en.Wedoany.com Reported - The Ministry of Communication, Digital Technology and Innovations recently held consultations with the Development Bank Ghana (DBG) to explore new pathways for supporting the country's tech ecosystem through financing, mentorship, and long-term business development support.
The meeting brought together senior ministry officials and a DBG delegation, with discussions focusing on how to reduce investment risks for startups while helping young tech companies achieve sustainable expansion. Topics covered included improving access to patient capital, strengthening mentorship programs, and addressing structural challenges faced by entrepreneurs.
The Development Bank Ghana outlined its support approach, offering assistance through flexible risk management and long-term financing solutions. The bank stated that its focus goes beyond traditional loans, providing financing structures that allow businesses to develop over longer periods, with loan tenors extending up to 10 or 15 years.
Minister of Communication, Digital Technology and Innovations, Samuel Nartey George, endorsed the bank's approach. He noted that the country's digital transformation ambitions require investment in sectors with long-term economic and social impact. He specifically identified agritech, healthtech, and edtech as key areas requiring patient capital to foster innovation and sustained growth.
The minister also highlighted common challenges faced by many early-stage startups, particularly the lack of business development support. While some enterprises can access funding, many companies still struggle to build internal structures, develop sustainable business models, and manage growth effectively.
According to the ministry, mentorship and practical support remain key components of a successful startup ecosystem. The discussions extended to the possibility of financial institutions playing a more active supportive role beyond providing capital.
The meeting also provided an opportunity to discuss the proposed Ghana Innovation and Startup Bill. The bill aims to establish a legal framework for the domestic startup ecosystem, proposing a clear definition of startups, offering tax incentives based on that definition, and establishing transparent financing mechanisms to support innovative enterprises.
Under the proposed framework, government-supported investment programs and structured pitch sessions would help startups access funding and prepare them to attract private sector investment in the future. Additionally, financial institutions like the Development Bank Ghana could take on mentorship roles, helping founders solidify their business foundations before seeking venture capital financing.
The discussions reflect Ghana's long-term efforts to build a more resilient tech ecosystem, focusing on improving the financing environment, strengthening institutional support, and formulating policies that encourage innovation and entrepreneurship.
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