The Minister for Communication, Digital Technology and Innovations, Mr Samuel Nartey George, has called for stronger mentorship and long-term financing to support Ghana’s startup ecosystem, cautioning that capital alone will not guarantee success for young innovators.
In his engagement with a delegation from the Development Bank Ghana (DBG), the Minister praised the bank’s proactive approach to uncovering structural constraints but stressed that without guidance, many startups struggle to build sustainable businesses.
“There is no business development support that goes to those young tech startups, and that’s where the problem is. We give them money, but there is nobody there to hold their hands, build structures, and guide them on how to run a business sustainably,” he said.
Mr George emphasised that while fintech has matured, Ghana’s future depends on nurturing high-impact sectors such as Agritech, Healthtech, and Edtech. He insisted that “tech capital cannot be priced like real estate capital,” calling for patient financing horizons of 10 to 15 years to allow innovations to mature.
He also reiterated the importance of the Ghana Innovation and Startup Bill, designed to define startups, provide tax incentives, and establish transparent pitch sessions backed by government co-investments.
Leading the delegation, the bank’s Deputy Chief Executive Officer, Mr Michael Mensah-Baah, outlined their proactive approach to uncovering the ecosystem’s real constraints.
“As a development bank, our interest is on the structural side; bridging the gap with flexible risk management and offering competitive, long-term funding up to 10 or 15 years,” he noted.
