The Landscape for Impact Investing in West Africa: Understanding the Current Status, Trends, Opportunities, and Challenges

The third regional market landscape report developed by the GIIN, this report provides an analysis of the impact investing industry covering fifteen countries in the West Africa region, including dedicated chapters on Nigeria, Ghana, and Senegal. The report examines the volume of capital deployed to date, the challenges facing investors as well as the opportunities, the needs of enterprises in the region and their barriers to accessing capital, and the regulatory ecosystem.

West Africa is the second fastest growing regional economy in Africa, fueled by growth in Nigeria and Ghana. These two countries have received more than half of the impact investing capital deployed in the region. Additionally, Senegal and Cote d’Ivoire are likely to continue gaining investors’ attention due to high levels of political stability and strong growth, respectively. However, the region remains underdeveloped, offering impact investors an opportunity to have significant impact through capital deployment. Investors noted a number of sectors that are attractive for investment, particularly energy, financial technologies, and agriculture.