Local investors contributed only 20 percent of the 70 million dollars raised by Ghanaian startups in the first quarter of 2025. This was disclosed by Emmanuel Mumuni, a manager at GIZ Ghana, during the 2025 NextGen Opportunities Forum in Accra. He stated that the over-reliance on foreign capital raises concerns about the sustainability of Ghana’s startup ecosystem.
Major Funding Deals in 2025
In the first half of the year, Ghanaian fintech company CPA secured 18 million dollars, while sustainable mobility startup Kofa raised 8.1 million dollars. These transactions positioned both firms among the highest-funded startups in the country.
Despite these deals, reports confirm that startups in Ghana attracted less than 100 million dollars in 2025. This represented under eight percent of the 1.4 billion dollars raised by startups across the African continent.
Reliance on Foreign Capital
Mr. Mumuni emphasized that while over 80 percent of funding continues to come from foreign sources, there is untapped potential within Ghana’s informal sector. He said, “channeling some of this capital into startups could deliver strong long-term returns.”
He also expressed optimism that the passage of the Startup and Innovation Bill will unlock more local participation. According to him, the bill seeks to establish a venture capital pool supported by both public and private financing. This initiative is aimed exclusively at strengthening Ghana’s startup ecosystem.
“As part of the startup and innovation bill, there’s a venture capital pool that would be established with public financing, a fraction of that, and private sources as well, to build this pool that would exclusively go into supporting startups in Ghana.”
The NextGen Opportunities Forum, where these insights were shared, is an annual platform bringing together young African leaders, entrepreneurs, and changemakers.
