The Minister for Communications, Digital Technology, and Innovations, Sam Nartey George, has set a 14-day deadline for the revamping of the country’s Innovation and Start-Up Bill. Convening with key stakeholders in the startup ecosystem, the Minister emphasized the need for an expedited yet comprehensive revision of the bill to streamline Ghana’s regulatory framework for entrepreneurship and innovation.
The Minister instructed teams from the National Entrepreneurship and Innovation Programme (NEIP), the Ministry of Communications, Digital Technology, and Innovations, and other ecosystem players to collaborate on drafting the bill. He also mandated the immediate start of work on the accompanying Legislative Instrument (L.I.) to support the bill’s implementation. The harmonized draft is expected to be completed and submitted within 14 working days
Sam Nartey George emphasized the importance of aligning regulatory efforts to foster a more vibrant startup environment in Ghana, particularly with the rapid growth of the ecosystem in recent years. The National Entrepreneurship and Innovation Programme (NEIP) has been tasked with leading the synchronization process to ensure that the final document is comprehensive, well-integrated, and reflects the diverse needs of stakeholders.
Ghana’s startup ecosystem has seen remarkable growth over the past few years, with investments and funding soaring. In 2021 alone, funding increased by 144%, amounting to $167 million across 14 deals, underscoring the growing interest in the country’s innovation space. Various initiatives, including the annual Ghana Digital Innovation Week, are positioning Ghana as a regional ICT hub, promoting digital innovation and entrepreneurship.
The Ghana Jobs and Skills Project and the Ghana Economic Transformation Project have also significantly contributed to the growth of the ecosystem. In 2023, these projects granted $8.3 million to small and medium enterprises (SMEs) through the Ghana Enterprises Agency’s YouStart program. These efforts have bolstered Ghana’s ranking in West Africa, positioning it as the fourth-largest recipient of startup investments in the sub-region.
The meeting was well-attended by senior ministry officials and other key players in the ecosystem. Present were Mr. Alfred Nortey, Director of Administration, and Ms. Barbara Barnes, Director of Research, Statistics, and Information Management at the Ministry of Communications, Digital Technology, and Innovations, as well as other senior officers from the ministry. Together, they reiterated their commitment to creating a dynamic and supportive environment for startups, entrepreneurs, and innovators in Ghana.
