AfCFTA fund powers Telecel Ghana, Liberia with $10m to boost digital trade

The African Continental Free Trade Area (AfCFTA) Adjustment Fund has made its first investment, extending a USD10 million loan to Telecel Global Services Ltd to strengthen digital infrastructure in Ghana and Liberia.

This deal marks a significant milestone in advancing AfCFTA’s goal of fostering regional integration and trade through targeted financial support.

The investment, structured as a senior secured amortizing loan, was made through the Credit Fund, one of three pillars of the AfCFTA Adjustment Fund jointly established by the AfCFTA Secretariat and the African Export-Import Bank (Afreximbank).

The Credit Fund is designed to help African countries and private enterprises adjust to the commercial and structural reforms linked to the continental trade agreement, including tariff reductions and regulatory harmonization.

Telecel Global Services, a subsidiary of Mauritius-based Telecel Group, currently provides wholesale voice, SMS, and enterprise connectivity to over 250 telecom operators worldwide. The fresh capital injection will enable the company to scale its operations in Ghana and Liberia, upgrade critical infrastructure, and expand access to digital connectivity an increasingly vital component in boosting intra-African trade and competitiveness.

“The closing of our first deal marks a historic milestone for the Credit Fund and the broader vision of the AfCFTA. This USD10 million investment in Telecel Global Services is a clear demonstration of how targeted capital can drive meaningful impact, accelerating digital connectivity, enabling intra-African trade, and supporting private sector-led development in priority sectors. It is our commitment to ensure that such investments continue to bridge critical gaps, stimulate economic resilience, and unlock Africa’s vast potential,” said Jean-Louis Ekra, Chairman of the Board, AfCFTA Adjustment Fund Corporation.

The transaction reflects the Fund’s emphasis on digital infrastructure as a key driver of industrialization and trade facilitation, especially in markets underserved or constrained by outdated systems. The AfCFTA Secretariat has consistently highlighted digital connectivity as an essential enabler of its broader objectives.

“This transaction demonstrates how the AfCFTA Adjustment Fund is beginning to serve its intended purpose, supporting State Parties and the private sector as we work to make this Agreement commercially meaningful. By investing in digital infrastructure, we are addressing some of the most critical enablers of trade facilitation, industrialization, and regional value chain development,” noted H.E. Wamkele Mene, Secretary-General of the AfCFTA Secretariat.

Afreximbank, which manages the Adjustment Fund, described the deal as a critical step in supporting African firms to fully participate in the digital economy and benefit from the AfCFTA framework.

“Today, we make another bold statement of our unwavering intent to ensure that Africans reap the benefits of the African Continental Free Trade Agreement. We are proud to have commenced the operationalization of the Credit Fund.

“With this Fund, we will provide vital support to African corporates, helping them retool and expand their operations necessary to capitalize on the AfCFTA opportunities. The investment strengthens a critical enabler, the digital economy and regional connectivity, while reinforcing our long-term commitment to transforming the structure of the African economy,” said Prof. Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank.

The Telecel deal is also the first under the Credit Fund’s management by the Fund for Export Development in Africa (FEDA), Afreximbank’s impact investment subsidiary. FEDA aims to channel strategic capital into sectors aligned with the continent’s industrialization and inclusive growth agenda.

“This investment exemplifies the strategic intent of the Credit Fund to catalyze growth and resilience in sectors that are vital for Africa’s structural transformation. We are proud to partner with Telecel, whose operations directly advance intra-African connectivity and digital trade,” said Marlene Ngoyi, CEO of FEDA.

The Fund’s investment strategy prioritizes commercially viable projects that reduce trade bottlenecks, support export growth, and bolster participation in regional value chains.

The Telecel investment is expected to be the first of several to follow in priority sectors such as information and communications technology, logistics, and transport, all considered critical to unlocking Africa’s economic potential.