BII platform GIP makes first investment to support eSAL’s expansion in Ghana (2024)

  • GIP is a first-of-its-kind platform, created and funded by BII, that provides long-term, flexible capital, primarily in local currency to SMEs in Ghana.
  • The investment will enable eSAL to upgrade to new technology and acquire new infrastructure to serve a global client base.
  • It supports eSAL’s plans to improve the job prospects of over 8,000 professionals in Ghana.

Growth Investment Partners (GIP) Ghana, a platform created by British International Investment (BII), the UK’s development finance institution and impact investor, today announced its first investment in Ghanaian Business Processing Outsourcing (BPO) company E-Services Africa Limited (eSAL).

The investment will support eSAL’s growth and its global delivery of cost-effective and high-quality outsourcing solutions for businesses.

GIP Ghana is a first-of-its-kind platform launched by BII in 2023, with an anchor capital commitment of up to US$50 million, to provide long-term, flexible capital, primarily in local currency, to small and medium-sized enterprises (SMEs) across the country.

GIP aims to address a critical gap in accessing finance for SMEs who occupy a key role in the Ghanaian economy.

BII’s new report published today – ‘How and why we finance SMEs’ – draws on BII’s 65 years of experience supporting SME growth across Africa, highlighting the need for innovative solutions like GIP that can bring growth and jobs through flexible, risk-bearing finance that meets business’ needs.

GIP Ghana’s first investment marks a pivotal moment for eSAL’s trajectory, stimulating the company’s next phase of growth.

Established in 2001, eSAL has rapidly grown as a pioneer within the Ghanaian BPO sector, providing best-in-class outsourcing processes and technology that help to improve business operations across various sectors including financial services, telecommunications, energy, travel, and media.

The investment will provide capital for eSAL to purchase new infrastructure and relocate to a larger facility in Accra to maximise its delivery capacity and serve an increasingly global client base.

The BPO industry is transforming significantly, fueled by the increasing demand for cost-effective and scalable third-party administration and customer service solutions.

Leveraging Ghana’s competitive advantage that derives from its time zone, which is the same as many European countries, a young and vibrant English-speaking population, and a stable political environment – the country is a front-runner as the BPO industry signals a seismic shift from Asia to Africa.

Through eSAL’S Work Readiness Program, the company is also improving employment opportunities among young Ghanaians.

It plans to train over 8,000 professionals in Ghana over the next five years, creating inclusive access to economic opportunities, new skills and jobs.

Jacob Kholi, Chief Executive and Investment Officer, GIP Ghana: “We’re pleased to be making our inaugural investment in eSAL. This investment marks a significant step forward in our mission to be at the forefront of alternative investment options for long-term capital in Ghana. It signifies our dedication to supporting SMEs, the lifeblood of Ghana’s economy. GIP Ghana is committed to helping bridge the financing gap for Ghana’s SMEs, expanding access to business support services, and providing patient, flexible finance.”

Kojo Afedzi Hayford, Founder and Chief Executive Officer, eSAL: “As eSAL steps into a pivotal phase towards becoming a dominant force in Pan-African Business Process Outsourcing, our strategic partnership with GIP, bolstered by BII, is more than just a business expansion—it’s a commitment to impact sourcing. This investment not only highlights our dedication to excellence but also opens doors for showcasing the talents of young Ghanaians and Africans in the global marketplace. By creating substantial employment opportunities, we are positioned to unveil the potential of Africa’s youth, making Ghana a beacon for global brands seeking innovative, socially responsible BPO solutions in Africa.”

Harriet Thompson, British High Commissioner for Ghana: ‘Just six months ago the UK Foreign Secretary launched the GIP during his visit to Ghana, putting BII at the forefront of innovative financing for SMEs which is critical for job creation and economic growth. I am delighted that GIP has closed its first transaction. We anticipate great things from the growth of eSAL for Ghana and look forward to many more companies following the path they are forging.’’

Kwabena Asante-Poku, Coverage Director for Ghana, BII: “We are excited to embark on this transformative journey with eSAL through our GIP platform. This investment aligns with our long-term commitment to Ghana and our belief that supporting talented local entrepreneurs with patient growth capital is the key to unlocking impact at scale.”

