Impact Investing Ghana and Impact Investors Foundation Receive Additional Grant Funding from RISA Fund for Enterprise and Innovation Financing in Ghana and Nigeria

Impact Investing Ghana (IIGh) and Impact Investors Foundation (IIF) Nigeria have secured a significant grant funding of US$545,256 from The Research and Innovation Systems for Africa (RISA) Fund. This funding is aimed at scaling sustainable systems for enterprise and innovation financing in 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).

The total grants from the RISA Fund to Impact Investing Ghana now amount to US$1,079,602, marking a milestone in the collaboration between Ghana and Nigeria. The partnership aims to mobilize financial resources for enterprises with viable business models in Africa by enhancing their capacity to attract impact capital.

Both Ghana and Nigeria face challenges in providing innovative ventures with access to patient capital, with significant financing gaps for Small and Medium Enterprises (SMEs) in both countries. The lack of investment-ready businesses is attributed to inadequate capacity and inconsistent quality of Enterprise Support Organizations (ESOs), as well as a scarcity of transaction advisory services and efficient channels to connect businesses to investors.

The SSRIF II project builds on the successes of previous grants awarded to IIGh, leading to the establishment of various initiatives such as Deal Source Africa and the Ghana Enterprise Support Organisations Collaborative. The project aims to transform the innovation and financing ecosystem, unlocking sustainable financing for enterprise support organizations and innovation funds.

Amma Lartey, CEO of Impact Investing Ghana, expressed excitement about the collaboration with Nigeria, highlighting the potential to transform millions of lives across both countries. Etemore Glover, CEO of Impact Investors Foundation, Nigeria, emphasized the dedication to reducing impact investment barriers and advancing social investments for inclusive economic growth.

Mark Lawler, Team Lead of The RISA Fund, commended the partnership between leaders in the impact investing space in Ghana and Nigeria, noting the opportunity to leverage financing and create new opportunities for startups and SMEs in both countries.

This collaboration signifies a step towards fostering sustainable enterprise and innovation financing in Ghana and Nigeria, with the potential to drive economic growth and social impact in the region.