This policy is not just regulatory housekeeping. It is a bold signal of intent to reshape Ghana’s capital markets, so they serve not only institutional investors but also the country’s next generation of innovators. It’s also a timely intervention amid a sharp downturn in global VC activity. According to Pitchbook, , driven by macroeconomic volatility and tighter capital markets. , showing that .

In this context, Ghana’s reform is both urgent and strategic. For decades, African startups have been disproportionately reliant on foreign capital; often expensive, risk-averse, and disconnected from local realities. An ongoing IFC study shows that entrepreneurs strongly prefer equity investments from investors with regional experience. Yet only . 2023 was a difficult year for Africa’s tech ecosystem as Investor withdrawal was widespread, and the number of investors participating in African startup funding rounds fell by nearly , especially from institutional investors who typically lead the larger deals. to fill the widening gap.