Baseline report on Venture Capital and Private Equity in Ghana launched

Baseline report on Venture Capital and Private Equity in Ghana launched

Ghana's asset class has seen an average annual growth of 14.4 per cent, reaching nearly $7 billion in 2023.


This growth has not only created over 44,000 direct jobs but also significantly improved access to essential services like healthcare and education, while contributing to climate action.

This was revealed in a baseline report dubbed: “The State of Venture Capital and Private Equity (VC/PE) in Ghana” by the Ghana Venture Capital and Private Equity Association (GVCA) and Impact Investing Ghana (IIGh). 

The report funded by GSG Impact and the International Development Research Centre (IDRC), the Research and Innovation Systems for Africa (RISA) Fund of the United Kingdom International Development and support from On Think Tanks and Impacto, offers an in-depth analysis on the role VC/PE investments have played in fostering economic growth, promoting gender equality, and driving social outcomes since 2004. 

It also provides actionable insights to drive the growth of VC/PE in Ghana. 

Ghana’s 20-year-old venture capital and private equity (VC/PE) ecosystem has emerged stronger from the challenges COVID-19 posed. 

Demonstrating resilience and adaptability, it has shown significant growth in both deal volume and value. 

Building on earlier research, including the World Bank’s 2016 study of the Ghanaian VC/PE ecosystem and IIGh’s 2023 report on “Unlocking Private Sector Capital for Profit and Impact,” the new report addresses a number of critical data gaps identified especially the inadequate understanding of VC/PE in Ghana, and data deficiencies on fund and industry performance. 
The Chief Executive Officer (CEO) of GVCA, Hannah Acquah, emphasised that the future landscape of Ghana’s VC/PE sector looks promising adding that “venture capital and private equity are increasingly important as drivers of economic growth and entrepreneurship not only in our country but Africa in general.”

Impactful investments 

The CEO of Impact Investing Ghana, Amma Lartey, said the release of the research report comes at a moment of renewed interest in increasing pension investments in Ghanaian businesses through VC/PE funds to develop the economy and deliver positive returns to pension clients. 

She said “this growing interest is reflected in the rise in capacity-building initiatives designed to meet this very goal. 

IIGh’s hope and expectation is that pension funds, policymakers, regulators, investors, fund managers, businesses and other stakeholders will use the findings unearthed in this report to take informed action that unlocks higher levels of local venture capital and private equity for impactful investments in Ghana”.

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