Impact Investing Ghana and Ashesi University have received a grant from the Catalytic Capital Consortium’s (C3) Grantmaking Program to research why, where and how catalytic capital has been deployed in Ghana to drive the growth of SMEs, the positive and negative outcomes of the financing and what gaps still exist.  The project is one of 14 awardees to have been selected globally from researchers based in 17 countries.

The 14 awardees include universities, non-profits and collaborations spanning seven countries. Collectively, they will use the funding to study catalytic capital across diverse geographies and sectors including this award that will understand how catalytic capital has helped fill capital gaps for entrepreneurs in Africa. Learn more about the project and its proposed outcomes and follow its progress here.

“Impact Investing Ghana has a strategic objective to mobilize catalytic funding, to drive the growth of SMEs in Ghana and West Africa. This kind of investment capital that intentionally strives toward building a more equitable and sustainable world, is willing to bridge the capital gaps left by conventional investing and has greater patience, risk tolerance, concessionality and flexibility which is essential for Ghana’s development. This research will enable us to learn what has worked well in the past and what has not to give us a firm foundation to do this effectively.”  said Amma Lartey, CEO of Impact Investing Ghana.

“In our part of the world, early-stage funding is very limited. So, it makes a lot of sense to understand how to deploy catalytic capital that entertains concessionary returns and paves the way for early-stage investors to support young entrepreneurs. We at Ashesi are excited to be part of the Evidence Base workstream of C3 Grantmaking program to contribute to the understanding of this type of capital in our (entrepreneurship) ecosystem.” said Dr Gordon Adomdza, Associate Professor of Entrepreneurship and Innovation, Ashesi University.

Established in 2019, C3 is an investment, learning, and market development initiative created and led by John D. and Catherine T. MacArthur Foundation, The Rockefeller Foundation and the Omidyar Network. Together, these partners jointly fund the C3 Grantmaking program, which is housed at and administered by the New Venture Fund (NVF). C3 aims to increase the flow and impact of catalytic capital to make social and environmental progress that would not otherwise be possible.

Catalytic Capital Consortium Strategic Partners

John D. and Catherine T. MacArthur Foundation

The John D. and Catherine T. MacArthur Foundation supports creative people, effective institutions, and influential networks building a more just, verdant, and peaceful world. MacArthur is placing a few big bets that truly significant progress is possible on some of the world’s most pressing social challenges, including advancing global climate solutions, decreasing nuclear risk, promoting local justice reform in the U.S., and reducing corruption in Africa’s most populous country, Nigeria. In addition to the MacArthur Fellows Program and the global 100&Change competition, the Foundation continues its historic commitments to the role of journalism in a responsive democracy as well as the vitality of our headquarters city, Chicago. MacArthur is also working to build the field of impact investing and increase the supply of catalytic capital to address social and environmental challenges around the world.

The Rockefeller Foundation

The Rockefeller Foundation is a pioneering philanthropy built on collaborative partnerships at the frontiers of science, technology, and innovation to enable individuals, families, and communities to flourish. Rockefeller works to promote the well-being of humanity and make opportunity universal.  Their focus is on scaling renewable energy for all, stimulating economic mobility, and ensuring equitable access to healthy and nutritious food.  For more information, sign up for their newsletter at and follow them on Twitter @RockefellerFdn.

Omidyar Network

Established by philanthropists Pam and Pierre Omidyar, Omidyar Network is a social change venture that has committed more than $1 billion to innovative for-profit companies and non-profit organizations since 2004. Omidyar Network works to reimagine critical systems and the ideas that govern them, and to build more inclusive and equitable societies in which individuals have the social, economic, and democratic power to thrive.

For more information visit C3 Grantmaking Evidence Base Project Summaries.