Savannah Impact Advisory Limited Company (FMO-65687)

Regions
  • World
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 24, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
CiGaba
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 1.25 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Media Documents
Primary Source

Original disclosure @ FMO website

Updated in EWS May 12, 2026

Disclosed by Bank Nov 25, 2025

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Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, while supporting the development of a robust local private equity and venture capital ecosystem in Ghana and West Africa, FMO's primary objective in funding CiGaba is to support the coverage of the Fund Manager's operational costs. This includes building internal team capacity and providing bridge funding until they reach the full fund size and can sustain operational costs through management fees. Additionally, part of the funding will be allocated to post-investment technical assistance for emerging fund managers.

FMO is funding Ci-Gaba to advance its 2030 Strategy, which emphasizes inclusive and sustainable economic growth and reducing inequalities. A key element of this strategy is attracting pension funds to invest in impactful asset classes. Ci-Gaba, as a locally domiciled fund-of-funds, plays a pivotal role by mobilizing domestic capital, building market confidence, and fostering institutional learning in alternative assets. This enables pension funds to diversify away from government securities and contributes to macroeconomic resilience.

The project also supports FMO's market creation goals, particularly in mobilizing local capital for small and growing businesses (SGBs) and SMEs across West Africa. Ci-Gaba addresses critical financing challenges these businesses face -such as mismatched currency, tenure, and support structures- by offering tailored investment and technical assistance. This approach is designed to foster financial inclusion and economic development in countries like Ghana, Nigeria, Cote d'Ivoire, and Senegal.

Ci-Gaba is intended to serve as a replicable model for fund-of-funds structures in emerging markets. By catalyzing Ghana's domestic capital markets, especially through pension fund participation, it aims to unlock private investment opportunities and strengthen the local financial ecosystem. This aligns with broader efforts to build scalable and sustainable investment frameworks in the region.

The initiative also strongly aligns with the criteria of the Investing in Young Businesses in Africa - Market Creation (IYBA-MC) program. It emphasizes financial inclusion, early-stage financing for MSMEs, and mobilization of local institutional capital. Notably, Ci-Gaba incorporates gender lens investing, with up to 40% of its investments targeted at women-founded or majority women-led enterprises.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Total FMO financing: USD 1.25 MLN
Funding: Other funding

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Savannah Impact Advisory is a fund manager domiciled in Ghana and responsible for managing CiGaba (the fund).

 


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

https://siaghana.com/our-about/

No contacts available at the time of disclosure.

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism

How it works

How it works