{"id":243,"date":"2026-03-23T10:11:00","date_gmt":"2026-03-23T10:11:00","guid":{"rendered":"https:\/\/wpd2.hapaweb.com\/DCA\/?p=243"},"modified":"2026-06-18T10:22:22","modified_gmt":"2026-06-18T10:22:22","slug":"unlocking-domestic-pension-capital-in-africa-for-smes-lessons-from-ci-gaba-report","status":"publish","type":"post","link":"https:\/\/wpd2.hapaweb.com\/DCA\/unlocking-domestic-pension-capital-in-africa-for-smes-lessons-from-ci-gaba-report\/","title":{"rendered":"Unlocking Domestic Pension Capital in Africa for SMEs \u2013 Lessons from Ci Gaba Report"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Unlocking Domestic Pension Capital in Africa for SMEs : Lessons from Ci Gaba Report<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Africa\u2019s pension funds hold over US$600 billion in untapped assets, yet less than 10% is invested in productive sectors and in Ghana, less than 1% is invested in alternative vehicles that could transform the continent\u2019s SMEs,&nbsp; the backbone of the economy. Across Africa, SMEs represent 92% of enterprises and employ 80% of the workforce; the financing gap stands at a staggering US$331 billion. Ci\u2011Gaba is West Africa\u2019s first pension\u2011backed fund\u2011of\u2011funds, a bold experiment in blended finance that is rewriting the rules of domestic capital mobilisation. Sponsored by Impact Investing Ghana and managed by Savannah Impact Advisory, this groundbreaking initiative has reached a first close and launched, embedding local ownership and creating a replicable model for frontier markets.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The report captures lessons from the design and launch and presents a framework for domestic capital mobilisation which identifies the conditions needed for domestic institutional capital to flow into productive investment and offers entry points for pensions, regulators, foundations, catalytic capital providers, and investment vehicle designers.&nbsp;It is the first in a series of publications and workshops by Impact Investing Ghana on unlocking domestic capital in Africa.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Ci\u2011Gaba journey is more than a financial innovation; it is a demonstration of what is possible.&nbsp; By denominating the fund in Ghanaian cedis, embedding a catalytic capital layer and creating an open-ended capital vehicle, Ci\u2011Gaba demonstrates how local realities can shape global\u2011standard solutions. This is not just about financing, it is about designing vehicles that respect domestic contexts while meeting international benchmarks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The fund\u2019s success is anchored in collaboration.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Strategic partnerships with a Ghanaian pensions collaborative informed the initial design.\u00a0<\/li>\n\n\n\n<li>GSG Impact, the RISA Fund of the UK Foreign Commonwealth and Development Office, FMO through its Ventures and Market Creation programmes, Ford Foundation,\u00a0Japan\u2019s Ministry of Foreign Affairs, and the Argidius Foundation\u00a0provided catalytic grant funding for design, fundraising, ecosystem building and fund set-up.\u00a0<\/li>\n\n\n\n<li>Pension trustee training programs and embedded technical assistance facilities shifted mindsets, built confidence, and developed a portfolio of investment\u2011ready SME opportunities.<\/li>\n\n\n\n<li>Capital to de-risk from the catalytic investors and\u00a0collaboration on structure,\u00a0due diligence, and processes\u00a0paved the way for other participants.\u00a0<\/li>\n\n\n\n<li>Anchor investments by Stanbic Investment Management Services, Axis Pensions, Enterprise Trustees, FSD Africa Investments, and Small Foundation propelled the fund to a first close.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">These elements transformed scepticism into commitment, proving that ecosystem building and capacity development are as critical as capital itself. For policymakers, fund managers, and development partners, the lessons captured here provide a roadmap to unlock Africa\u2019s pension capital for inclusive growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Download the Executive Summary of the report to discover how Ghana\u2019s pioneering model can reshape the future of SME financing across Africa.<\/em><\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-vivid-green-cyan-background-color has-background wp-element-button\" href=\"https:\/\/impactinvestinggh.org\/publications\/unlocking-domestic-pension-capital-in-africa-for-smes\/#\" target=\"_blank\" rel=\"noreferrer noopener\">Download Report Summary<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Unlocking Domestic Pension Capital in Africa for SMEs : Lessons from Ci Gaba Report Africa\u2019s pension funds hold over US$600 billion in untapped assets, yet less than 10% is invested in productive sectors and in Ghana, less than 1% is invested in alternative vehicles that could transform the continent\u2019s SMEs,&nbsp; the backbone of the economy. 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