Accra: Ghanaian and other African innovators continue to face challenges in commercialising their solutions, despite the availability of over US$7.2 trillion in domestic capital.
According to Ghana News Agency, the African Center for Economic Transformation (ACET) has identified systemic barriers that hinder access to private sector finance across the continent as a significant factor in this issue.
Rob Floyd, the Director of Digital and Innovation Policy at ACET, highlighted a critical disconnect between available capital and entrepreneurs within Africa’s innovation ecosystem. He pointed out that the continent holds US$4 trillion in domestic capital reserves, US$2.5 trillion in banking assets, and US$700 billion in pension assets managed by development banks. However, entrepreneurs struggle to access this capital due to poor government coordination, communication breakdowns, and limited access platforms.
To address these barriers, ACET has announced the launch of the Sankore Project in March 2025. This year-long initiative aims to identify and resolve the persistent issues preventing the commercialisation of innovative solutions in Africa. Discussions have already begun with Ghana’s Ministry of Environment, Science, Technology and Innovation (MESTI) to develop systemic solutions that will enable small businesses to access the available capital.
The Sankore Project seeks to facilitate commercialisation, enhance innovation policy, and strengthen digital service delivery in both Ghana and Nigeria. The findings by ACET come at a time when African governments are increasingly recognising the importance of harnessing local innovation for economic transformation and reducing dependence on foreign investment and aid.
In line with this, Ghana’s government has pledged in its 2024 manifesto to expand digital infrastructure to support innovation, improve public services, and promote inclusive digital growth. Policy actions include simplifying and digitising registration and permit processes for Micro, Small, and Medium-sized Enterprises (MSMEs), and promoting digital payment systems for secure transactions and financial inclusion.
Additionally, the government plans to support youth involvement in agriculture through digital platforms and virtual communities. In the tourism and hospitality sectors, digitalised experiences, such as virtual reality tours of museums and cultural sites, are expected to showcase Ghana’s heritage to a global audience. Legal instruments will also be enacted for access and benefit-sharing of genetic resources, alongside the development of digital sequence information to support biodiversity initiatives.