Ghana’s first pension-backed fund of funds, Ci Gaba, has reached a first close of GH¢383 million, equivalent to approximately $35 million, marking a landmark step in the country’s push to redirect domestic retirement savings toward productive investment in small and medium-sized enterprises (SMEs) across West Africa.
Managed by Savannah Impact Advisory and targeting a final size of GH¢1 billion, roughly $90 million, Ci Gaba invests in venture capital, private equity, and private debt funds focused on SMEs across Ghana and select West African markets including Nigeria, Senegal, and Côte d’Ivoire.
The first close was formally highlighted last week as part of the Ghana-UK Trade Partnership Agreement (TPA) Committee meeting, where senior officials from both countries took stock of five years of bilateral trade cooperation. Ci Gaba received a catalytic grant from the UK’s Foreign, Commonwealth and Development Office (FCDO) via the RISA Fund, which enabled the fund’s design, structuring, operational setup, and critical ecosystem strengthening.
Backers of the fund include Impact Investing Ghana, FSD Africa Investments, Small Foundation, Stanbic Investment Management Services, CAL Asset Management, Argidius Foundation, and FMO, the Dutch entrepreneurial development bank, which contributed $1.25 million in operational support.
The fund’s structure is deliberately designed to address a persistent structural failure in Ghana’s pension industry. Government of Ghana securities accounted for 72.9 percent of pension capital allocation by 2024, up from 64 percent in 2020, while alternative investments crept only from zero to 1.1 percent over the same period. Ci Gaba is positioned as one of the institutional-grade vehicles that the National Pensions Regulatory Authority (NPRA) expects pension trustees to use in meeting a May 2025 government directive requiring pension funds to allocate at least five percent of assets to private equity and venture capital by 2026.
Hamdiya Ismaila, Chief Executive Officer of Savannah Impact Advisory, said the investment process had strengthened the fund’s structure, aligned it with pension fund interests, and positioned it for scale. “This is true catalytic capital, and we are excited about the opportunities and impact this partnership will unlock across the region,” she said.
British High Commissioner to Ghana, Dr Christian Rogg, said the UK was proud of its support to Ci Gaba, describing it as embodying a commitment to inclusive economic development that will drive private investment across West Africa.
With pension assets across Africa exceeding $700 billion, the architects of Ci Gaba believe the model offers a replicable framework for mobilising domestic capital into productive sectors, reducing dependence on foreign capital and embedding local ownership in SME financing across the continent.
The fund is expected to support up to 25,000 jobs and contribute to enterprise growth, while helping diversify pension portfolios beyond traditional government securities.
