The Editor's Post: Secrets of success from Ghana’s groundbreaking Ci-Gaba fund

We’ve been keenly watching the development of the Ci-Gaba fund for some time now – it could be thought of as Ghana’s equivalent of the UK’s Better Society Capital impact investment wholesaler, a ‘fund of funds’ which is now investing in both experienced and emerging fund managers which support SMEs in the country.

Ci-Gaba means ‘progress’ in Hausa, and what’s exciting about it is that it has already attracted the equivalent US$30bn in investment from Ghanaian pension funds. Now that money – instead of sitting in government bonds and listed equities, where pension fund managers usually prefer it – is actively supporting local entrepreneurs (with an emphasis on building sustainable economies and investing with a gender lens).

It’s taken a lot of work to get this far though, and Impact Investing Ghana’s Amma Lartey and Benedict Yiyugsah and Savannah Impact Advisory's Hamdiya Ismaila explain some of the secrets of the fund’s success for us in their fascinating article: it’s about transacting in the local currency, building trust and – not glamorous, but important – working hard to shift the mindset of pension fund trustees. 

rom a global perspective, the authors argue, Ci-Gaba offers an answer to the question that every impact investor in Africa eventually asks: “how do you get local, patient capital into the system, rather than relying indefinitely on donor money that ebbs and flows with geopolitics?”

I also love the perspective offered to us this week by UK social entrepreneur Mark Swift who highlights something that I’m sure will resonate with many of our readers: that social entrepreneurs sit in an interesting position – not fully inside the public sector, but not fully outside it either. As he says: “I have attended strategy meetings in the morning and sat with people facing poverty, loneliness, poor health or unemployment in the afternoon.” 

This can be uncomfortable, but it also gives particular insights. “Standing at the edge of a system allows you to see things that are harder to see from the centre,” he says. “You see the gap between policy and reality.” The important question is, how can the public sector work out how to make use of the wisdom and experience that social entrepreneurs hold?

I’m sure you’ll gain inspiration too from listening to our latest Good Leaders podcast. Tim talks to Ignite award winner Solène Declas, who decided to tackle the enormous problem of loneliness among elderly people in the UK by founding companionship platform Aibo. She shares the challenges and uncertainties she faces as a young impact startup founder, including “decision paralysis”, how she learned to listen to her gut, and how winning the Ignite competition last year was a turning point for her as an entrepreneur.

Enjoy this week’s stories, and look out for some exciting newsletters during August which are going to highlight some super content that we really don’t want you to miss! 

This week's top stories:

Ghana’s groundbreaking US$75m Ci-Gaba fund proves Africa doesn’t have a private capital problem

‘Go with your gut’ – Solène Declas, founder of Aibo and Ignite winner 2025

Beyond the boundary: what social entrepreneurs see that systems can’t

The Impact World This Week: 31 July 2026

Top image: The official launch of the Ci-Gaba fund in March