Ghana Innovation Ecosystem Report 2022: Year in Review

“One of the critical elements of a successful digital ecosystem is recorded wins”

Adia Sowho, Chief Marketing Officer – MTN Nigeria

Ghana Innovation Journal of The Innovation Spark has synthesized data collected across the entire year of activity in Ghana. Bridging the data asymmetry gap between Startups, Investors, Development Partners and Corporates. The Innovation Spark team has maintained a multi prong approach when engaging in the innovation scene over the last few years This includes hosting and participating in startup programs, establishing innovation hubs, launching programs, running accelerators and engaging a wide array of stakeholders through the Ghana Innovation Journal Over the last two years, we have been privileged to journal and “record wins” within the ecosystem.

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Some of the highlights include:

•  Ghana reached an all-time high in startup investment in 2022. Startups raised $212 million (equity, debts, and grants) in 2022. Other sources place the total funding at $391 million 
•  Ghana maintained its position as the 5th top Venture capital (VC) destination in Africa 
•  Fintech was the darling sector (constituting 46% of total investment) of investors due to the growth it offers venture funds 
•  The year’s largest investment was mPharma’s $35 million Series D round 
•  71% of the total startup funding came from venture capital firms 
•  8% of the total funding went to female-led startups, while gender-diverse teams raised 9% of the total funding. Female-only teams raised 0.2% of the total funding 
•  45% of the capital raised was at the early stage, i.e. (pre-seed and seed start-ups) 
•  7 Merger and Acquisitions transactions were identified during the year 
•  At least fifteen startups expanded operations to eleven countries to expand their addressable market 
• As an ecosystem enabler, we aim to emphasize the significant accomplishments of Ghanaians both at home and in the diaspora. Our mission is to spark conversations and empower investors by providing clear, timely, and objective data on the ecosystem.

Do leave a comment with your reflections on the report.

If there are any questions, comments, inaccuracies, or incorrect information, please contact us at [email protected]

The Innovation Spark

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