Ashesi University and Impact Investing Ghana (IIGh) have received a grant from the Catalytic Capital Consortium’s (C3) Grantmaking Program to research why, where and how catalytic capital has been deployed in Ghana to drive the growth of SMEs, the positive and negative outcomes of the financing and what gaps still exist.
The project is one of 14 awardees to have been selected globally from researchers based in 17 countries.
The 14 awardees include universities, non-profits and collaborations spanning seven countries. Collectively, they will use the funding to study catalytic capital across diverse geographies and sectors including this award that will understand how catalytic capital has helped fill capital gaps for entrepreneurs in Africa. Learn more about the project and its proposed outcomes and follow its progress here.
“Impact Investing Ghana has a strategic objective to mobilize catalytic funding, to drive the growth of SMEs in Ghana and West Africa. This kind of investment capital that intentionally strives toward building a more equitable and sustainable world, is willing to bridge the capital gaps left by conventional investing and has greater patience, risk tolerance, concessionality and flexibility which is essential for Ghana’s development. This research will enable us to learn what has worked well in the past and what has not to give us a firm foundation to do this effectively.” said Amma Lartey, CEO of Impact Investing Ghana.
“In our part of the world, early-stage funding is very limited. So, it makes a lot of sense to understand how to deploy catalytic capital that entertains concessionary returns and paves the way for early-stage investors to support young entrepreneurs. We at Ashesi are excited to be part of the Evidence Base workstream of C3 Grantmaking program to contribute to the understanding of this type of capital in our (entrepreneurship) ecosystem.” said Dr Gordon Adomdza, Associate Professor of Entrepreneurship and Innovation, Ashesi University.
Established in 2019, C3 is an investment, learning, and market development initiative created and led by John D. and Catherine T. MacArthur Foundation, The Rockefeller Foundation and the Omidyar Network. Together, these partners jointly fund the C3 Grantmaking program, which is housed at and administered by the New Venture Fund (NVF). C3 aims to increase the flow and impact of catalytic capital to make social and environmental progress that would not otherwise be possible.
Impact Investing Ghana
Impact Investing Ghana (IIGh) is the Ghana National Advisory Board for Impact Investing. IIGh is an independent private sector led initiative promoting sustainable development and advancing the development of the impact investment ecosystem in Ghana. Established as a non-profit, IIGh is Ghana’s representative to the Global Steering Group (GSG) for Impact Investing. IIGh aims at tackling Ghana’s pressing social and environmental challenges by driving more capital to deliver real impact. We are a local platform representing all the stakeholder groups needed to redirect significant capital flows towards social and environmental impact. Private sector led, yet in close partnership with the national government, IIGh raises awareness, creates market intelligence, changes policies, and mobilizes additional financial resources for public good. IIGh brings together leaders from the worlds of finance, business, government, social organizations and philanthropy. IIGh has an ambitious plan to support the growth of impact ventures and to catalyze $5billion in impact funds for investment in impact ventures in Ghana and the West African sub-region. (To contribute to the government of Ghana’s target of mobilizing $70billion
over the next three years). Key priority areas include reducing underemployment and unemployment and inequality gaps especially for youth, women and the rural and urban poor and addressing climate and environmental issues.
Ashesi University
Ashesi University is recognized as one of the finest universities in Africa, with an educational experience proven to successfully prepare students for rewarding lives and careers. Nearly 100% of Ashesi’s graduates receive job offers, start businesses, or enter graduate school within six months of graduation. With an academic program designed in collaboration with some of the world’s best universities and organizations, Ashesi has created an educational model unlike any other in Africa. The University was established as an independent, public benefit educational institution operating on a not-for-profit basis.
On average, Ashesi graduates 200 undergraduate students per year in the following STEM disciplines: Engineering (Mechanical, Electrical & Electronics and Computer Engineering); Management Information Systems; Computer Science; and Business Administration. Through the Department of Humanities & Social Sciences, Ashesi offers a hybrid of liberal arts courses in Leadership, Writing and Africana Studies as its core program for students in all majors. The mission of Ashesi is to educate a new generation of ethical, entrepreneurial leaders in Africa; to cultivate within our students the critical thinking skills, the concern for others and the courage it will take to transform Africa. Ashesi is keen on pushing the ethical, entrepreneurial leadership narrative to students and increasing awareness around its importance to leaders on the continent.
Catalytic Capital Consortium Strategic Partners
John D. and Catherine T. MacArthur Foundation
The John D. and Catherine T. MacArthur Foundation supports creative people, effective institutions, and influential networks building a more just, verdant, and peaceful world. MacArthur is placing a few big bets that truly significant progress is possible on some of the world’s most pressing social challenges, including advancing global climate solutions, decreasing nuclear risk, promoting local justice reform in the U.S., and reducing corruption in Africa’s most populous country, Nigeria. In addition to the MacArthur Fellows Program and the global 100&Change competition, the Foundation continues its historic commitments to the role of journalism in a responsive democracy as well as the vitality of our headquarters city, Chicago. MacArthur is also working to build the field of impact investing and increase the supply of catalytic capital to address social and environmental challenges around the world.
The Rockefeller Foundation is a pioneering philanthropy built on collaborative partnerships at the frontiers of science, technology, and innovation to enable individuals, families, and communities to flourish. Rockefeller works to promote the well-being of humanity and make opportunity universal. Their focus is on scaling renewable energy for all, stimulating economic mobility, and ensuring equitable access to healthy and nutritious food. For more information, sign up for their newsletter at rockefellerfoundation.org and follow them on Twitter @RockefellerFdn.
Established by philanthropists Pam and Pierre Omidyar, Omidyar Network is a social change venture that has committed more than $1 billion to innovative for-profit companies and non-profit organizations since 2004. Omidyar Network works to reimagine critical systems and the ideas that govern them, and to build more inclusive and equitable societies in which individuals have the social, economic, and democratic power to thrive.
