Ghana puts forth one of the strongest startup ecosystem frontiers in Africa. The nation continues to follow the footsteps of major hubs of the continent–Egypt, Kenya, Nigeria, and South Africa. The emergence of the new generation of entrepreneurs impacts Ghana’s economic growth. You have new players like Betway coming up, for instance. Yes, Betway Ghana is more popular than ever. More people are using Betway to bet online today, but Betway isn’t the only startup to take a note of.
The Age of Startups
Ever since 2013, Ghana’s startup game developed thanks to foreign capital investments with every passing year. This makes endeavors such as meQasa, mfarmPay, ExpressPay, InterPay, TroTroTractor, Asorbia, and Snoocode extremely competitive. When it comes to business approaches, the country is leaving no stone unturned to test and implement new models. Whether business-to-business, farmer-to-business, farmer-to-consumer, business-to-enterprises, pushing out different business models are proving valuable to the ecosystem.
Recent Ecosystem Growth
The former Ghanaian government wasn’t focused on how new startups could transform the ecosystem in terms of job creation. Their prime focus was urban development, gold, and cocoa through seminars and global summits. With the change of government, there is an urgency to pursue the growth on a strategic level via targeted policies. Example: Initiation of key policies focused on building ecosystems such as the National Entrepreneurship and Innovation Plan (NEIP).
Exchange of Resources
Groups from different countries show interest in expanding knowledge transfer along with the exchange of information and resources. The Indian, Dutch, and the French governments are keen towards building affirmative relations with ecosystem builders in Ghana. Their goal is clear; future collaboration.
Let’s Talk Numbers
Research on 522 ventures registered in Ghana shows a clear relationship between their performance and the support they receive from the ecosystem. For instance, 50 percent of companies participating in secure funding schemes get support. The average funding secured by the startups is 2.5 times higher going up to $322,000 USD.
71 percent of these ventures are creating jobs with approximately 8 FTE per undertaking. A significant contribution from 60 percent of the employees aged between 12 to 35 years is critical for the nation. It further benefits the growth and development of the Ghanaian
How did Ghana Support Startups?
Despite its under-developed state, Ghana is still somewhat lagging behind in terms of capital. Ecosystem builders continue to offer robust support to the nation’s startups. They encourage foreign investments and regardless of the country’s limited access to resources, fund the startups adequately.
Ghanaians often focus on organizing events rather than actual implementation. The ambition is positive, but the implementation isn’t always clear. Ghana’s president, Nana Addo Dankwa Akufo-Addo, is present at such events to support the nation’s ecosystem. As the startup ecosystem in Ghana continues to develop, one thing is certain: Ghana will produce efficient and decent startups across the African continent and internationally.
What do you think of the Ghana economy today?
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