Jacob Kholi
Growth Investment Partners (GIP), an investment platform established by British International Investment (BII), has secured a $20 million investment from Norfund and Axis Pension Trust to enable it to expand its support to small and medium-sized enterprises (SMEs) in Ghana.
Speaking at a stakeholder engagement in Accra yesterday on the theme “Capital In Motion,” Chief Executive and Investment Officer of Growth Investment Partners (GIP) Ghana, Jacob Kholi, said GIP was established to address critical financing challenges faced by SMEs by offering longer-term funding solutions without exposure to foreign exchange risk, marking a significant milestone for the sector.
He said the new funding from Norfund and Axis Pension Trust reflects growing confidence in GIP’s investment model, which has already deployed over $40 million into Ghanaian businesses, supporting more than 3,356 jobs and creating 533 new roles since its launch in 2023.
According to him, the inclusion of Axis Pension Trust, a leading local pension trustee, alongside Norfund, the Norwegian Investment Fund for Developing Countries, forms part of broader efforts aimed at scaling GIP’s operations as well as deepening its economic impact.
He noted that GIP’s approach of pairing flexible, local currency financing with hands-on support has proven effective in unlocking growth for Ghanaian businesses, adding that the fresh capital will enable the platform to scale its impact further.
Matthew Mani, the Chief Operations Officer for Axis Pension Trust, said its decision to co-invest was driven by the opportunity to support the flow of capital to SMEs, which form the backbone of Ghana’s economy, while also benefiting from the technical expertise and global investment experience of international partners.
He added that the partnership offers opportunities to strengthen local capacity in private investing while contributing to job creation and long-term pension growth.
Regional Director for West Africa at Norfund, Naana Winful Fynn, also emphasised the strategic importance of the partnership, stating that access to flexible, long-term capital remains a key constraint for many growing businesses in Ghana.
The fund said GIP’s model complements its existing investments by expanding its reach across a broader range of SMEs, from micro enterprises to larger businesses, while delivering both development impact and sustainable returns.
“For us, this is an important investment because what Growth Investment Partners allows us to do is to expand our impact as well as our reach. While we invest directly, GIP invests in several sectors that we do not invest in directly, which broadens the reach we are able to have with our capital,” she stated.
GIP focuses on bridging the financing gap between traditional bank lending and private equity by providing flexible, long-term capital in local currency to high-potential Ghanaian businesses.
Since its inception, the platform has built a portfolio of 16 companies across sectors including manufacturing, agriculture, financial services, and healthcare.
Its model combines financing with operational and strategic support to help businesses achieve sustainable growth.
The event, which brought together investors, regulators, business leaders, and development partners, highlighted the platform’s role in mobilising both domestic and international capital to drive job creation, support local businesses, and improve livelihoods.
By Ebenezer K. Amponsah