Partners & Projects

Ashesi University + Impact Investing Ghana

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The Project

Ashesi University and Impact Investing Ghana are collaborating on research to outline why, where, and how catalytic capital has been deployed in Ghana to drive the growth of small and medium-sized enterprises (SMEs). The project considers both positive and negative outcomes of the financing and what gaps still exist.

Value and Outcomes

An estimated 92 percent of Ghanaian businesses are micro, small, or medium-sized enterprises. They employ 80 percent of the workforce and generate 70 percent of the country’s GDP. This project focuses on all 16 regions in Ghana and looks in particular at marginalized groups within the broader SME sector. It aims to address the capital needs of these SMEs, taking on a critical capital gap. In emerging markets globally, the MSME finance gap is estimated at approximately $5 trillion, and 41 percent of MSMEs have unmet financing needs. This research in Ghana is particularly timely, as there is growing activity and an increased demand from the government and from local pension funds for concrete findings on catalytic capital targeted at SMEs.

The study reviews SME financing strategies employed since the Venture Capital Trust Fund Act of 2004—a major policy initiative to drive SME funding in Ghana. Analysis is presented in a research report, policy briefs, and case studies, while also informing design efforts related to catalytic funding and an impact investing map. The team hopes to drive collaborative action among stakeholders, such as pension funds, banks, government regulators, and accelerators/incubators/hubs that are relevant to SME development.

For more information on Impact Investing Ghana, visit their website. To find out more about Ashesi University, visit their website.

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