A locally driven investment initiative aimed at channeling pension capital into private sector growth has officially launched in Accra, with the unveiling of the GH¢1 billion Ci Gaba Fund of Funds. The fund is designed to provide long-term financing to small and medium-sized enterprises (SMEs) across Ghana and West Africa.
Managed by Savannah Impact Advisory, the fund secured GH¢380 million at its first close, with over two-thirds of commitments coming from domestic institutional investors, led by pioneering pension funds. The fund and its sponsor, Impact Investing Ghana, aim to mobilize Ghanaian savings into productive sectors of the economy.
Structured as a fund-of-funds, Ci Gaba will invest in a portfolio of private equity, venture capital, and private debt funds, which in turn will deploy capital into SMEs across key sectors such as agriculture, healthcare, and technology.
Hamdiya Ismaila, CEO of Savannah Impact Advisory, said the fund addresses a critical financing gap by connecting long-term capital to viable, high-growth businesses.
“We are investing in private equity funds across multiple sectors that drive the economies of Ghana and West Africa, creating jobs and improving livelihoods,” she said.
She emphasised that the strategy relies on domestic resource mobilisation, 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,” Ms. Ismaila 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 stands out as a “mother fund”, pooling capital at scale and allocating it to specialized fund managers with direct 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. David Tetteh, Director for Catalytic Transactions at FSD Africa, described the initiative as timely, noting that while capital exists in African markets, a lack of credible vehicles to channel funds into SMEs has hindered growth.
“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,” he said.
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 the growing momentum behind locally anchored financing solutions.
Women Driving Innovative Finance
The launch also highlighted the rising influence of women leaders in private capital markets, shaping Africa’s financial architecture and introducing innovative investment vehicles for private sector development.
Hamdiya Ismaila joins a growing league of female leaders transforming the investment landscape, including Abena Amoah, MD of the Ghana Stock Exchange; Amma Lartey, CEO of Impact Investing Ghana and CEO of the Ghana Venture Capital Association; Amma Gyampo, Board Member of Impact Investing Ghana; and Mirabelle Moreaux from the Ghana Investment Support Programme.
These women are driving the design, structuring, and management of financial vehicles that prioritize investor protection, risk mitigation, market building, sustainability, and long-term economic impact. Their leadership reflects a broader trend across Africa, where women are increasingly at the forefront of unlocking affordable patient capital, supporting growing businesses, creating sustainable jobs, and accelerating economic transformation.