Value for Money Case Study: Strengthening Innovation Investment Ecosystems in Ghana and Nigeria

Innovative businesses in Ghana and Nigeria face significant challenges in accessing the financing needed to scale their operations. These include limited opportunities to engage with venture funds, inefficient deal sourcing and matching mechanisms, and lack of investment readiness among enterprises. Many businesses are unfamiliar with fund requirements and how to prepare for the investment process. Moreover, few funds invest small amounts of money ($50,000 - $2 million) that local businesses need, contributing to a $5 billion financing gap. Emerging fund managers who aim to bridge this gap also struggle to raise capital and lack sufficient connections to local and international capital providers/investors. To address these systemic barriers, Impact Investing Ghana (IIGH), with support from the Research and Innovation Systems for Africa (RISA) Fund - a UK International Development-funded programme from the UK government - launched a multi-pronged intervention focused on strengthening the investment ecosystem in Ghana and Nigeria.