Spearheaded by the Accra Angels Network in collaboration with The Innovation Spark, Innohub, and Asime Ventures, the group has announced the release of the “Ghana Startup Ecosystem Primer.”
Full report available here: GHANA Startup Primer.
Details
This comprehensive report offers a multifaceted view of the Ghanaian entrepreneurial ecosystem, presenting not only the successes but also the obstacles and stark realities faced by entrepreneurs, investors, and stakeholders.
Why This Matters
The last five years have been monumental in the lifecycle of the entrepreneurial ecosystem. Although still nascent, there has been an increasing number of innovative youth-led startups and solutions and entrepreneurial support organisations and initiatives.
The Ghana Startup Ecosystem Primer thus seeks to provide stakeholders with a landscape overview, take stock of what has transpired in the ecosystem, and recommend the policies required to take the ecosystem to the next phase.
Key Highlights
Key highlights and recommendations from the report include the following:
- Ecosystem Strengths: Ghana’s startup ecosystem is driven by a rich blend of cultural diversity, a youthful demographic, and a vibrant sense of community that fosters collaboration and creativity. It benefits from a growing pool of skilled talent, government support, and increasing interest from international investors, making it an attractive environment for startups. In the last four years, the ecosystem has witnessed nearly 100 early-stage investment deals totaling over $542 million.
- Leading Industries: Ghana’s startup ecosystem spans multiple sectors, with Fintech and Healthtech taking the forefront. 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 boasts a thriving network of hubs and accelerators that provide startups with invaluable support, mentorship, 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 spread across the country.
- Public & Private-Sector Initiatives: Ghana’s government, through initiatives like the National Entrepreneurship and Innovation Plan, actively supports the growth of startups. Private-sector players, including banks and corporate entities, are also investing in and partnering with startups, further fueling the ecosystem’s expansion and development.
- Recommendations: To propel Ghana’s startup ecosystem to new heights, we proposed five key recommendations. These include providing capital to early-stage technology funds domiciled in Ghana, the passage and effective implementation of the Ghana Startup and Innovation Act, introducing investor-friendly regulations, implementing guidelines for equity crowdfunding to enhance access to funding, and lastly, offering tax incentives to investors.
What They’re Saying
Commenting on the report, Sewu-Steve Tawia, a Founding member of the Accra Angels Network said, “Despite Ghana’s macroeconomic woes, entrepreneurs are still building great and sustainable startups rooted in Ghana’s and Africa’s realities. Reach out to us if you want to know more!”
The report is available for download at https://selar.co/GHstartupprimer
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