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Growth Investment Partners (GIP) Ghana, an investment platform established by British International Investment (BII), has welcomed Axis Pension Trust and Norfund as new investors.
The addition of the two investors includes a $20 million commitment, strengthening GIP’s capital base. The platform is designed to bridge the financing gap between traditional bank lending and private equity.
Since its launch in 2023, GIP has built a portfolio of 16 companies and deployed more than $40 million. Its investments span manufacturing, agriculture, financial services and healthcare. These include businesses such as Maagrace Garments Industries, a Ghanaian garment manufacturing company; Truecoco, an agro-processing company exporting to international markets; and eServices Africa, a business process outsourcing firm that serves both local and global clients.
Jacob Kholi, chief executive and investment officer of GIP 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 of 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.”
Afriyie Oware, CEO of Axis Pension Trustees, commented: “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 at Norfund, noted: “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 in Ghana, offering longer-tenor, flexible funding solutions in local currency, enabling businesses to grow sustainably without exposure to foreign exchange risk.
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