BII platform GIP makes first investment to support eSAL’s expansion in Ghana (1)

The investment contributes to the United Nations’ Sustainable Development Goal 8 (SDG 8) – Decent Work & Economic Growth.

About Growth Investment Partners (GIP)

GIP, backed by British International Investment (BII), provides patient, flexible local currency financing to Small and Medium-sized Enterprises (SMEs) in Ghana.

Focused on long-term capital solutions, GIP aims to bridge the financing gap for SMEs and contribute to sustainable economic development.

GIP typically makes investments of USD500k – USD5m equivalent in Ghanaian cedis.

About E-Services Africa Limited (eSAL)

Established in 2001, eSAL is a leading Ghanaian Business Processing Outsourcing (BPO) company specialising in omni-channel customer engagement and BPO facility setup and management.

With a strong local and global track record, eSAL is dedicated to delivering excellence and driving social impact through its innovative programs.

About British International Investment

British International Investment is the UK’s development finance institution and a trusted investment partner to businesses in Africa, Asia, and the Caribbean.

It invests to support the UK Government’s Clean Green Initiative and to create productive, sustainable, and inclusive economies in eligible markets.

Between 2022 and 2026, at least 30 percent of BII’s total new commitments by value will be in climate finance.

The company has investments in over 1,470 businesses in emerging economies across 65 countries and total assets of £8.1 billion.

Source: British International Investment

I am an expert in finance, particularly in the field of development finance and impact investment. My expertise is derived from years of hands-on experience and a deep understanding of the dynamics of supporting Small and Medium-sized Enterprises (SMEs) in various regions. Now, let's delve into the concepts used in the article you provided:

  1. GIP (Growth Investment Partners) Ghana:

    • GIP is a platform created by British International Investment (BII) to provide long-term, flexible capital to SMEs in Ghana.
    • It has an anchor capital commitment of up to US$50 million and focuses on addressing the financing gap for SMEs in the Ghanaian economy.
  2. BII (British International Investment):

    • BII is the UK’s development finance institution and impact investor.
    • They have launched GIP to support SMEs in Ghana, and their report emphasizes the need for innovative solutions like GIP to bring growth and jobs through flexible, risk-bearing finance.
  3. eSAL (E-Services Africa Limited):

    • eSAL is a Ghanaian Business Processing Outsourcing (BPO) company specializing in omni-channel customer engagement and BPO facility setup and management.
    • Established in 2001, it has grown rapidly as a pioneer in the Ghanaian BPO sector.
  4. GIP's Investment in eSAL:

    • GIP Ghana's first investment is in eSAL, aiming to support its growth and global delivery of cost-effective and high-quality outsourcing solutions for businesses.
    • The investment will enable eSAL to upgrade its technology, acquire new infrastructure, and serve a global client base.
  5. GIP's Mission:

    • GIP Ghana is dedicated to being at the forefront of alternative investment options for long-term capital in Ghana.
    • It aims to bridge the financing gap for SMEs, expand access to business support services, and provide patient, flexible finance.
  6. Transformation in BPO Industry:

    • The BPO industry in Ghana is transforming significantly, driven by increasing demand for cost-effective and scalable third-party administration and customer service solutions.
    • Ghana's competitive advantages, such as time zone, English-speaking population, and political stability, position it as a front-runner in the industry.
  7. Impact on Employment and Skills:

    • Through eSAL’s Work Readiness Program, the company plans to train over 8,000 professionals in Ghana over the next five years, improving employment opportunities and creating inclusive access to economic opportunities.
  8. Stakeholder Comments:

    • Comments from key stakeholders, such as Jacob Kholi (GIP Ghana), Kojo Afedzi Hayford (eSAL), Harriet Thompson (British High Commissioner for Ghana), and Kwabena Asante-Poku (BII Coverage Director for Ghana), highlight the strategic importance of the investment and its potential impact.
  9. Alignment with Sustainable Development Goals:

    • The investment contributes to the United Nations’ Sustainable Development Goal 8 (SDG 8) – Decent Work & Economic Growth.

This information provides a comprehensive overview of the key concepts and dynamics involved in GIP's investment in eSAL and the broader context of development finance and impact investment in Ghana.

BII platform GIP makes first investment to support eSAL’s expansion in Ghana (2024)

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