A locally driven investment initiative aimed at unlocking pension capital for private sector growth has taken off in Accra, with the launch of a GH¢1 billion fund-of-funds designed to channel long-term financing into expanding small and medium-sized enterprises (SMEs).

The Ci Gaba Fund of Funds, managed by Savannah Impact Advisory, has secured GH¢380 million at first close, with more than two-thirds of commitments coming from domestic institutional investors led by pioneering pension funds. The fund and its sponsor organization, Impact Investing Ghana, are positioning themselves as a catalyst for mobilizing Ghanaian savings into productive sectors of the economy.

Structured as a fund of funds, the vehicle will invest in a portfolio of private equity, venture capital, and private debt funds, which will in turn deploy capital into SMEs across sectors such as agriculture, healthcare, and technology in Ghana and the wider West African region.

Chief Executive Officer of Savannah Impact Advisory, Hamdiya Ismaila, said the fund is designed to address a critical financing gap by connecting long-term capital to viable businesses with high growth potential.

“We are investing in private equity funds across multiple sectors that drive the economy of Ghana and West Africa to create jobs and improve livelihoods,” she said.

She emphasised that the strategy is anchored on domestic resource mobilization, arguing that sustainable development must be built on local capital.

“If we want to develop, we must develop on the back of our own money,” she added.

Following the launch, the fund will begin deploying the GH¢380 million into partner funds while continuing its fundraising efforts toward the GH¢1 billion target.

The Ci Gaba Fund distinguishes itself as a “mother fund", pooling capital at scale and allocating it to specialized fund managers with closer access to SMEs and sector-specific opportunities. This model is expected to improve capital flow efficiency and strengthen Ghana’s private investment ecosystem.

Development finance institution FSD Africa Investments has committed $7.5 million to the fund’s first close. Its Director for Catalytic Transactions, David Tetteh, described the initiative as timely, noting that while capital exists within African markets, the absence of credible vehicles to channel funds into SMEs has constrained growth.

He said the fund provides a structured and trusted pathway to move capital into businesses that can drive economic expansion and job creation, aligned with government priorities.

Beyond capital mobilisation, Ms. Ismaila called for stronger policy support to enable private sector growth, stressing that job creation is best driven by thriving businesses rather than direct government intervention.

“We need policies that allow companies to access patient capital that gives them room to grow,” she said.

The launch event, held in Accra on March 31, brought together key players in Ghana’s financial and investment ecosystem, highlighting growing momentum behind locally anchored financing solutions.

Women Driving Innovative Finance

The launch also underscores the rising influence and technical expertise of women in leadership across private capital markets and finance, shaping Africa’s financial architecture while advancing the introduction of innovative investment vehicles for private sector development.

Hamdiya Ismaila leads a growing league of female leaders transforming the investment landscape, alongside industry figures such as Abena Amoah, MD, Ghana Stock Exchange; Amma Lartey, CEO of Impact Investing Ghana, CEO of Ghana Venture Capital Association, and Impact Investing Ghana Board Member Amma Gyampo; as well as Mirabelle Moreaux (Ghana Investment Support Programme).

These leaders are playing a pivotal role in designing, structuring, and managing financial vehicles that prioritise investor protection and risk mitigation, market building, sustainability, and long-term economic impact. Their leadership reflects a broader shift across the continent, where women are increasingly at the forefront of developing robust capital solutions that unlock more affordable patient capital with support for growing businesses that ultimately create sustainable jobs and accelerate economic transformation.