Axis Pension Trust and Norfund have joined Growth Investment Partners (GIP) as new investors, committing a combined $20m to the Ghana-focused platform in a move that signals growing confidence in locally driven investment solutions for the private sector.

“We are pleased to partner with GIP as it scales its investment platform in Ghana,” said Naana Winful Fynn, Regional Director for West Africa at Norfund.

“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.”

The investment strengthens GIP’s capital base and reinforces its mission to bridge the financing gap between traditional bank lending and private equity by deploying flexible, local currency capital to high-potential Ghanaian businesses.

“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,” added Afriyie Oware, CEO of Axis Pension Trustees. “For us, this partnership reflects our strategic focus on real sector investments that support productive local enterprises and drive sustainable economic growth.”

Growth Investment Partners, established by British International Investment, has built a growing presence since its launch in 2023, with a portfolio of 16 companies and more than $40m deployed.

Its investments have supported over 3,356 direct jobs, including 533 newly created roles across sectors such as manufacturing, agriculture, financial services and healthcare.

The platform’s model combines financing with operational and strategic support, offering tailored “partnership capital” designed to help businesses scale sustainably while minimising exposure to foreign exchange risk.

Jacob Kholi, CEO of Growth Investment Partners Ghana, said the new investment marks a pivotal step in the platform’s growth.

“The addition of Axis Pensions and Norfund marks an important milestone for GIP and reflects growing confidence in our investment model,” he said. “This new capital positions us to scale that impact further.”

Leslie Maasdorp, CEO of British International Investment, added that the development reflects broader ambitions to crowd in diverse pools of capital.

“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,” he said.

GIP was established to address a critical financing gap faced by small and medium-sized enterprises (SMEs) in Ghana, offering longer-tenor, flexible funding solutions in local currency. Its portfolio includes companies such as Maagrace Garments Industries Limited, Truecoco and eServices Africa Limited.

Beyond financing, the platform provides support across strategy, governance, financial management and environmental and social performance, helping portfolio companies strengthen operations and scale effectively.

Looking ahead, GIP aims to expand its portfolio and continue backing high-growth businesses that drive job creation, local manufacturing and economic development in Ghana.