Growth Investment Partners welcomes Norfund and Axis Pension Trustees as new investors, strengthening capital base to scale support for Ghanaian SMEs

Growth Investment Partners (GIP), an investment platform established by British International Investment (BII), has welcomed Axis Pension Trust and Norfund as new investors, marking a significant milestone in the platform’s growth and reinforcing its role in supporting Ghana’s private sector.

The addition of the two investors includes a $20 million commitment, strengthening GIP’s capital base and reflecting growing confidence in its model of deploying flexible, local currency capital to high-potential Ghanaian businesses. The platform is designed to bridge the financing gap between traditional bank lending and private equity.

The milestone was marked at a stakeholder reception in Accra, bringing together investors, regulators, business leaders and development partners. The event underscored GIP’s role in mobilising both domestic and international capital, with the inclusion of local pension funds in its shareholder base to expand long-term support for Ghanaian enterprises.

Since its launch in 2023, GIP has built a strong track record, with 16 portfolio companies, over $40 million deployed, more than 3,356 direct jobs supported, including 533 new jobs created across sectors including manufacturing, agriculture, financial services, and healthcare.

GIP’s investment model focuses on providing partnership capital tailored to the needs of growing businesses, combining financing with operational and strategic support to unlock long-term growth.

Speaking about the progress made by GIP, Jacob Kholi, CEIO, Growth Investment Partners 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, British International Investment (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.”

Axis Pension Trust, a leading local pension trustee, and Norfund, the Norwegian Investment Fund for Developing Countries, join GIP’s investor base as part of a broader capital raise aimed at scaling the platform and deepening its impact.

Afriyie Oware, CEO Axis Pension Trustees, said: “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, Norfund, said: “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 (SMEs) in Ghana, offering longer-tenor, flexible funding solutions in local currency, enabling businesses to grow sustainably without exposure to foreign exchange risk.

Through its investments, GIP has supported businesses such as Maagrace Garments Industries Limited (MGIL), a leading Ghanaian garment manufacturing company; Truecoco, an agro-processing company exporting to international markets; and eServices Africa Limited, a business process outsourcing firm that serves both local and global clients.

Beyond financing, GIP provides business 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 supporting high-growth businesses that drive job creation, local manufacturing, and economic development.

About Growth Investment Partners (GIP)

Growth Investment Partners (GIP) is an investment platform established by British International Investment (BII) to provide flexible, long-term capital to small and medium-sized enterprises in Ghana. GIP focuses on bridging the financing gap between bank lending and private equity by offering tailored funding solutions in local currency, alongside business support services to enable sustainable growth.

About Norfund

Norfund (the Norwegian Investment Fund for Developing Countries) is Norway’s development finance institution. Its mission is to create jobs and improve lives by investing in businesses that drive sustainable development and reduce poverty in developing countries. Owned and funded by the Norwegian Government, Norfund is the government’s most important tool for strengthening the private sector in emerging and frontier markets. Norfund’s committed portfolio amounts to USD 4.1 billion, with investments in over 1,200 companies across Sub-Saharan Africa, South/Southeast Asia, and Latin America. For more details, please visit: www.norfund.no | Follow Norfund on LinkedIn

About Axis Pension Trustees

Axis Pension Trust Ltd. is a leading private pensions provider in Ghana, on a mission to inspire Ghanaian workers to achieve financial peace of mind through its clientfocused retirement savings solutions and educational interventions. A topthree Corporate Trustee, Axis manages over GHS10 billion for more than 300,000 members and oversees Ghana’s leading personal pension scheme, the Axis Pension Plan, with over GHS500 million in assets and 60,000 contributors.

Axis supports longterm financial security through occupational and personal pension schemes, welfare and workbased investment funds and retirement advisory services. The company is recognised for innovation and service excellence, pioneering initiatives such as lifecycle investment strategies, free embedded life insurance and a fully integrated digital ecosystem.

With strong governance, a professional team and a commitment to transparency as well as stakeholder engagement, Axis continues to strengthen Ghana’s retirement savings landscape and improve financial wellbeing across the country. Axis is a wholly owned subsidiary of APG Holdings Ltd. For more information, visit www.axispension.com

About British International Investment

British International Investment (BII) is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives

and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.

Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge, which has raised over US$33.6 billion to empower women’s economic development. The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion.

For more information, visit www.bii.co.uk | Follow British International Investment on LinkedIn, Bluesky, and X.