Access to affordable, long-term funding remains one of the biggest barriers facing Ghanaian businesses but a new wave of investment is beginning to shift that narrative.
Growth Investment Partners (GIP) has secured fresh backing from Axis Pension Trustees and Norfund, in a move that strengthens its capacity to finance and scale local enterprises. The two investors are committing $20 million to the platform, signalling growing confidence in a model designed to bridge the persistent financing gap between bank lending and private equity.
The investment, announced in Accra, highlights a broader shift toward mobilising both domestic and international capital to support Ghana’s private sector, particularly small and medium-sized enterprises (SMEs).
Closing the Financing Gap
For many Ghanaian businesses, access to capital often comes with tough conditions, short repayment periods, high interest rates, or exposure to foreign exchange risk. GIP’s model seeks to address these constraints by offering flexible, long-term funding in local currency, combined with hands-on business support.
Since its launch in 2023, the platform has deployed over $40 million into 16 companies, supporting more than 3,356 jobs, including 533 newly created roles across sectors such as manufacturing, agriculture, healthcare and financial services.
Jacob Kholi, Chief Executive Officer of GIP Ghana, said the new investment marks a turning point for the platform’s growth ambitions.
“The addition of Axis Pensions and Norfund marks an important milestone for GIP and reflects growing confidence in our investment model. Over the past two and a half years, we have demonstrated that flexible, local currency capital, combined with hands-on support, can unlock meaningful growth for Ghanaian businesses. This new capital positions us to scale that impact further.”
Local and Global Capital Converge
The entry of a local pension fund alongside an international development finance institution underscores a deliberate effort to blend domestic savings with global capital to drive long-term investment.
Leslie Maasdorp, CEO of British International Investment (BII), which established GIP, said the platform was built to widen access to capital for underserved businesses.
“This is an important moment for GIP and a strong reflection of what BII aims to achieve through locally led initiatives and innovative platforms. From the outset, our ambition has been to build a scalable structure that mobilises both local and global investors, widening participation in areas that are often underserved. The entry of Axis Pension Trustees and Norfund is particularly significant, demonstrating growing interest in building a stronger base of long-term capital and technical support to help pioneering Ghanaian businesses succeed.”
For Axis Pension Trustees, the move reflects a strategic pivot toward real sector investments.
“GIP has built a strong team to execute its investment strategy, and we are confident in their ability to deliver decent financial returns as well as real economic impact. For us, this partnership reflects our strategic focus on real sector investments that support productive local enterprises and drive sustainable economic growth,” said Afriyie Oware, CEO of Axis Pension Trustees.
Unlocking Growth for Businesses
Access to patient capital remains a key constraint for SMEs across Ghana, limiting their ability to expand, invest in equipment, or enter new markets. Norfund sees GIP’s model as a practical solution to this challenge.
“We are pleased to partner with GIP as it scales its investment platform in Ghana. Access to flexible, long-term capital remains a key constraint for many growing businesses. GIP’s approach provides an effective model for addressing this gap for SMEs, whilst delivering both development impact and sustainable returns, and is complementary to Norfund’s other investments in Ghana,” said Naana Winful Fynn, Regional Director for West Africa at Norfund.
GIP’s portfolio includes companies such as Maagrace Garments, Truecoco and eServices Africa—firms operating in sectors critical to job creation, exports and industrialisation.
Beyond Capital: Building Stronger Businesses
What sets the platform apart is its focus beyond financing. GIP provides support in strategy, governance, financial management and environmental and social standards, helping businesses build resilience and scale sustainably.
This approach aligns with growing recognition that capital alone is not enough—businesses also need the right systems, skills and structures to grow.
Outlook: A Growing Role in Ghana’s Industrial Push
With an additional $20 million committed and another $20 million earmarked for future deployment, GIP is positioning itself as a key player in Ghana’s private sector development.
The inclusion of pension funds in its investor base could also signal a broader shift in how domestic savings are channelled away from traditional instruments and toward productive sectors of the economy.
As Ghana looks to accelerate industrialisation and job creation, platforms like GIP may increasingly serve as the bridge between capital and enterprise unlocking growth for businesses that would otherwise remain constrained.
