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FSD Africa co-funded the Digital Frontiers Institute (DFI) from 2016 to 2021 to train digital finance professionals in low-middle income countries. The partnership established the Certified Digital Finance Practitioner (CDFP) qualification and reached over 15,000 professionals. Key achievements include the creation of 22 Communities of Practice across 20 countries and the development of 47 DFS regulations, policies, or directives.

The document analyzes insurance penetration and market performance in Ghana, Nigeria, Kenya, and Rwanda, highlighting a significant risk-protection gap. In Nigeria, only 8% of 138 million adults with bank accounts and mobile phones are covered by insurance. Across the four countries, the combined insurance asset base exceeded USD 10 billion in 2016, yet investments remain predominantly short-term, and a large portion of non-life risk is transferred offshore, particularly in Nigeria (81%) and Ghana (65%).

The RRI programme, a partnership between Cenfri and FSD Africa, worked to remove barriers to inclusive finance for an estimated 5.6 million people in sub-Saharan Africa. The initiative focused on regulatory reform, capacity building for 750 regulators, and providing advice to 530 financial service providers to foster innovation in payments, insurance, and remittances. Key findings highlight that simple adaptations to supervisory processes are often more effective than complex regulatory sandboxes and that regional payment and data infrastructure are critical for the success of the African Continental Free Trade Agreement (ACFTA).

The white paper argues that African capital market regulators often face a dual mandate of both developing and regulating markets, which requires a proportional approach based on the market's maturity. It introduces a five-stage analytical framework—Foundational, Nascent, Emerging Early, Emerging Maturing, and Advanced—to help regulators determine whether to focus on building blocks, commodity markets, or sophisticated financial products. The report highlights that while some regulators like Morocco's AMMC are well-aligned, others face operational deficits or inefficiencies. It suggests a fluid funding mix of government and industry fees to ensure financial sustainability and independence.

FSD Africa Investments (FSDAi) uses a 'test, accelerate, and mobilise' strategy to deploy catalytic capital into African financial markets, focusing on high-risk, early-stage investments to unlock commercial finance. Since 2017, it has committed US$114 million across 19 transactions, targeting sectors such as renewable energy, climate adaptation, and financial inclusion. The organization emphasizes a 'gender lens' to address the US$42 billion financing gap for women entrepreneurs in Africa and is increasingly aligning its portfolio with the Paris Agreement on Climate Change.

The document serves as a technical resource for designing and issuing gender bonds in Africa, aligning with International Capital Market Association (ICMA) standards. It details the issuance process for both use-of-proceeds (UoP) and performance-based bonds, emphasizing the need for gender-disaggregated data, internal working groups, and external reviews. The guide highlights the growth of the gender bond market in Africa, citing recent issuances in Morocco, Rwanda, South Africa, and Tanzania, and provides case studies and frameworks to help issuers direct capital toward women-owned MSMEs, housing, and leadership diversity.

The document serves as a practical resource for the issuance of gender bonds in Africa, detailing the process from preparatory work to post-issuance reporting. It defines gender bonds as mechanisms to channel funding toward projects reducing gender inequalities, categorizing them into use-of-proceeds (UoP) and performance-based structures. The guide emphasizes the importance of gender-disaggregated data, the role of external reviews (such as Second Party Opinions), and the support of Multilateral Development Banks (MDBs) as anchor investors. It highlights emerging markets in Morocco, Rwanda, South Africa, and Tanzania, and provides specific criteria for eligible projects, particularly the financing of women-owned micro, small, and medium enterprises (WMSMEs).

The GCF approved USD 3.7 billion for 76 projects across 79 developing countries, targeting a reduction of 1.3 billion metric tonnes of CO2 equivalent. Key operational developments include the launch of the Simplified Approval Process (SAP) Pilot Scheme, the adoption of an Indigenous Peoples Policy, and the establishment of an Environmental and Social Policy. The fund is also preparing for its first formal replenishment process and expanding its private sector engagement through dedicated pilot programmes for MSMEs and resource mobilization at scale.

The document outlines mandatory conditions and recommendations for multiple GCF funding proposals across various countries. General conditions for all proposals include the signing of a funded activity agreement (FAA) and completion of legal due diligence. Specific conditions target projects in Afghanistan (mini-grid market governance), Colombia (REDD+ emission reductions), Ghana (sustainability of shea landscapes), Sudan (conflict analysis and water infrastructure), and others. Recommendations from the independent Technical Advisory Panel (TAP) focus on quality assurance in Indonesia, policy advocacy in Nepal, and gender-inclusive decision-making in Sudan.

The Accreditation Panel recommends that the International Fund for Agricultural Development (IFAD) be upgraded to 'large' project size and 'high risk' (Category A/I-1) environmental and social risk categories. The assessment found that IFAD's fiduciary standards, project management capacities, and environmental and social safeguards fully meet GCF requirements for these expanded parameters.

