TLG Capital launches Ghana's first local-currency private credit fund
What's the deal? London-based TLG CapitalDealroom has a profile for this one. Try Dealroom →, founded by Zain Latif, has launched what it calls Ghana's first local-currency private credit fund, targeting small and medium-sized enterprises. The firm aims to lend directly in Ghanaian cedis, insulating borrowers from foreign-exchange volatility. The fund size was not disclosed.
Why it matters: Many regional companies earn local revenue but service dollar-denominated debt, a mismatch that strains repayment. By lending in cedis, TLG removes that currency risk and targets a segment with limited long-term financing.
Why now? The launch follows TLG's expansion in neighbouring Nigeria, where it has committed over $65 million to 16 mid-sized businesses over the past two years. Its naira-denominated fund with FCMBDealroom has a profile for this one. Try Dealroom → attracted local pension-fund backing, and its Africa Growth Impact Fund II reached a $195 million second close in 2026.
What's the context? TLG, established in 2009 by former Wall Street bankers Latif and Isha Doshi, finances firms too large for microfinance lenders yet too small for global funds. It has structured over $250 million across 50 deals, backed by development finance institutions including the World BankDealroom has a profile for this one. Try Dealroom →'s International Finance Corp., Norfund, Swedfund, and Bpifrance.
The firm recently closed a credit facility for Nigerian solar-cooling company Koolboks, pairing its private credit with a guarantee from CascadorDealroom has a profile for this one. Try Dealroom → delivered with Morgan Stanley — its second joint deal within weeks. To manage default risk across fragmented jurisdictions, TLG relies on bank guarantees and standby letters of credit rather than hard collateral.
The signal: TLG's move extends a broader push to build African private credit in local currencies, alongside efforts such as British International Investment's Growth Investment Partners Ghana, which offers flexible cedi financing to SMEs. Latif estimates African small enterprises represent an untapped $1 trillion market, generating roughly 80% of jobs in key economies.
Read more: shore.africa
Image credit: Guido Sohne
