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2024

ANNUAL REPORT

We believe in investing in people, ideas, and institutions that fuel a vision of a flourishing Africa. Through strategic funding and partnerships, we are seeing steady advancements. 

As we publish our first Annual Report, Ashesi Foundation Canada is celebrating our third year of operation. We have made strides in setting up an organization and strengthening compliance.

We are also growing our engagement with Canadian universities with a global outlook and making investment choices that allocate up to 5% of our endowment to African managers. We are listening and responding to the new opportunities that are emerging for our partners.

Most importantly, we are supporting the incredible advances of inspiring young people, ventures that are solving real-world problems, and the collective efforts to lift the education system across Africa.

This report celebrates our progress and provides much to be excited about. We hope you continue to stay connected.

Meredith Lee

Executive Director

Ashesi students meeting in courtyard

320,000

Students Impacted by Education Collaborative

When Bashir Idris, an academic leader from Limkokwing University in Sierra Leone, attended a West Africa convening hosted by the Education Collaborative, he saw an opportunity to improve how his university engaged with employers and industry. Inspired, he and his university took action.

“When I returned from the West Africa Hub convening, I realized the gaps in our Career Services. We hired staff and are now looking at implementing some of the frameworks we learned at the convening. It truly opened my mind to what is possible here in Sierra Leone and at Limkokwing University.”

With grant support from The Education Collaborative, Limkokwing launched a career services department and hosted Sierra Leone’s first-ever national career fair.

The Education Collaborative leads a collective engagement model that seeks to transform higher education outcomes in Africa. The initiative uses a network approach to build trust and foster collective commitments among higher education leaders and stakeholders. 

The Collaborative, in partnership with Ashesi Foundation Canada, has made remarkable progress towards a goal of reaching 1 million students by 2030. 

Bashir and his colleagues at Limkokwing are among 580 educators and administrators to have engaged with the Education Collaborative since its inception and been inspired to act. Limkokwing, his University, is one of 470 institutions engaged. Collectively the network has reached 320,041 students through tailored programmes and initiatives.

580

educators engaged

470

institutions engaged

60

formal members

Limkokwing_Fair_Edu_Collab_a
2024-EAHC
Limkokwing_Fair_Edu_Collab_c
Ashesi student clapping hands

90

STORIES OF POSSIBILITY

This year, we supported scholarships for ninety students, covering tuition and, in many cases, housing. These students come from Ghana, Nigeria, Côte d’Ivoire, Zimbabwe, Burundi, and Cameroon, and are pursuing degrees in Business Administration, Computer Science, Electrical, and Mechanical Engineering.

Scholarships do more than cover expenses for education—they unlock leadership, drive innovation, and empower students to create lasting impact. Through our partnerships, we are committed to expanding access for future scholars and ensuring that financial barriers do not stand in the way of Africa’s brightest minds.

In high school in Burkina Faso, Grace Sawadogo was captivated by a friend’s motorized bicycle and wondered why such innovations weren’t being made locally. Determined to be part of the solution, she explored mechanical engineering and chose to pursue it in university. She also sought an African education that kept her close to family and allowed her to address local challenges—and thanks to a scholarship she is now at Ashesi. 

“Ashesi University is the perfect place for me,” she says.

ENABLING INNOVATION & ENTREPRENEURSHIP

Africa’s future will be shaped by entrepreneurial leaders who see challenges as opportunities—and we are investing in the talent and ideas that will unlock such potential. This year, we provided support for 20 entrepreneurial ventures through Ashesi University’s Entrepreneurship Centre. 

We also helped advance the Africa Health Collaborative, a transformative network of 9 higher education institutions and the Mastercard Foundation. The network is empowering healthcare stakeholders and actors in Africa to strengthen the continent’s health systems. Working with Ashesi University, we supported some 50 ventures that are rethinking prosthetics, advancing mental health care, and introducing sustainable solutions to some of Africa’s most pressing healthcare challenges.

