In a bid to catalyze sustainable enterprise development in Ghana and Nigeria, Impact Investing Ghana (IIGh) and Impact Investors Foundation (IIF) Nigeria have secured an additional grant of US$545,256 from The Research and Innovation Systems for Africa (RISA) Fund.
This funding injection is designated to amplify the impact of the Deal Source Africa and Enterprise Support Organisation programs, aimed at scaling sustainable systems for enterprise and innovation financing across the two West African nations.
This grant, part of the second phase of RISA Fund’s Scaling Systems for Research & Innovation Financing (SSRIF II), brings the total grants awarded to Impact Investing Ghana to a notable $1,079,602. This significant boost underscores the commitment of both organizations to mobilize financial resources for enterprises with viable business models in Africa, thus bolstering their capacity to attract impact capital.
Highlighting the pressing need for such initiatives, both Nigeria and Ghana grapple with challenges in providing innovative ventures with access to patient capital. The financing gap stands at an estimated $5 billion yearly for Small and Medium Enterprises (SMEs) in Ghana and a staggering $32.2 billion for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.
The collaboration between IIGh and IIF marks a pivotal moment in leveraging the synergies between Ghana and Nigeria, emphasizing a shared commitment to fostering economic growth through impactful investments.
This partnership aims to address the inadequacies in Enterprise Support Organizations (ESOs) and transaction advisory services, thereby paving the way for efficient channels to connect businesses with investors.
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Building on the successes of previous grants, which led to the establishment of critical infrastructure such as Deal Source Africa and collaborative platforms like the Ghana Enterprise Support Organizations Collaborative, this initiative seeks to deepen the transformation of the innovation and financing ecosystem in both countries.
Through the SSRIF II project, the goal is to unlock sustainable financing for enterprise support organizations and innovation funds, ultimately catalyzing economic growth and social development.
Expressing enthusiasm for the collaboration, Etemore Glover, Chief Executive of Impact Investors Foundation, Nigeria, affirmed their dedication to reducing barriers to impact investment and advancing social investments for inclusive economic growth.
Similarly, Amma Lartey, Chief Executive of Impact Investing Ghana, emphasized the opportunity to accelerate and scale impact, transforming millions of lives across Ghana and Nigeria.
Mark Lawler, Team Lead of The RISA Fund, commended the home-grown partnership between impact investing leaders in Ghana and Nigeria, highlighting its potential to create new opportunities for startups and SMEs in the region and beyond.
The Research and Innovation Systems for Africa (RISA) Fund, backed by UK International Development, aims to enhance R&I systems across several African countries, including Ghana and Nigeria. Through its funding support, the program seeks to address pressing social, economic, and health issues on the continent, empowering African institutions to drive sustainable change.
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