Ghanaian healthtech mPharma has secured a new strategic investment from Growth Investment Partners (GIP) Ghana, an investment platform established by the UK’s development finance institution, British International Investment (BII).

The new funding, the value of which was not disclosed, comes at a pivotal moment for the company. It follows a significant leadership transition, with Kwesi Arhin taking over as CEO. This investment signals a strong vote of confidence from BII, a long-term backer, in the new leadership’s vision for regional expansion.

The capital is earmarked to strengthen mPharma’s operations in Ghana and, most notably, to finance its expansion into Francophone West Africa, with an immediate focus on Togo and Benin.

 The New Strategy: Francophone Africa

The investment’s core objective is to scale mPharma’s QualityRx franchise model. This model empowers local, independent pharmacies by improving their inventory management and operational efficiency, ultimately aiming to lower costs and increase the availability of essential medicines for patients.

Jacob Kholi, CEO and Investment Officer of GIP Ghana, noted that the partnership aligns with GIP’s mission to back businesses providing essential services. He stated that expanding mPharma’s reach in Francophone countries would “increase access to affordable medicines and bolster regional healthcare resilience.”

For mPharma, the new funding provides the necessary fuel for this next growth phase. “With GIP’s support, we can continue to improve patient care and ensure equitable access to quality medicines throughout Ghana and Francophone West Africa,” said Kwesi Arhin, CEO of mPharma.

BII, which provided up to $50 million in anchor capital to establish GIP Ghana in 2023, views the deal as a way to deepen its impact. Kwabena Asante-Poku, BII’s Country Director for Ghana, added that the partnership would “accelerate mPharma’s growth in Francophone markets while strengthening health systems.”

A Decade of Growth

Founded in 2013, mPharma has grown into one of Africa’s leading healthcare providers by tackling supply chain fragmentation. The company operates a network of mutti pharmacies and offers virtual consultations through its mutti Doctor platform.

Its business model has demonstrated significant traction:

• Rapid User Adoption: The ‘mutti’ membership programme grew from under 10,000 members in 2019 to an estimated 400,000 by the end of 2024.
• Tangible Impact: According to the company, over 70% of members report paying lower prices for drugs, and 75% say they no longer face stockouts of essential medicines.
• Specialised Care: mPharma also runs targeted programmes for chronic disease management. Its Diabetes Test & Treat initiative, for example, has reportedly achieved blood sugar control in 80% of its patients within six months.

The company currently operates in six African countries. This new investment from GIP is set to deepen its footprint in Ghana while officially planting its flag in the neighbouring Francophone markets of Togo and Benin.