The Subsequent Wave: Ghana is opening for business

APRIL 25, 2021

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Ghana’s president Nana Akufo-Addo captured my attention final week Tuesday. His stirring keynote address region the tone for what turned into out to be a decent virtual convention by the African Deepest Equity and Venture Capital Affiliation (AVCA). 

By now, the novelty of Twitter’s announcement of a fundamental ever Africa region of labor in Ghana has frail off. But whenever you happen to position it in context of Ghana’s overarching plans to turned into the most widespread destination for tech in Africa, the inquire of turns into: who else is intelligent to Ghana soon?

Akufo-Addo’s address teased what the blueprint is. But first, a message from our companions:


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Now, let’s dive in.

The argument for Ghana is no longer about market size. It is smaller than the four worldwide locations that respect attracted up to 80% of mission capital investment in Africa over the final three years.

It is no longer about an overabundance of talent. 

In a miles off-work world, it’s far much less complex to source and work with talent dispensed across the enviornment (cue Andela’s growth beyond Africa to Latin The USA). Some of the jobs at Twitter’s Ghana region of labor will seemingly be taken by Nigerians fascinated about the very Nigerian necessities.

On the other hand, Ghana is promising an ingredient an primary for the business of innovation: a non-adverse ambiance that is welcome to capital.

TC Insights

Experiments can respect to peaceable be funded

For any African country to turned into really revolutionary, varied entrepreneurial experiments respect to happen on the identical time. 

No longer all experiments will succeed however they respect a excellent shot at surviving if their efforts are encouraged, in want to impeded. Even screw ups can provide classes that compound in direction of future successes for our collective society.

The actual fact is that the 21st century’s most helpful experiments in entrepreneurship (Apple, Amazon, Tesla, etc) require huge capital. Most African governments cannot provide this improve, subsequently the need for non-public equity and mission capital.

So what’s going to Ghana assemble? Right here’s what Akufo-Addo talked about to the AVCA viewers:

“For us, in Ghana, we respect labored to name one of the most constraints inhibiting the market divulge of non-public equity funding in the country, which entails high inflation, the depreciation of the forex, competing authorities funding worth, monetary literacy, household agencies hesitant to cede protect watch over to outsiders, valuation points, and SME financials which have to no longer in grunt.”

That is the Ghana president asserting
‘bring your money right here, we would possibly perchance presumably no longer be on your methodology with

questionable money printing

and other shenanigans.’

TC Insights

And not utilizing a doubt phrases are more inexpensive than action. 

Some social points can also stand in Ghana’s plans to usurp its African opponents for world funds. The lived ride of some Nigerians in Ghana respect raised concerns about xenophobia, which is no longer the reputation a country commence to investments desires. 

There is a political inquire of too: the 77-year-used Akufo-Addo began a second term as president in January and can respect to peaceable be out of region of labor in four years. The non-public equity and mission capital trade flourishes on long-term steadiness because their investments seize years to generate returns; who can guarantee that? 

Akufo-Addo appears to be to respect a opinion:

“Let us set in region the monetary infrastructure an primary to take in foreign capital efficiently, and undertake rapid policy and structural reform to appeal to non-public flows that Africa desires.

Sadly, worldwide locations that dart into reverse on reform will rating their rating admission to to world capital restricted, and what is obtainable to them will seemingly be equipped on dearer terms.”

Perhaps it’s no longer an staunch opinion. It would even be a thinly-veiled dig at a clear West African country, or a advice to the rest of the continent. It sounds fancy a correct advice. She who has ears… 


Talking of Ghana, respect you ever learn the parable of how the authorities collaborated with mPharma to distribute Covid-19 vaccines in the country? Gregory Rockson, the startup’s CEO, spoke to Daniel Adeyemi and gave a candid fable of the social and business facets of the form of partnership.

goes solid in Egypt. No longer the voice $39 billion Instacart however a Cairo-essentially based startup known as Appetito which raised $450alright to originate out tech-enabled grocery offer in North Africa. Right here’s a fast on what Appetito’s mannequin is

Feels fancy we respect had more insurtech news in the principle half of of this year than in all of 2020 (somebody truth-check that please). The most up-to-date is from Mali the build OKO has raised $1.2million in a seed spherical that entails Techstars, among other traders. The startup’s middle of attention is insurance protection for farmers and is contemporary in Uganda as effectively. One to protect an deem about on.

It’s the final week of April!

Thanks for reading the final Subsequent Wave for April. Hope you are peaceable conserving earn whenever you happen to are out in public locations – offer protection to others by wearing your disguise and sanitizing your fingers.

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– Alexander O. Onukwue, Workers Author, TechCabal

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