Led by Accra Angels Network in partnership with The Innovation Spark, Innohub and Asime Ventures, the team announced the launch of “Ghana Startup Ecosystem Primer.”
The full report is available here: GHANA Startup Primer.
Details
This comprehensive report offers a multifaceted view of Ghana’s business ecosystem, showcasing not only the successes but also the obstacles and stark realities facing entrepreneurs, investors and stakeholders.
Because this matters
The past five years have been monumental in the life cycle of the business ecosystem. Although still nascent, there is a growing number of innovative startups and solutions and entrepreneurship support organizations and initiatives.
The Ghana Startup Ecosystem Primer thus seeks to provide stakeholders with an overview of the landscape, take stock of what has happened in the ecosystem and suggest the policies needed to take the ecosystem to the next phase.
Basic points
Key points and recommendations from the report include the following:
- Ecosystem Benefits: Ghana’s startup ecosystem is driven by a rich mix of cultural diversity, a young demographic and a vibrant sense of community that fosters collaboration and creativity. It benefits from a growing pool of skilled talent, government support and growing interest from international investors, making it an attractive environment for start-ups. Over the past four years, the ecosystem has seen almost 100 early stage investment deals in total over $542 million.
- Top Industries: Ghana’s startup ecosystem spans many sectors, with Fintech and Healthtech leading the way. Other key industries include Agritech, Energy and Water, and Logistics and Transportation. These sectors offer local and global opportunities, aligning with Ghana’s development goals and providing innovative solutions to societal challenges.
- Hubs & Accelerators: The ecosystem has a thriving network of hubs and accelerators that provide startups with invaluable support, guidance and resources. Incubators like MEST and hubs like Impact Hub Accra are at the forefront of nurturing and accelerating startups. There are over 100 hubs across the country.
- Public & Private Sector Initiatives: The Government of Ghana, through initiatives such as the National Entrepreneurship and Innovation Scheme, actively supports the growth of start-ups. Private sector players, including banks and corporate entities, are also investing and partnering with startups, further fueling the expansion and growth of the ecosystem.
- Recommendations: To propel Ghana’s startup ecosystem to new heights, we have come up with five key recommendations. These include providing capital to Ghana-based early-stage technology funds, passing and effectively implementing the Ghana Startup and Innovation Act, establishing investor-friendly regulations, implementing crowdfunding guidelines to boost of access to finance and finally the provision of tax incentives to investors.
What they say
Commenting on the report, Sewu-Steve Tawia, founding member of the Accra Angel Network, said: “Despite Ghana’s macroeconomic woes, entrepreneurs are still building great and sustainable startups that are rooted in Ghanaian and African realities. Contact us if you want to know more!”
The report is available for download at
Follow us on our WhatsApp channel, Twitterand Instagramand subscribe to our weekly newsletter to make sure you don’t miss any news.