Growth Investment Partners (GIP) Ghana Ltd, an investment platform backed by British International Investment (BII), has made a significant investment in Rikair Company Limited, a prominent indigenous provider of hospital turnkey projects and medical gas solutions in Ghana. This investment is poised to enhance the availability of medical oxygen across the country, making it more accessible to various communities and healthcare facilities. GIP’s core mission is to address the funding gap faced by small and medium-sized enterprises (SMEs) by offering long-term, flexible financing primarily in local currency. The partnership with Rikair aims to provide the critical capital necessary for expanding the distribution of medical-grade liquid oxygen to healthcare providers, effectively bridging crucial gaps within Ghana’s medical infrastructure.
Rikair, established in 2001, has evolved into a central player in the supply of medical gas and equipment alongside turnkey hospital solutions in Ghana and West Africa. Notably, the COVID-19 pandemic accentuated the global, regional, and local challenges surrounding the production and distribution of medical oxygen, exposing significant stockouts in health facilities prior to the crisis. The unprecedented surge in demand for oxygen supplies during the pandemic—ranging from three to seven times higher than pre-pandemic levels—spotlighted Rikair’s essential role in the healthcare system. The company has specialized in designing and installing Pressure Swing Adsorption (PSA) oxygen plants in numerous key healthcare facilities, including Komfo Anokye Teaching Hospital and Greater Accra Regional Hospital, thus facilitating efficient oxygen provision.
The recent National Medical Oxygen Policy established by the Ministry of Health in 2023 underscores the urgent need to scale up the production and availability of medical oxygen throughout Ghana. Rikair is uniquely positioned to meet these objectives, thanks to its established infrastructure and expertise in procuring and distributing quality medical oxygen and supporting onsite PSA plants. With a focus on ensuring that health facilities nationwide have access to high-quality oxygen, Rikair’s endeavors are crucial for strengthening Ghana’s healthcare delivery, especially in underserved regions.
This investment represents GIP’s fourth successful venture since its inception in 2023, building on earlier investments in companies such as E-Services Africa Limited, Truecoco Ghana Ltd, and Fido Microcredit. GIP’s ongoing commitment to stimulating growth and development within Ghana’s SME sector is evident through these strategic investments. Jacob Kholi, Chief Executive and Investment Officer at GIP Ghana, emphasized that this latest investment signifies GIP’s dedication to tackling critical healthcare challenges in the country. By enhancing the delivery of medical-grade liquid oxygen, GIP aims to contribute to a more resilient healthcare system while promoting sustainable economic development through the support of local enterprises.
Nana Asante, Chief Executive Officer of Rikair Company Limited, expressed pride in collaborating with GIP to expand the company’s capacity for supplying essential medical gases and equipment across Ghana. He reiterated that this investment will advance Rikair’s mission to ensure that every health facility has access to vital medical gases, which are instrumental in saving lives. Additionally, Kwabena Asante-Poku, Coverage Director for Ghana at British International Investment, highlighted that GIP aims to foster positive and sustainable growth in Ghana’s SME sector through its investments. Rikair’s pivotal role in contributing to the nation’s healthcare infrastructure aligns seamlessly with BII’s vision to support businesses that provide tangible benefits to communities while generating economic value.
In summary, the partnership between GIP Ghana and Rikair marks a pivotal moment for healthcare provisions in Ghana, addressing vital gaps in the supply of medical oxygen amid the ongoing challenges posed by the pandemic and beyond. As GIP continues to invest in SMEs that deliver essential services, it seeks not only to improve local healthcare infrastructure but also to foster broader economic growth and resilience throughout Ghana. This collaboration exemplifies a commitment to enhancing healthcare capabilities, which are increasingly critical in the face of global health challenges. With Rikair’s expertise and GIP’s financial support, the future of medical gas provision in Ghana appears to be on a promising trajectory, ultimately benefiting healthcare providers and patients alike.
