GIP welcomes Norfund, Axis Pension Trustees as new investors

…strengthening capital base to scale support for Ghanaian SMEs

Growth Investment Partners (GIP), an investment platform established by British International Investment (BII), has welcomed Axis Pension Trust and Norfund as new investors, marking a significant milestone in the platform’s growth and reinforcing its role in supporting Ghana’s private sector.

The addition of the two investors includes a US$20 million commitment, strengthening GIP’s capital base and reflecting growing confidence in its model of deploying flexible, local currency capital to high-potential Ghanaian businesses. The platform is designed to bridge the financing gap between traditional bank lending and private equity.

The milestone was marked at a stakeholder reception in Accra, bringing together investors, regulators, business leaders and development partners. The event underscored GIP’s role in mobilising both domestic and international capital, with the inclusion of local pension funds in its shareholder base to expand long-term support for Ghanaian enterprises.

Since its launch in 2023, GIP has built a strong track record, with 16 portfolio companies, over US$40 million deployed, more than 3,356 direct jobs supported, including 533 new jobs created across sectors including manufacturing, agriculture, financial services, and healthcare.

GIP’s investment model focuses on providing partnership capital tailored to the needs of growing businesses, combining financing with operational and strategic support to unlock long-term growth.

Speaking about the progress made by GIP, Jacob Kholi, CEIO, Growth Investment Partners Ghana, said: “The addition of Axis Pensions and Norfund marks an important milestone for GIP and reflects growing confidence in our investment model. Over the past two and a half years, we have demonstrated that flexible, local currency capital, combined with hands-on support, can unlock meaningful growth for Ghanaian businesses. This new capital positions us to scale that impact further.”

Leslie Maasdorp, CEO, British International Investment (BII), added: “This is an important moment for GIP and a strong reflection of what BII aims to achieve through locally led initiatives and innovative platforms. From the outset, our ambition has been to build a scalable structure that mobilises both local and global investors, widening participation in areas that are often  underserved. The entry of Axis Pension Trustees and Norfund is particularly significant, demonstrating growing interest in building a stronger base of long-term capital and technical support to help pioneering Ghanaian businesses succeed.”

Axis Pension Trust, a leading local pension trustee, and Norfund, the Norwegian Investment Fund for Developing Countries, join GIP’s investor base as part of a broader capital raise aimed at scaling the platform and deepening its impact.

Afriyie Oware, CEO Axis Pension Trustees, said: “GIP has built a strong team to execute its investment strategy, and we are confident in their ability to deliver decent financial returns as well as real economic impact. For us, this partnership reflects our strategic focus on real sector investments that support productive local enterprises and drive sustainable economic growth.”

Naana Winful Fynn, Regional Director for West Africa, Norfund, said: “We are pleased to partner with GIP as it scales its investment platform in Ghana. Access to flexible, long-term capital remains a key constraint for many growing businesses. GIP’s approach provides an effective model for addressing this gap for SMEs, whilst delivering both development impact and sustainable returns, and is complementary to Norfund’s other investments in Ghana.”

GIP was established to address a critical financing gap faced by small and medium-sized enterprises (SMEs) in Ghana, offering longer-tenor, flexible funding solutions in local currency, enabling businesses to grow sustainably without exposure to foreign exchange risk.

Through its investments, GIP has supported businesses such as Maagrace Garments Industries Limited (MGIL), a leading Ghanaian garment manufacturing company; Truecoco, an agro-processing company exporting to international markets; and eServices Africa Limited, a business process outsourcing firm that serves both local and global clients.

Beyond financing, GIP provides business support across strategy, governance, financial management, and environmental and social performance, helping portfolio companies strengthen operations and scale effectively.

Looking ahead, GIP aims to expand its portfolio and continue supporting high-growth businesses that drive job creation, local manufacturing, and economic development.

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