of Ghana.
The main focus of the business is on the peri-urban and rural areas of the country, and this is in line with the government of Ghana’s stated objective to increase access to LPG by 50% in 2030. LPG is increasingly becoming the preferred choice of fuel in the world and Ghana is moving in the same direction. The increase in patronage could be attributed to its affordability, efficiency and environmental friendliness. The impact potential of switching consumers from harmful traditional fuels such as firewood to LPG is significant.
XpressGas was launched in 2009 by Kofi Nketsia-Tabiri, who brings over 18 years of investing, business development and entrepreneurship experience to the management of XpressGas.
”The LPG industry in Ghana is currently at a transition point in terms of regulation. We are excited to partner with a stand-out entrepreneur who has positioned Xpress Gas to reflect what this pivotal moment demands: innovation, greater accessibility and higher safety standards. This investment furthers the impact thesis of the IPAE 2 fund, and draws from I&P’s deep knowledge of supporting SMEs in Africa to thrive amidst evolving times,” says Baafour Otu-Boateng, investment director of Investisseurs & Partenaires’ Ghana office.
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