With over two decades of professional experience as an economist, consultant and entrepreneur working across four continents – Africa, Asia, EU/UK, and USA – Hannah Acquah’s professional experience spans business consulting and investment advisory with development finance and development agencies such as Acumen, USAID, UNFPA and GIZ. She worked with Deloitte and Touché and in the Executive Office at Bank PHB (now Keystone Bank) and wealth management investment firms such as AXYS/NWT.
In our interview with her, we discussed her new role as the CEO of Ghana Venture Capital and Private Equity Association and how she is spearheading the growth of the venture ecosystem.
- Please highlight your previous experience and how this led to the new position of Ghana Venture Capital and Private Equity Association (GVCA) CEO.
For 13 years, I’ve led my own company, TKC Africa, specializing in business and investment consulting. We collaborate with diverse international financiers, from impact investors to venture capitalists, all keen on exploring opportunities in Ghana and Africa. While their interest initially lay in Ghana, their desire to venture into Nigeria prompted me to deeply understand the Nigerian market, as clients sought my expertise in guiding them through the complexities of entering that market. My engagement with international investors on one side and working closely with Ghana’s ecosystem on the other has given me a unique perspective. This experience, coupled with my 21 years of combined professional involvement spanning multiple countries like China, Nigeria, the US, the UK, etc., has honed my ability to navigate cross-cultural business dynamics effectively. As the newly appointed CEO of the Ghana Venture Capital and Private Equity Association, my role involves fortifying the local business ecosystem and presenting an appealing proposition to international investors. Drawing from my interactions with international investors and my knack for multicultural business engagement, I am confident I can contribute significantly to achieving these goals.
- From your many years of experience in investment advisory in Ghana and the US, What critical mistakes or challenges hinder entrepreneurs from raising funds from investors?
From my extensive experience in the investment liaison field in Ghana and the US, several vital mistakes and challenges often hinder entrepreneurs from successfully raising funds from investors. One primary challenge is the need for comprehensive knowledge and skills to navigate the investment process. Entrepreneurs should strive to understand fundraising procedures, required documentation, and strategies to attract and convince investors. Issues related to initial financing and business administration can also create obstacles. Investors seek businesses with solid track records and audited reports, making it essential for entrepreneurs to address any financial challenges and debts before seeking funding. Transparency is crucial in investor relations. Entrepreneurs must showcase integrity, providing evidence that funding will be used for its intended purpose, fostering trust, and maintaining a solid investor relationship. Clear communication and transparency are essential in building investor trust, akin to maintaining a marriage. While infrastructure challenges, lack of capital, financing difficulties, and human capital issues are common obstacles, fostering investor readiness through education and training is vital.
The Ghana Venture Capital and Private Equity Association aims to address these challenges by offering training opportunities and facilitating collaboration with ecosystem partners to enhance entrepreneurs’ investment readiness. In essence, by addressing challenges such as transparency, financial preparedness, and communication, entrepreneurs can improve their chances of successfully raising funds from investors. The GVCA’s commitment to training and collaboration will further support entrepreneurs in navigating these obstacles and seizing investment opportunities.
- Diversity and inclusion have become significant discussion points in the investment world. How can this be addressed, particularly concerning supporting women in minority-led startups?
Diversity and inclusion have become prominent topics within the investment world, particularly concerning the support of women and minority-led startups. The African Women Investors Network, of which I am a part, consists of over 150 African women investors who are actively addressing underrepresentation and driving positive change. Many of these women hold decision-making roles, either owning their funds or leading as LPs or GPs. We focus on capacity building, offering training and structural support to women-led portfolio companies, ensuring they thrive. We go beyond by providing capital investment to these businesses, with a portion earmarked for women.
Larger companies also support diversity and inclusion, often through initiatives like gender lens investing within their broader ESG (environmental, social, and governance) strategies. For those seeking support, it’s crucial to research and identify organisations and networks that prioritise diversity and inclusion locally and internationally. While still a growing field, platforms and resources are available to assist in this search. Partnering with firms that value diversity can create opportunities for women and minority entrepreneurs to receive training, resources, and investment.
Creating an inclusive investment firm involves recruiting and training minority and women talent, allowing them to grow within the organisation before pursuing their ventures. Providing resources and capacity-building programs is critical to empowering these individuals and startups to succeed. It combines putting in effort, networking, understanding the landscape, and seizing opportunities.
As the CEO of GVCA, I am committed to supporting women and minority-led startups within the venture capital and private equity sphere. We will focus on providing the necessary skills and resources to help them overcome challenges and bottlenecks, fostering a more inclusive and vibrant entrepreneurial ecosystem.
- What motivated the establishment of the GVCA, and how do you envision its role in shaping the business ecosystem?
Our vision is “to be the voice of Venture Capital and Private Equity Industry in Ghana.” We do this through our six strategic mission pillars:
- Supporting investments into private businesses for job creation and national economic development;
- Increasing assets under management by attracting local and international investors;
- Promoting standards and best practices to safeguard investors and investees;
- Publishing research and data for market insights and policy-making;
- Networking and stakeholder engagement; and
- Training of industry practitioners.
The GVCA website is very detailed, and I recommend individuals interested in this sector to visit the website www.gvca-ghana.org and follow us on our social media: @gvca-ghanaLaunched in October 2021, GVCA ensures that ventures are connected with local and international partners, funders and foundations. Additionally, we are committed to training business professionals and building the capacity to build a robust ecosystem. The association strives to be a reliable resource for anyone seeking guidance in the investment sector, focusing on VC and PE investments.
5. Who are the current members of the association? Is its membership open to other institutions besides venture capital and private equity firms?
We have 30+ members who are primarily venture capital and private equity firms. Our members include Oasis Capital, Injaro, Zebu Investment Partners and the Venture Capital Trust Fund. We want to work closely with organizations that are supporting entrepreneurs. That includes law firms like AB & David and Bentsi-Enchill, Letsa & Ankomah, who are members; consulting firms such as Konfidants; and pension firms like Axis Pension.
GVCA is open to any institution involved in the investment ecosystem. That includes banks, telecommunication firms, incubators, accelerators and insurance companies. We also have global partners, such as MasterCard Foundation and British International Investment, who are members of our advisory network.
6. What legacy or impact do you hope you and the GVCA will leave on the industry and the broader Ghanaian business ecosystem?
Looking forward, I, along with the GVCA, aim to create a lasting impact on the industry and the broader business ecosystem in Ghana. As someone focused on fostering partnerships and collaborations, I aim to continue connecting with international investors seeking investment opportunities in African businesses. By showcasing the potential of our ecosystem, we can help attract more funding and support for Ghanaian ventures.
Regarding legacy, we aspire to positively influence Ghana’s private equity and venture capital space. This involves promoting collaboration, setting high standards for best practices, advocating diversity and inclusion, and providing robust training and support for entrepreneurs and investors. We aim to be the primary resource for startups, investors, and the general public, offering guidance on becoming successful businesses, crafting compelling proposals, and securing funding. The association intends to be highly visible and accessible, ensuring that people across Ghana can easily find and benefit from our expertise. We want to work closely with various institutions, including banks, insurance firms, pension funds, and law firms. Everyone has a part in boosting Ghana’s economy and supporting entrepreneurs. Together, we look forward to leaving a lasting legacy of growth, collaboration, and prosperity in the business landscape.
Source: Ghana Innovation Journal interview with the CEO