The Green Climate Fund (GCF) promotes climate-resilient infrastructure to prevent cascading failures caused by extreme weather and to reduce emissions from cement and steel production. GCF employs six core principles, including the use of nature-based solutions and systemic risk assessments, to unlock public and private capital. Current initiatives include developing valuation methodologies for nature-based solutions in Jamaica, strengthening infrastructure pipelines in Ghana, hurricane-proofing buildings in Antigua and Barbuda, and financing an electric Light Rail Transit system in Costa Rica.

This report by the Green Economy Coalition reviews the first ten years of the SEED Awards (2005-2015), an initiative founded by UNEP, UNDP, and IUCN to support social and environmental enterprises. It analyzes the survival and impact of 202 SEED Winners across 37 countries, highlighting the role of multi-stakeholder partnerships and tailored support in fostering green and inclusive growth at the grassroots level.

The document advocates for the adoption of the 17 UN Sustainable Development Goals (SDGs) as a 'shared language' to harmonise fragmented sustainability data across governments, businesses, and investors. It identifies three primary barriers to this alignment: the proliferation of disconnected datasets, tenuous links between data suppliers and users, and data inequalities affecting the poorest populations. To overcome these, the report proposes five principles: setting direction through benchmarking, connecting stakeholders, sharing open data, integrating goals into institutional DNA, and communicating progress through integrated reporting. The text highlights the systemic risk of ignoring these goals, using the 2011 Thailand floods as an example of how environmental shocks create global economic disruptions.

The report finds that most green economy plans lack meaningful participation from marginalised groups, fail to specifically target the poorest to reduce inequality, and do not sufficiently address the limits to growth or the urgency of the low-carbon transition.

The report details the long-term struggle to pass the Petroleum Industry Bill (PIB) in Nigeria, starting from 2000. It highlights how political disagreements and institutional distrust have led to significant economic losses, estimated at $120 billion over eight years. The document analyzes the transition to the Petroleum Industry Governance Bill (PIGB) under the Buhari administration, which aims to unbundle the NNPC and limit the discretionary powers of the Petroleum Minister to improve transparency and attract investment.

The document examines the dual nature of artisanal small-scale mining in Ghana, noting that while it supports approximately one million people and contributes over 30% of gold exports, it is characterized by high informality and severe environmental degradation. Over 70% of miners are unlicensed, often due to licensing delays, leading to a lack of adherence to environmental standards. The brief argues that the state's current combative posture should be replaced by a formalization strategy involving the creation of cooperatives, decentralized permitting, and the enforcement of environmental reclamation laws to balance livelihood needs with ecological protection.

The report details Ghana's economic crisis in 2022, characterized by credit rating downgrades from Moody's, S&P, and Fitch, and a sharp depreciation of the cedi. It identifies the COVID-19 pandemic, the 2017 banking sector clean-up, and the Russia-Ukraine war as primary drivers, with the latter specifically impacting fertilizer costs and agriculture. Inflation rose to 31.7% by July 2022, driven by imported inflation and rising food prices. The government responded with policy rate hikes by the Bank of Ghana, increasing the rate from 14.5% in January to 22% by August 2022, and attempted to curb forex irregularities. However, the report notes skepticism regarding these measures, emphasizing the need for expenditure cuts and anti-corruption efforts to restore stability.

The document defines Local Economic Development (LED) as a participatory, bottom-up process aimed at improving economic conditions for a locality. It argues that while Ghana has a decentralization agenda and a National LED Policy (2013), implementation is hindered by low awareness, inadequate technical guidance, and a lack of dedicated funding. The report suggests that MMDAs must shift from top-down approaches to collaborative partnerships with the private sector, leveraging human capital, ICT, and territory branding to reduce poverty and unemployment.

The report examines the tension between the economic benefits of small-scale mining (ASM) and its severe environmental and social costs in Ghana. While ASM provides livelihoods for approximately one million people and supports community infrastructure, the majority operate illegally as 'galamsey' due to bureaucratic licensing hurdles. The research highlights extreme environmental degradation, including river pollution and deforestation, often exacerbated by mechanized operations introduced by foreign nationals. It argues against a blanket ban, suggesting instead a decentralized, cooperative-based formalization process supported by a special environmental tax and improved state monitoring.

The document outlines a framework for analyzing payments made by oil, gas, and mining companies to governments. It details ten specific tests—ranging from simple checks of payment types to complex revenue forecast comparisons—designed to identify 'red flags' or discrepancies that may indicate revenue loss due to bad deals, tax avoidance, or lack of enforcement. The guide emphasizes the use of supplementary data, such as fiscal terms and international commodity prices, to verify the accuracy of company disclosures.