Small Foundation Backs Ghana’s Ci Gaba Fund to Channel Domestic…

Team S · 2026-02-26T14:22:31.000Z

Small Foundation has announced a strategic investment in Ci Gaba, a Ghana-based local-currency fund of funds created to catalyse institutional capital from domestic pension funds and other investors into SME-focused venture capital, private equity and debt funds. The move reflects a growing emphasis on mobilising local savings to support small and medium enterprises (SMEs) across Ghana and potentially the broader sub-Saharan Africa region. SMEs are widely recognised as key drivers of economic growth, job creation and innovation, yet they remain underserved by formal capital markets, especially in domestic currency. Ci Gaba aims to bridge this financing gap by providing a vehicle that aligns the long-term profiles of pension capital with the growth needs of local enterprises shifting investment flows toward productive sectors that historically attract limited local institutional allocation. Funding Round and Investors - This investment is part of Ci Gaba’s early funding strategy, with Small Foundation providing catalytic capital designed to absorb risk where commercial investors may hesitate and to encourage broader participation from Ghanaian pension funds and similar institutional investors. Ci Gaba’s fund structure targets venture capital, private equity and private debt fund commitments that can drive SME financing more sustainably. Hamdiya Ismaila, founder of Savannah Impact Advisory and the fund’s manager, emphasised the importance of unlocking local capital and building confidence among institutional investors, while Small Foundation’s Chief Investment Officer and Chair, Conor Brosnan, highlighted that the objective is “shifting capital flows, not just supporting a single fund,” by deploying patient, risk-absorbing capital to bolster domestic fund-of-funds activity. Ci Gaba’s model seeks to overcome structural barriers such as limited familiarity with alternative asset classes among local institutions, shortage of experienced local fund managers and reliance on foreign currency capital that introduces volatility. By facilitating domestic pension fund allocations into home-grown private market vehicles, the fund of funds aims to foster deeper investment ecosystems that empower SMEs to scale and contribute meaningfully to resilient economic growth.

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Small Foundation Backs Ghana’s Ci Gaba Fund to Channel Domestic… | Newnex