By Teliat Sule
May 8, 2024
The Research and Innovation Systems for Africa (RISA) Fund has provided more grants to Impact Investing Ghana (IIGh) and Impact Investors Foundation (IIF) Nigeria. The additional grant, which is worth $545,256, is to help scale sustainable systems for enterprise and innovation financing across the two countries through Deal Source Africa and Enterprise Support Organisation programmes, IIGh and IIF have announced.
This is part of the second phase of RISA Funds scaling System for Research & Innovation (SSRIF II), thus bringing the total grants received from RISA Fund to IIGh thus far to $1.079 million.
This landmark partnership builds on the excellent south-south collaboration between Ghana and Nigeria and is a significant milestone in IIGh and IIFs unwavering commitment to mobilizing financial resources to enterprises with viable business models in Africa by strengthening their capacity to attract impact capital.
Both Nigeria and Ghana face challenges in providing innovative ventures with adequate access to patient capital as an estimated $5 billion financing gap exists annually for Small and Medium Enterprises (SMEs) in Ghana, and a staggering $32.2 billion for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. The lack of a robust pipeline of investment-ready businesses stems from the inadequate capacity and inconsistent quality of Enterprise Support Organizations (ESOs). Additionally, there is a scarcity of transaction advisory services and efficient channels to connect businesses to investors, IIGh and IIF said in a statement.
The latest support for the two countries from RISA Fund builds on the successful initial grants awarded to IIGh in 2021 and 2022, leading to the creation of Deal Source Africa, the Ghana Enterprise Support Organisations Collaborative, the Ghana Research Industry Collaborative, and the design and set up of the Ci-Gaba Fund of Funds, the IIGh and IIF added.
We have been collaborating with Nigeria for many years with strong impact including the highly subscribed West Africa Deal Summit in 2023. This funding enables us to accelerate and scale that impact to transform millions of lives across Ghana and Nigeria, Amma Lartey, CEO of Impact Investing Ghana said.
Etemore Glover, CEO of Impact Investors Foundation, Nigeria, said she was excited for the collaboration.
We are excited to collaborate with Impact Investing Ghana on the SSRIF II project. This initiative is a resounding affirmation of our unwavering dedication to reducing impact investment barriers and advancing social investments for inclusive economic growth through research, innovation, and sustainable investments, Glover said.
We are particularly excited to support this home-grown partnership between leaders in the impact investing space in Ghana and Nigeria – who are seizing the opportunity to collaborate, combine and scale their efforts to leverage financing and create new opportunities for startups and SMEs in the two countries – and perhaps eventually beyond, Mark Lawler, Team Lead of The RISA Fund, said.
About Impact Investing Ghana
Impact Investing Ghana (IIGh) is the Ghana National Advisory Board for Impact Investing. We are an independent private-sector-led initiative promoting sustainable development and advancing the development of the impact investment ecosystem in Ghana. IIGh is Ghanas representative to the Global Steering Group (GSG) for Impact Investing and a member of the Africa Impact Investing Group. IIGh is supporting the growth of impact ventures and catalyzing $ 1 billion in impact funds for investment in Ghana and the West African sub-region.
About Impact Investors Foundation
The Impact Investors Foundation (IIF) engages and collaborates with key stakeholders, active in the impact investing space, to unlock private capital for social investments in Nigeria. IIFs overarching goal is to promote the growth and excellence of impact investing in Nigeria. In the last 5 years, IIF has been playing a leading role in the impact investing ecosystem in Nigeria by convening stakeholders in government, private and social sectors to advance its growth. In furtherance of its effort to accelerate the market potential, the IIF established the Nigerian National Advisory Board for Impact Investing (NABII). The role of the NABII is to design and implement national strategies, regulations and policies that address the barriers inhibiting the growth of impact investing while unlocking opportunities for more impactful investments.
About The RISA FUND
The goal of The Research and Innovation Systems for Africa (RISA) Fund from UK International Development is to enhance and support the R&I systems in the following six nations: South Africa, Ethiopia, Ghana, Kenya, Nigeria, Rwanda, and Kenya. The UK International Development provides funding for the programme, which runs from 2021 to 2025. African institutions addressing the most difficult social, economic, and health issues on the continent are receiving support from the RISA Fund. The Fund partners with research institutions, think tanks, universities, private sector organisations, and international and national NGOs. By building sustainable partnerships, and through its grants, the RISA Fund supports these institutions to access the knowledge, partners, investors, and markets they need to generate actionable research and influence policy.
About Deal Source Africa
Deal Source Africa is a comprehensive program to connect African businesses with investors and transaction advisors and African Impact Funds with investors. It comprises a digital platform that connects investors with businesses, in-person and virtual Deal Rooms where businesses can meet investors, and Impact Fund Showcases where investors can meet African venture funds and other local capital providers. Businesses and funds can sign up at https://dealsourceafrica.co/ to access the platform which was developed with funding from the Research and Innovation Systems for Africa (RISA) Fund of UK International Development and piloted in 2022.
About the ESO Collaborative
The establishment of the Enterprise Support Organisation (ESO) Collaborative aimed to improve both the quantity and quality of enterprise support initiatives in Ghana. It facilitates collaboration between the government, other ESOs, and the Ghana Hubs Network. It has introduced a digital portal to make it simple for businesses to locate any ESO programme in Ghana. It is also employing the use of the SCALE tool to the following six nations: South Africa, Ethiopia, Ghana, Kenya, Nigeria, Rwanda, and Kenya.
The UK International Development provides funding for the programme, which runs from 2021 to 2025. African institutions addressing the most difficult social, economic, and health issues on the continent are receiving support from the RISA Fund. The Fund partners with research institutions, think tanks, universities, private sector organisations, and international and national NGOs. By building sustainable partnerships, and through its grants, the RISA Fund supports these institutions to access the knowledge, partners, investors, and markets they need to generate actionable research and influence policy.
About Deal Source Africa
Deal Source Africa is a comprehensive program to connect African businesses with investors and transaction advisors and African Impact Funds with investors. It comprises a digital platform that connects investors with businesses, in-person and virtual Deal Rooms where businesses can meet investors, and Impact Fund Showcases where investors can meet African venture funds and other local capital providers.
Businesses and funds can sign up at https://dealsourceafrica.co/ to access the platform which was developed with funding from the Research and Innovation Systems for Africa (RISA) Fund of UK International Development and piloted in 2022.
About the ESO Collaborative
The establishment of the Enterprise Support Organisation (ESO) Collaborative aimed to improve both the quantity and quality of enterprise support initiatives in Ghana. It facilitates collaboration between the government, other ESOs, and the Ghana Hubs Network. It has introduced a digital portal to make it simple for businesses to locate any ESO programme in Ghana.
It is also employing the use of the SCALE tool to execute a quality improvement programme for ESOs. Businesses and ESOs can sign up here for opportunities: www.esoghana.org. Based on the success and learnings from the Ghana ESO Collaborative, the Nigeria ESO Collaborative is being set up with similar goals for impact enterprises in Nigeria.
By Edward Oseghe
May 18, 2024
By Edward Oseghe
May 18, 2024
By Joe Ajaero
May 18, 2024
May 18, 2024 at 06:00 AM
March 12, 2024 at 09:21 AM
The Nigerian Observer is a daily newspaper published in Benin City, Edo State, Nigeria, since 1968 by the Bendel Newspapers Company Limited (BNCL) and is owned by the Edo State Government
Subscribe our newsletter for latest world news. Let''s stay updated!
© 2024 Nigerian Observer “ All Right Reserved.