Hi everyone, and welcome back to This Week in StartupGhana newsletter! From startups making waves in tech and agriculture to global institutions planting roots in Accra, there’s plenty to inspire and celebrate. Here are the top headlines:
7 agtech startups selected for the $50K equity prize in 2024 MEST Africa Challenge.
Ghana’s MedTrack selected for the Timbuktoo HealthTech Accelerator.
Imperial College London opens regional hub in Accra to drive research and innovation.
BlueSPACE Africa Technologies launches AI-powered auto insurance marketplace on WhatsApp.
The Central Bank suspends Consolidated Bank Ghana’s forex license over regulatory breaches.
Built celebrates 8 years of providing financial tools for SMEs in Africa.
WEAR Ghana marks 11 years of crafting Africa-centric fashion statements.
Accelerator/Incubator
7 agtech startups selected to battle for the $50K equity prize in 2024 MEST Africa Challenge.
The MEST Africa Challenge has announced the seven startups selected to compete for the grand prize of $50,000 in equity at the 2024 edition. The startups include: AgroSfer (Benin), Afrikamart (Senegal), AquaTrack (Nigeria), GEM Industrial Solutions (Ghana), InterSIP (Senegal), SAYeTECH (Ghana) and Tolbi (Senegal).
The startups will compete for the grand prize of $50K equity prize on 20th November 2024 in Accra, Ghana.
Ghana’s MedTrack selected for the Timbuktoo HealthTech Accelerator.
MedTrack has been selected as part of the first cohort of the Timbuktoo HealthTech Accelerator. MedTrack is transforming Africa’s healthcare landscape with its decentralized health information system, linking patient data to national biometric IDs. Its patient-focused platform enables seamless collaboration among healthcare providers, fostering a paperless ecosystem that connects clients, providers, and facilities nationwide.
Imperial College London opens regional hub in Accra to drive research and innovation.
Imperial Global Ghana has launched in Accra to support academics and entrepreneurs in West Africa by strengthening collaboration on research, technology, education and entrepreneurship between West Africa and the UK.
The hub aims to accelerate the commercialisation of scientific research developed in Africa. It builds on Imperial’s existing collaborations in the region, spanning areas such as medical diagnostics, vaccine development, AI and data science, climate research, sustainable urban development, and entrepreneurship training.
Policy
The Bank of Ghana has suspended Consolidated Bank Ghana’s forex license for one month due to regulatory violations. According to the central bank, the suspension stems from breaches of foreign exchange market regulations governing accountable institutions in Ghana. Following last week’s suspension of Taptap Send, it is likely that Consolidated Bank Ghana was the payment service provider’s remittance partner, prompting this action.
Product Launch
BlueSPACE Financial Cloud has lauched its AI-powered auto insurance marketplace (BeINsured) on WhatsApp. BeINsured streamlines the insurance process by allowing users to initiate conversations via WhatsApp. The platform offers a variety of insurance policies from different providers, providing detailed information to help users compare prices and offerings to make informed decisions. This innovative approach makes insurance accessible and convenient for users.
Business Anniversaries
Two startups celebrated their business anniversary. Wear Ghana marked 11 years while Built Accounting marked 8 years in business. Judging from the startup failure statistics, the founders of both companies deserve the national “Order of the Volta” award. According to WeeTracker’s research, 73.91% of Ghanaian startups failed between 2010 and 2018, which is relatively high compared to the Africa average rate of 54.20%.
Led by Awura Abena Agyeman, Wear Ghana is a ready-to-wear fashion brand which manufactures Afro-centric clothes and accessories. Backed by Mirepa SME Ventures, employs unique infusion of African and contemporary western design to create new categories of apparel lines that appeal to a wide demographic of customers willing to connect to the African identity.
Led by Edward Neequye, Built Financial Technolgies provides financial tools such as accounting and payroll software to aid SMEs in making better decisions. The company is backed by a plethora of investors including Google andConsonance VC.
That’s it for this weekly roundup! Stay tuned for more exciting developments in the ever-evolving Ghanaian startup scene.
Until next time,
The GIJ Team
