The Research and Innovation Systems for Africa (RISA) Fund has allocated additional grants to Impact Investing Ghana (IIGh) and Impact Investors Foundation (IIF) Nigeria, totaling $545,256. This funding aims to bolster sustainable enterprise and innovation financing systems in both countries through programs like Deal Source Africa and Enterprise Support Organisation. With this latest support, the total grants received by IIGh from RISA Fund amount to $1.079 million.
The collaboration between IIGh and IIF underscores a significant step towards mobilizing financial resources for viable businesses in Africa, particularly addressing the financing gap for Small and Medium Enterprises (SMEs) in Ghana and Nigeria. The lack of investment-ready businesses stems from insufficient support organizations and transaction advisory services, exacerbating the challenge.
The partnership between IIGh and IIF builds upon previous successful grants, which led to the establishment of various initiatives like Deal Source Africa and the Ghana Enterprise Support Organisations Collaborative. Both organizations express their enthusiasm for this collaboration, emphasizing its potential to transform lives in Ghana and Nigeria.
Mark Lawler from The RISA Fund praises the collaboration, highlighting its potential to leverage financing and create opportunities for startups and SMEs in both countries. This initiative reflects a concerted effort to reduce barriers to impact investment and foster inclusive economic growth through research, innovation, and sustainable investments.
Impact Investing Ghana (IIGh) serves as Ghana’s National Advisory Board for Impact Investing, promoting sustainable development and catalyzing impact funds for investment in Ghana and the West African sub-region. Meanwhile, the Impact Investors Foundation (IIF) focuses on unlocking private capital for social investments in Nigeria, playing a leading role in the country’s impact investing ecosystem.
The RISA Fund, supported by UK International Development, aims to enhance research and innovation systems across several African nations, including Ghana and Nigeria. Through partnerships with various institutions, the fund seeks to address complex social, economic, and health challenges on the continent.
Deal Source Africa and the ESO Collaborative are pivotal components of this initiative, aiming to connect African businesses with investors and improve the quality and quantity of enterprise support initiatives in Ghana and Nigeria. These programs signify a concerted effort to foster sustainable development and economic growth across Africa.
