Hello guys,
Welcome to our weekly recap of the big news + funding in Ghana’s startup ecosystem. Here’s a look at the bold moves shaping the ecosystem this week.
- mPharma secures funding from Growth Investment Partners.
- Sahara Impact Ventures and WEAV Capital secures catalytic capital to accelerate climate-smart businesses.
- 10 Startups Selected to Compete for $50K Equity Prize in 2025 MEST Africa Challenge
- Ghana Climate Innovation Centre taps Pearl Esua-Mensah as Executive Director.
- Bank of Ghana releases policy position on virtual assets and virtual service providers.
Incubator/Accelerator
10 Startups Selected to Compete for $50K Equity Prize in 2025 MEST Africa Challenge
The Meltwater Entrepreneurial School of Technology (MEST Africa) in partnership with Absa, has announced the top 10 finalists for the MEST Africa Challenge (MAC) 2025 — the Pan-African pitch competition spotlighting and investing in early-stage startups shaping the future of technology across the continent.
After two days of intensive Semi-final pitches on October 28 and 29, ten standout ventures emerged from a highly competitive pool of innovators across eight African markets — each demonstrating exceptional potential to scale and redefine how Africa transacts, invests, and builds digital financial trust.
The top 10 finalists include; mystocks.africa (Botswana), Credify Africa Inc (Uganda), Logistify AI (Kenya), Kutana Technologies Ltd (Ghana), Investa Farm (Kenya), Black Swan (Mauritius), Mighty Finance Solution Inc (Zambia), Devdraft AI (Zambia), Kanzu Finance Ltd (Uganda), and Farmsky (Kenya).
Funding
mPharma secures funding from Growth Investment Partners.
mPharma has secured an undisclosed funding round from the British International Investment-backed investment vehicle, Growth Investment Partners Ghana. The investment will support mPharma’s operations in Ghana and facilitate its expansion into Francophone West Africa, including countries such as Togo and Benin.
Founded in 2013 and headquartered in Ghana, mPharma partners with community pharmacies to manage inventory, improve supply chains, and deliver affordable healthcare services. Operating in six African countries, including Nigeria, Kenya, Rwanda, Ethiopia, and Zambia, mPharma supports over 400 pharmacies, serving more than 100,000 patients each month.
Sahara Impact Ventures and WEAV Capital secures catalytic capital to accelerate climate-smart businesses.
Two West Africa–focused climate investors, Sahara Impact Ventures and WEAV Capital, have secured grants from the Resilient Futures Fund (RFF) to advance their mission of supporting climate-smart enterprises across the region.
With the RFF grant, Sahara Impact Ventures aims to tackle Africa’s key climate vulnerabilities—food security and clean energy access—while creating jobs for youth and alleviating poverty.
For WEAV Capital, the funding will enable the expansion of its blended finance platform, which combines investment readiness support and early-stage equity to help more women-led and climate-smart ventures scale across Nigeria and Ghana.
Talent moves
Ghana Climate Innovation Centre taps Pearl Esua-Mensah as Executive Director.
After the exit of the founding Executive Director, Ruka Sanusi, Ashesi University has appointed Pearl Esua-Mensah as the new Executive Director of the Ghana Climate Innovation Centre (GCIC). With over 25 years of distinguished leadership across finance, governance, entrepreneurship, and institutional transformation in Africa and the UK, Pearl brings a wealth of expertise to this role.
Before joining GCIC, Mrs. Esua-Mensah served as Chief Executive Officer of the Ghana Deposit Protection Corporation, where she played a pivotal role in establishing Ghana’s deposit insurance scheme. Her career includes roles such as Group CEO of Media General and Deputy Managing Director of UT Bank, where she led activities in capital-raising, mergers, and organisational restructuring.
In the role, she will lead the Centre’s strategic direction, oversee the delivery of advisory and financing services to SMEs, and strengthen partnerships with government, donors, and industry stakeholders. She will also focus on expanding funding opportunities, promoting GCIC’s brand, and ensuring the Centre’s long-term sustainability and impact.
Policy
Bank of Ghana releases policy position on virtual assets and virtual service providers.
The Bank of Ghana (BoG) has released its first official policy position on Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs) — marking a major step in the country’s approach to digital assets such as cryptocurrencies, tokenised instruments, and blockchain-based financial platforms. For founders and innovators building in fintech, blockchain, or Web3, here are the key takeaways:
- Crypto is not legal tender — but it’s not banned
The BoG makes it clear that virtual assets cannot replace the Ghanaian cedi as a means of payment. However, unlike in the past, the central bank is not outlawing digital-asset activities. Instead, it aims to regulate them under a risk-based framework, signalling a shift from caution to structured engagement.
- Registration and licensing are coming
Under the proposed framework, exchanges, wallets, and other VASPs will soon need to register or obtain licenses depending on the services they offer. This means founders will need to prepare for compliance requirements around governance, financial reporting, and security standards similar to those of fintechs and payment companies.
- AML/CFT rules will apply
The Bank of Ghana will enforce anti-money laundering and counter-terrorism financing (AML/CFT) standards in line with FATF guidelines. This includes the “Travel Rule,” which requires VASPs to share sender and receiver data during crypto transfers. Founders should prepare early by integrating KYC and transaction monitoring systems.
- Expect collaboration across regulators
The BoG will coordinate oversight with the Securities and Exchange Commission (SEC), Financial Intelligence Centre (FIC), and other agencies. This means different business models — such as tokenised securities or asset-backed tokens — might fall under multiple jurisdictions. Founders should map where their business fits in this regulatory web.
- Focus on consumer protection and literacy
A new National Virtual Asset Literacy Initiative (NaVALI) will promote responsible use and education on digital assets. This creates space for founders to build credibility through transparency, user education, and clear risk disclosures — all of which will become key differentiators in a regulated market.
📬 That’s all for this week. Want to feature your startup, funding round, or product launch? Subscribe and email us at info@theinnovationspark.com
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