London-based private credit firm TLG Capital, founded by Zain Latif, has launched Ghana’s first local currency private credit fund targeting small and medium-sized enterprises. News of the launch emerged last week after the firm welcomed Queen Máxima of the Netherlands to Ghana in her capacity as the United Nations secretary-general’s special advocate for financial health.

TLG targets cedi lending to curb currency risk

The new fund aims to insulate domestic borrowers from foreign exchange volatility while unlocking growth capital for underserved businesses. By lending directly in Ghanaian cedis, TLG eliminates the currency mismatches that often cripple regional companies earning local revenues while servicing dollar-denominated debt obligations.

The move comes as regional equities surge to record highs while relentless inflation hollows out household purchasing power, leaving workers hard-pressed to pay for basic necessities like rent, school fees and medical emergencies. With corporate profits booming alongside West Africa’s worst cost-of-living crisis in years, fund managers bear a growing responsibility to turn market gains into real financial resilience for everyday workers.

Aggressive West African expansion

The Ghana launch follows TLG Capital’s aggressive capital deployment across neighboring Nigeria, where the firm has committed over $65 million to mid-sized enterprises over the past two years. The asset manager recently closed a structured credit facility for solar freezer manufacturer Koolboks.

That transaction paired TLG debt with an institutional credit guarantee from regional accelerator Cascador, structured alongside Morgan Stanley. Marking their second joint deal within weeks, the facility demonstrates how private credit funds are bypassing traditional commercial banks to resolve persistent supply-chain bottlenecks.

Founded in Paris in 2018 by Ayoola Dominic and Deborah Gael, Koolboks will use the non-dilutive debt to expand inventory and distribution. The credit line builds on an $11 million Series A round closed in 2025 that blended equity, concessionary debt and commercial grants.

Exploiting banking blind spots

Former Wall Street bankers Zain Latif and Isha Doshi established TLG Capital in 2009 to finance businesses caught in an institutional blind spot. Latif previously worked at HSBC, Merrill Lynch and Goldman Sachs, while CFO Doshi is an alumna of Lehman Brothers.

These mid-tier firms are too large for microfinance lenders yet too small for global sovereign funds. To mitigate default risks across fragmented legal jurisdictions, TLG relies on counterparty bank guarantees and standby letters of credit rather than hard collateral, accelerating deployment cycles.

Backed by development finance institutions including the World Bank’s International Finance Corp., Norfund, Swedfund and Bpifrance, TLG has structured over $250 million across 50 deals. Latif estimates African small enterprises represent an untapped $1 trillion market, generating roughly 80 percent of jobs in key economies.