These young innovators are moving from concept to company, building ventures that create jobs, solve urgent problems, and push industries forward. Whether it’s  expanding fintech access, or tackling environmental sustainability, the entrepreneurs we supported are proving that African-led startups are thriving.

70

entrepreneurs supported

$20,000

committed per entrepreneur

47%

are women

“I get emotional when I think about people using our products like the bionic arm.”

Michael Danquah, a Mechanical Engineering graduate from Ashesi University, co-founded Ozone Technologies in 2020 to make mobility accessible for all. Using 3D printing and robotics, Ozone provides affordable bionic prosthetics for low to middle-income communities. Through support from Ashesi, a member of the Africa Health Collaborative, Ozone is expanding its reach by partnering with rehabilitation centres.

INVESTING IN INFRASTRUCTURE

In partnership with Ashesi University, we have helped to build a campus co-ed dormitory for students. The dormitory comprises six buildings linked by corridors and courtyards and will house 264 students.  Common areas include a snack bar, a roof terrace for gatherings and events, and other gathering areas. The project was scheduled for completion in February of 2025. However, it started receiving students in January of 2025.  

We are also working with Ashesi to construct a complex for Science, Technology, Engineering, and Math. Construction for the project started in September of 2024. This complex will include, among other things, computer labs, a biochemistry lab, a physiology lab, an engineering lab, a library, classrooms, and other teaching, learning, and administrative offices. It will house various programmes including Mechatronic Engineering, Bioengineering,  Computer Science, Startup & Innovation space, and Research Labs. The project is slated for completion in the fall of 2026. 

$9,874,770
DISBURSED

Programme
Disbursements
Education Collaborative
$1,480,000
Entrepreneurship & Innovation
$1,126,893
Scholarships
$775,000
Infrastructure
$6,492,877

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Through disciplined management of the Mastercard Foundation Endowment for Educational Excellence, we continue to balance mission-driven grantmaking with long-term liquidity and growth.

Our investment portfolio continues to benefit from the support of a dedicated investment committee and Commonfund, which acts as an external Chief Investment Officer. In 2024, our investment portfolio has delivered returns of 10.9%.

By balancing financial performance with bold philanthropy, we ensure that we can continue to unlock opportunity for generations to come.

OUR PEOPLE

Welcoming Aissatou Diajhate to our Board of Directors

This year, we welcomed a new member to our Board of Directors. With her strong background in institutional partnerships, philanthropy and student engagement, Ms. Diajhate currently leads strategic initiatives to enhance external relations and streamline inaugural student admission processes at the African School of Governance in Rwanda. She holds a Master of Development Administration (MDA) from Western Michigan University and B.A. in English from Cheikh Anta Diop University in Dakar, Senegal.

Before her current role Ms. Diajhate was the Chief of Staff & Advisor to the President & CEO of Mastercard Foundation in Toronto, Canada. She also previously served as Country Representative of Mastercard Foundation in Ghana, Director of Programs at the Stephen Lewis Foundation, and as Director of Admissions at Suffolk University’s inaugural campus in Africa headquarters in Dakar, Senegal.

Board Chair, Patrick Awuah, Receives Honourary Doctorate from University of Toronto

For his outstanding commitment to global education and deeply rooted desire to do good in the world, Awuah received a Doctor of Laws, honoris causa, from the University of Toronto. 

Watch His Address

LOOKING AHEAD

We are just getting started. In the year ahead, we will support new students with scholarships as they begin their journey at Ashesi, and make progress on the STEM Complex to enable more opportunities for students.

We will also advance entrepreneurial support, with funding and mentorship for startups. Finally, we will look to grow the Education Collaborative to include more partner universities.

Our mission is clear: to empower African talent, build world-class institutions, and help shape a continent led by ethical, entrepreneurial leaders. We invite you to be part of the journey.

Ashesi Foundation Canada
507 King Street, Unit 320
Toronto, Ontario, M5A 1M3, Canada
Phone: +1 647 482 2325
Email: foundation@ashesi.org
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