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  • 19 February, 2026
  • Ghana, Nigeria
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Home / Resources / Value for Money Case Study: Strengthening Innovation Investment Ecosystems in Ghana and Nigeria

Value for Money Case Study: Strengthening Innovation Investment Ecosystems in Ghana and Nigeria

Innovative businesses in Ghana and Nigeria face significant barriers to accessing the financing needed to scale. Persistent challenges include limited opportunities to engage with venture funds, inefficient deal sourcing and matching mechanisms, and low levels of investment readiness among enterprises. Many founders are unfamiliar with fund requirements and lack the support needed to successfully navigate the investment process.

At the same time, few funds are able to deploy the smaller ticket sizes ($50,000–$2 million) that local businesses require — contributing to an estimated $5 billion financing gap. Emerging fund managers seeking to bridge this gap face their own constraints, including difficulties in raising capital and limited connections to local and international investors.

To address these systemic barriers, Impact Investing Ghana (IIGH), with support from the RISA Fund — funded by UK International Development — launched a multi-pronged intervention aimed at strengthening the early-stage investment ecosystem in Ghana and Nigeria.

Project Background

The initiative was designed to catalyse more inclusive economic growth by improving capital flows, strengthening ecosystem coordination, and promoting evidence-based innovation. By working across both the supply and demand sides of capital, the programme sought to:

  • Improve investment readiness among innovative enterprises

  • Strengthen linkages between businesses and investors

  • Support emerging fund managers to enhance fundraising capacity and market connectivity

  • Improve deal sourcing and matching mechanisms

  • Foster collaboration among ecosystem actors

The learning brief examines how targeted ecosystem interventions and strategic partnerships can unlock impact at scale. It also explores what has worked, where challenges persist, and how future programmes can be designed to maximise Value for Money (VfM) in innovation financing.

Through practical insights and lessons learned, the case study contributes to broader efforts to build resilient, inclusive, and well-functioning research and innovation ecosystems across Africa.