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 Process 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 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.’’
Nick O’Donohoe, Chief Executive Officer, BII: “We are thrilled as the UK’s development finance institution to facilitate the first investment through our GIP platform in eSAL. BII research shows that SMEs in developing countries have identified access to finance as their largest obstacle, inhibiting their growth and productivity. By providing innovative financial products that differ from the standard market offering and leveraging BII’s vast expertise in supporting SME growth in developing economies, GIP will tailor its financing to the needs of businesses based on long-term earning potential, not just short-term track record and collateral.”
The investment contributes to the United Nations’ Sustainable Development Goal 8 (SDG 8) – Decent Work & Economic Growth