Grants that Grow Markets: How Philanthropy Unlocks Billions in African Capital for Impact

Philanthropy has long fueled African impact markets, proving sectors like health, agriculture, climate, financial inclusion, and women’s empowerment. As aid declines, focus shifts to domestic institutional capital. African pension funds hold over US$600bn, yet little reaches high-impact SMEs—reflecting coordination, design, and capacity gaps, not a lack of capital. In Ghana, the $75m Ci-Gaba Fund of Funds and the Pensions Industry Compact show how catalytic grants, risk-sharing, and capacity building can unlock pension investment. This session explores how philanthropy can de-risk, build trustee confidence, and scale domestic capital into durable market infrastructure.