Stakeholders at the 2024 West Africa Deal Summit have committed to enhancing collaboration in mobilising capital to address the sub-region’s unique socioeconomic challenges.

The two-day event attended by over 500 investors, entrepreneurs, government representatives, and thought leaders, focused on building innovative financing mechanisms and was convened under the theme, ‘Actions to Deepen Catalytic Capital in West Africa.’

The summit organised by the Impact Investors Foundation, Impact Investing Ghana alongside impact investing task forces in Burkina Faso, Senegal and Cote d’Ivoire highlighted several priority actions in a joint statement issued at the event’s close.

The Chief Executive Officer of Impact Investors Foundation, Etemore Glover, highlighted the collective commitment of WADS participants to accelerating efforts in building national and regional ecosystems that drive resilience and sustainable growth.

“We, the impact investing community, commit to building national and regional ecosystems that foster sustainable growth and resilience. Catalytic capital, strong governance, regional collaboration, and innovative financing mechanisms are essential for leveraging West Africa’s potential,” she said.

Key initiatives outlined in the joint statement include strengthening regional collaboration and knowledge exchange; mobilising local capital; encouraging innovation and collaboration for systemic change; strengthening good governance and capacity-building for MSMEs; and promoting data-driven design and execution.

The joint statement was signed by Board Vice Chair, Impact Investing Ghana, Mirabelle Moreaux; CEO, Impact Investors Foundation, Etemore Glover; CEO, Impact Investing Ghana, Amma Lartey; Member, Burkina Faso Impact Investing Taskforce, Yacouba Ouedraogo (PhD), and Member, Senegal Impact Investing Taskforce, Bowel Diop.

Meanwhile, Lartey of Impact Investing Ghana, explaining how Ghana pension fund administrators have been able to diversify investments to earn higher returns suggested it might be a template that might interest their Nigerian counterparts.

She said, “We have been working on how to unlock the pension industry to invest in small and medium enterprises and other businesses so that we can have returns that are good for the pension clients.”

She pointed out that while new regulations guiding Ghana’s pension funds allow up to 25 per cent in alternative investments, PFAs were initially hesitant due to their poor knowledge of asset classes, valuation challenges, and lack of experience.

“They felt their clients did not understand alternative investments,” she pointed out.

However, in collaboration with key stakeholders, she said that they have been able to channel some of the pension funds into alternative investments.

The summit closed with an invitation to the Africa Impact Summit 2025 scheduled for June 2025, in Accra, Ghana.