Ghana Innovation Ecosystem Report 2022: Year in Review
“One of the critical elements of a successful digital ecosystem is recorded wins”
Adia Sowho, Chief Marketing Officer – MTN Nigeria
Ghana Innovation Journal of The Innovation Spark has synthesized data collected across the entire year of activity in Ghana.
Some of the highlights include:
Ghana reached an all-time high in startup investment in 2022. Startups raised $212 million (equity, debts, and grants) in 2022. Other sources place the total funding at $391 million 
Ghana maintained its position as the 5th top Venture capital (VC) destination in Africa 
Fintech was the darling sector (constituting 46% of total investment) of investors due to the growth it offers venture funds 
The year’s largest investment was mPharma’s $35 million Series D round 
71% of the total startup funding came from venture capital firms 
8% of the total funding went to female-led startups, while gender-diverse teams raised 9% of the total funding. Female-only teams raised 0.2% of the total funding 
45% of the capital raised was at the early stage, i.e. (pre-seed and seed start-ups) 
7 Merger and Acquisitions transactions were identified during the year 
At least fifteen startups expanded operations to eleven countries to expand their addressable market 
As an ecosystem enabler, we aim to emphasize the significant accomplishments of Ghanaians both at home and in the diaspora. Our mission is to spark conversations and empower investors by providing clear, timely, and objective data on the ecosystem.
Do leave a comment with your reflections on the report.
If there are any questions, comments, inaccuracies, or incorrect information, please contact us at reports@theinnovationspark.com
The Innovation Spark
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