GroFin Client - Firm Foundation Ghana

Firm Foundation Ghana – GroFin Client and School of Choice

Firm Foundation Ghana has become the school of choice for parents in the catchment area and is consistently the top performing school in the Ga West area for the Basic Education Certificate Examination (BECE). An average of 25% of students that obtain their BECE at Firm Foundation continue their education through tertiary institutions.

The school’s student population had grown dramatically from an initial intake of 358 students in 2008 to 1,095 students in 2009. By the start of the school year in 2010, the student population had risen to 1,625, putting significant pressure on the school system and parents.

Selorm Abotsi is an example of a Grade 5 learner at Firm Foundation. Many of her school mates have had to endure a transport route that included a 30-minute walk from home followed by a 1-hour bus ride leaving them exhausted before they attended a single class. Rapid growth in the Ga West region was stretching the Firm Foundation facilities and the lack of transport infrastructure was limiting students’ capacity to learn due to the fatigue of the morning commute. These challenges led entrepreneur Michael Boakye Yiadom to seek the finance needed to extend the school’s facilities and provide transport to their students.

In 2011, Firm Foundation approached GroFin for funding to accelerate their facility expansions so that they could accommodate the demand for places from new students. Three buses were also purchased to overcome the transportation problems from remote areas. A loan of US$ 1.1M was used to pay off a bank loan, purchase the buses, complete a laboratory, build a classroom block, a girl’s dormitory and provide seed capital for a secondary school. Besides the financial support, GroFin provided business support services, completely revamping the school management software and assisting to streamline operations. The innovative payment scheme has created an opportunity for parents to match their school fee payments with their income cycle thus helping to reduce bad debts and give access to private education to a greater number of families.

“Our partnership with GroFin has enabled us to reach new areas with quality education and open doors of opportunity for the next generation.” Michael Boakye Yiadom.

Since GroFin’s investment, the student population has increased by over 30%, growing from 1,625 students to 2,130 and the number of staff employed from 85 to 128. Revenues have risen from 700,000 to 1.2 million Ghanaian Cedi.

“Our relationship with GroFin has been very good. Without them, we wouldn’t have come this far,” says Mr. William Klormegah, the accountant of Firm Foundation Montessori Academy.