Savannah Impact Advisory, a Ghanaian fund manager, announced that its fund-of-funds vehicle, Ci Gaba VC Limited, raised 383 million GHS ($34.9 million) in its first fundraising round, aiming for a final close of 1 billion GHS ($90 million). The fund targets venture capital, private equity, and private debt investments focused on small and medium-sized enterprises (SMEs) across Ghana and select West African markets, including Nigeria, Senegal, and Côte d’Ivoire. Ci Gaba is positioned as the first private fund-of-funds based in West Africa.
Ci Gaba aims to address barriers that limit institutional participation in the region’s private markets. Despite regulatory improvements in Ghana, pension funds and other institutional investors remain underexposed to private assets due to perceived risk, limited operational capacity, and lack of experience. Through its investments, Ci Gaba seeks to expand access to capital for early-stage companies while also supporting local fund managers and institutional investors to strengthen governance, management practices, and investment infrastructure.
The fundraising round received strategic backing from institutions including Impact Investing Ghana, FSD Africa Investments, Small Foundation, Stanbic Investment Management Services, CAL Asset Management, Argidius Foundation, and FMO. FMO contributed $1.25 million in operational support to enhance the fund’s implementation capacity. These investors aim to consolidate Ci Gaba’s operations, ensure sustainability, and gradually mobilize larger volumes of institutional capital.
Hamdiya Ismaila, CEO of Savannah Impact Advisory, emphasized that mobilizing local capital is about more than funding SMEs—it is about transforming markets, building investor confidence, and providing local businesses with the resources to thrive, which forms the core mission of Ci Gaba VC Limited.
