Hello guys,
Welcome to another edition of the This Week in StartupGhana newsletter. New tea from the big brains at ISSER tells us that Ghana has 1.9 million actual SMEs – not the fantasy football numbers some pitch decks are selling. While the market may be smaller, this week’s headlines prove Ghanaian innovators are making oversized moves. Check out the top headlines:
- Only 37% of Ghanaian businesses use digital payments
- Aide Chemists selected for the 2025 HealthTech Accelerator Programme.
- Nigeria’s Chowdeck makes entry into Ghana with the appointment of Country Manager.
- 5 Ghana-based startups make the 2025 Yale Africa Startup Review list of innovators.
- EWIA Green Investment acquires SunErgy to expand into the mini-grid and off-grid market.
Acquisition
EWIA Green Investment acquires SunErgy to expand into the mini-grid and off-grid market.
EWIA Green Investments GmbH, the Munich and Accra-based industrial solar solutions provider, has announced the acquisition of SunErgy GmbH, marking a significant step in its strategy to broaden its footprint in Africa’s renewable energy sector. The acquisition follows a two-year collaboration among EWIA, SunErgy, and KGAL, focusing on solar projects across sub-Saharan Africa. Under the new agreement, EWIA will acquire all shares in SunErgy, while SunErgy’s existing shareholders will take stakes in EWIA Green Investments GmbH.
Accelerator & Incubator
Aide Chemists selected for the 2025 HealthTech Accelerator Programme.
Aide Chemists, a tech-enabled pharmacy chain, has been selected for the 2025 HealthTech Hub Africa Accelerator Program. Founded in 2014 and headquartered in Accra, Aide Chemists operates over 20 pharmacy outlets across Ghana, primarily in suburban and rural areas. The company serves over 20,000 registered clients and impacts over 30,000 patients monthly through medication dispensing, counseling, and diagnostic services.
The 8-month accelerator program offers Aide Chemists a comprehensive range of resources to scale its innovative digital health solutions, including mentorship, technical support, funding and opportunities to collaborate with public sector partners.
5 Ghana-based startups make the 2025 Yale Africa Startup Review list of innovators.
Five homegrown startups have earned coveted spots on the 2025 Yale Africa Startup Review (YASR30), an annual list celebrating Africa’s most innovative and high-potential ventures.
This list includes Arkesel, an AI-powered customer engagement platform helping African businesses unify communications across SMS, WhatsApp, email and voice channels; Workspace Global, which operates a subscription-based marketplace connecting international companies with Africa’s top design talent; BuukMeNow, providing all-in-one automation for service providers to manage bookings, payments and client relationships; SecondSTAX, building fintech infrastructure to facilitate cross-border trading of African securities; and MedTech Solutions, whose healthcare SaaS platform uses data analytics to optimize connections between patients, doctors and medical facilities – collectively representing Ghana’s most innovative, globally competitive tech ventures.
Talent
Nigeria’s Chowdeck makes entry into Ghana with the appointment of Country Manager.
According to a TechCabal report, Chowdeck – the Nigerian food delivery platform backed by Y Combinator – has appointed Henry Whyte to spearhead its expansion into Ghana. Whyte brings extensive regional experience, having served as Bolt Ghana’s Senior Operations Manager since 2021 after joining the mobility company in 2018 as a customer support specialist.
His appointment signals Chowdeck’s strategic move into Accra’s competitive food delivery market, where it will challenge established players like Bolt Food. Whyte’s operational expertise from scaling Bolt’s Ghanaian operations positions him to lead Chowdeck’s market entry strategy in this new territory.
Research
Only 37% of Ghanaian businesses use digital payments
The Institute of Statistical, Social and Economic Research (ISSER) has released groundbreaking data on financial behaviors among Ghana’s 1.9 million SMEs through its Retail Finance Distribution initiative. The report revealed that out of the 1.9 million SMEs surveyed
- 96.4% are private-owned, with state-owned and public-private partnerships at 3.1% and 0.47% respectively
- Sector distribution shows services dominate (74%), followed by manufacturing (24%) and agriculture (2.6%)
- Only 8.7% of SMEs are formally registered, leaving 91.3% operating informally
- Cash remains universal (99% acceptance), while digital payments trail at 37%, with cheques (3.9%) and bank transfers (3%).
