The Ministry of Communication, Digital Technology and Innovations has held high-level discussions with Development Bank Ghana (DBG) on a collaborative strategy aimed at reducing investment risks, strengthening mentorship and accelerating the growth of Ghana’s next generation of technology startups.
‎The meeting brought together senior officials from both institutions to explore ways of creating a more supportive ecosystem for innovation-driven businesses, particularly those operating in sectors critical to Ghana’s long-term development.
‎‎Leading the DBG delegation, the bank’s Deputy Chief Executive Officer, Mr Michael Mensah-Baah, said the development finance institution was focused on addressing structural challenges that continue to hinder the growth of startups.
‎”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 said.
‎Minister for Communication, Digital Technology and Innovations, Samuel Nartey George, commended DBG for adopting a stakeholder-centred approach that differs from conventional banking models.
‎He noted that while Ghana’s fintech sector has made significant progress, greater attention must now be directed towards emerging sectors with the potential to deliver broad socio-economic impact.
‎‎”While Fintech has matured remarkably, patient and scalable capital must aggressively target critical sectors like Agritech, Healthtech and Edtech,” the Minister said. “Tech capital cannot be priced like real estate capital. It must be patient capital because it takes time for these innovations to mature.”
‎Mr George also identified the lack of structured business development support as one of the biggest obstacles facing young technology entrepreneurs.
‎”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 stated.
‎To address these challenges, the Minister outlined the government’s plans for the forthcoming Ghana Innovation and Startup Bill, which is expected to establish a comprehensive legal framework for the country’s startup ecosystem.
‎‎According to him, the proposed legislation will define what qualifies as a startup, introduce tax incentives, establish transparent government-backed pitch sessions and create opportunities for co-investment.
‎The framework is also expected to encourage development finance institutions such as DBG to play a more active role in mentoring entrepreneurs alongside providing access to finance, helping startups build sustainable businesses before attracting private venture capital investment.
‎The discussions reflect the government’s broader commitment to strengthening Ghana’s digital economy by combining patient capital, institutional support and policy reforms to enable innovative businesses to scale and compete globally.
