Industry leaders in Ghana are increasingly advocating for a shift away from reliance on transient foreign funding toward a more resilient, locally dri
Industry leaders in Ghana are increasingly advocating for a shift away from reliance on transient foreign funding toward a more resilient, locally driven model of investment, anchored in domestic expertise and innovative finance solutions.
This discussion comes amid global economic uncertainties, including fallout from the current U.S. administration, tensions in the Persian Gulf and Middle East, and fluctuating interest rates. These dynamics are shaping a new consensus among financial sector players in Ghana.
The focus is now on mobilising domestic capital, particularly leveraging local institutional assets such as pension funds and insurance pools, to drive national economic growth. For decades, Ghana’s development has relied heavily on foreign direct investment (FDI), often overlooking the country’s estimated US$600 billion in domestic capital potential and local investment expertise.
In response, domestic investors—including venture capital and private equity firms, as well as pension fund managers—are positioning themselves to finance private sector initiatives and infrastructural development under the government’s Big Push programme.
Recalibrating the Economy
Yaw Appiah Lartey, Partner at Deloitte and Africa Infrastructure Lead, described Ghana’s current economic phase as a period of recalibration. The country is being compelled to strengthen institutional foundations across government agencies, businesses, and investors.
Over the past two years, Ghana has navigated rising oil prices, inflationary pressures, and currency fluctuations—factors that directly impact households and investor confidence. Lartey said the goal of this reset is to create a strategic framework in which growth is anchored on discipline and institutional resilience.
Amma Gyampo, CEO of the Ghana Venture Capital and Private Equity Association (GVCA), stressed that Ghana must prioritise domestic capital if it is to become a private funds hub for West Africa. She argued that overreliance on debt and FDI can leave the economy vulnerable to global shocks, while local capital tends to remain available even during downturns.
By leveraging domestic investors and diversifying into productive sectors, Ghana could sustain jobs, tax revenues, and pension assets under management, creating a self-sustaining foundation for the real economy.
Regulatory Stability for Private Equity
Gyampo emphasized that Ghana’s vision to serve as a regional base for private equity and venture capital requires structural reforms, including a stable regulatory environment, clear legal frameworks, and competitive fiscal policies.
“A stable regulatory regime provides the predictability fund managers need to execute ten-year investment cycles. Tax incentives can reward long-term commitments to high-impact sectors like infrastructure, logistics, and agribusiness—all aligned with the Big Push programme,” she noted.
Strategic Positioning for SMEs
For small and medium-sized enterprises (SMEs), navigating the post-crisis economy requires deliberate strategic decisions. Peter Nii Charway, Senior Manager for Infrastructure, Capital, and Real Estate Projects at Deloitte Ghana, said the market will favour businesses that demonstrate financial discipline and adaptability, particularly in sectors like services, FinTech, export, and logistics.
He added that accessing capital in this new environment goes beyond having a viable business model. Transaction advisory services—including governance, legal structuring, and sustainability alignment—are increasingly essential, as institutional investors seek companies that meet rigorous professional and management standards.
This shift signals a broader transformation in Ghana’s financial sector, highlighting the importance of domestic capital mobilisation, regulatory stability, and strategic positioning in driving sustainable economic growth.
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