Impact Investing Ghana (IIGh) and Impact Investors Foundation (IIF) Nigeria have secured an additional US$545,256 in grant funding from The Research and Innovation Systems for Africa (RISA) Fund. This funding aims to scale sustainable systems for enterprise and innovation financing across Ghana and Nigeria through the Deal Source Africa and Enterprise Support Organisation programs, as part of the second phase of RISA Fund’s Scaling Systems for Research & Innovation Financing (SSRIF II).
This milestone partnership underscores the strong collaboration between Ghana and Nigeria, marking a significant step in IIGh and IIF’s commitment to mobilizing financial resources for viable business models in Africa, thereby strengthening their capacity to attract impact capital.
Both countries face challenges in providing innovative ventures with sufficient access to patient capital, with an estimated $5 billion financing gap annually for Small and Medium Enterprises (SMEs) in Ghana, and a staggering $32.2 billion for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.
The initiative aims to address the lack of investment-ready businesses by enhancing the capacity and quality of Enterprise Support Organizations (ESOs) and improving channels to connect businesses with investors.
This initiative builds upon the successes of previous grants awarded to IIGh in 2021 and 2022, leading to the establishment of Deal Source Africa, the Ghana Enterprise Support Organisations Collaborative, the Ghana Research Industry Collaborative, and the design and setup of the Ci-Gaba Fund of Funds.
The SSRIF II project seeks to transform the innovation and financing ecosystem, deepening progress in unlocking sustainable financing for enterprise support organizations and innovation funds.
Amma Lartey, CEO of Impact Investing Ghana, expressed gratitude for the opportunity to accelerate and scale impact across Ghana and Nigeria, building upon years of collaboration between the two countries.
Etemore Glover, CEO of Impact Investors Foundation, Nigeria, highlighted the initiative’s dedication to reducing barriers to impact investment and fostering inclusive economic growth through research, innovation, and sustainable investments.
Mark Lawler, Team Lead of The RISA Fund, commended the home-grown partnership between impact investing leaders in Ghana and Nigeria, emphasizing its potential to create new opportunities for startups and SMEs, both within and beyond the two countries.
