By Fredrick AGBOMA (Dr) & Joseph BENSON
In a world grappling with economic uncertainty, shifting geopolitical alliances, and rapid technological transformation, countries like Ghana are presented with an unprecedented opportunity.
Rather than passively reacting to global disruptions, Ghana can actively reshape its future through innovation-driven entrepreneurship.
But to do so requires rethinking outdated models, rewriting economic rules, and elevating entrepreneurial capacity to a national priority. In this third installment of our five-part series, we explore how Ghana can harness entrepreneurial innovation to compete globally and secure long-term resilience.
The Global Context: A Marketplace in Flux
The global business environment is evolving rapidly. Advances in automation, artificial intelligence, climate innovation, and digital platforms have democratized access to tools once reserved for industrial giants.
At the same time, COVID-19, the Russia-Ukraine war, and supply chain fragmentation have forced companies and governments alike to re-evaluate how value is created and exchanged.
According to the World Bank’s 2023 Global Economic Prospects report, global GDP growth has slowed to 2.1%, with low-income countries like Ghana facing increased risks from commodity shocks and inflation.
Yet, the same report highlights that countries investing in innovation and private-sector dynamism are more likely to recover faster and build resilient economies. This underscores the urgency for Ghana to leverage entrepreneurship as a cornerstone of development, not just for survival, but for reinvention.
Ghana’s Entrepreneurial Moment
Ghana boasts one of Africa’s highest rates of entrepreneurial activity. According to the Global Entrepreneurship Monitor (GEM), over 25% of Ghanaian adults are engaged in early-stage entrepreneurial activity—among the highest in sub-Saharan Africa. However, many of these businesses remain small, informal, and survivalist rather than growth-oriented. Innovation, scalability, and global competitiveness are often absent due to limited access to capital, lack of technical support, and weak institutional linkages.
Rewriting the rules means shifting the national focus from entrepreneurship as a coping mechanism to entrepreneurship as an engine of transformation. Ghana’s National Entrepreneurship and Innovation Programme (NEIP) has laid important groundwork, but it must now be integrated into a broader economic architecture that supports high-growth, innovation-driven enterprises. This requires bold investment in innovation ecosystems, business accelerators, sector-specific incubators, and public-private partnerships tailored to Ghana’s unique comparative advantages.
From Local Hustle to Global Brand
The next phase of Ghana’s entrepreneurial revolution must prioritize value creation over volume. For instance, Ghana’s global identity as a leading cocoa producer can be translated into premium, ethically sourced chocolate brands, beauty products, and wellness items. Similarly, the country’s fashion designers—who fuse tradition with modernity—can tap into global afro-futurist trends through digital storefronts and global partnerships.
The key to unlocking this potential lies in scaling up market access and innovation capacity. Platforms such as the Ghana Export Promotion Authority (GEPA) and the Africa Continental Free Trade Area (AfCFTA) can be used to internationalize Ghanaian brands. GEPA, for example, has outlined plans to increase non-traditional exports to $25.3 billion by 2029—a target that requires strong entrepreneurial participation. Digital platforms like Shopify and Alibaba offer additional pathways for local producers to reach diaspora markets and global consumers directly.
To position Ghana as a hub for African innovation, entrepreneurs must be equipped not only with tools, but also with vision. They must be supported to ask: How do we turn raw shea butter into luxury skincare? How do we make Kente an international staple in fashion? And how do we digitize agro-processing to create traceable, export-ready food systems?
Innovation in Governance and Policy
For entrepreneurial innovation to flourish, government policies must evolve in tandem. Ghana must build a regulatory environment that incentivizes risk-taking, rewards innovation, and protects intellectual property. Streamlining business registration processes, reducing tax burdens on startups, and providing targeted research and development (R&D) grants can significantly enhance the startup ecosystem.
Recent steps by the Ghana Revenue Authority to digitize tax filing and improve compliance mechanisms are commendable, but these efforts must now be extended to SMEs, who often operate informally due to regulatory complexity. Digitizing land registration, improving access to business financing data, and creating interoperable trade databases across West Africa would go a long way in facilitating faster startup growth.
Moreover, government agencies and policymakers must begin co-creating solutions with the private sector and academia. Institutions such as Ashesi University and Academic City College have pioneered entrepreneurship curricula and innovation labs—models that can be scaled through government funding and integration into national education policy.
Leveraging Diaspora Capital and Know-How
Ghana’s diaspora, spread across North America, Europe, and Asia, represents a powerful but underutilized resource. In 2022 alone, Ghana received over $4.7 billion in remittance inflows, according to the Bank of Ghana. Beyond financial transfers, the diaspora also offers intellectual capital, networks, and access to foreign markets.
The time has come to convert these remittances into structured investments in entrepreneurship. This could take the form of diaspora innovation bonds, venture capital matching schemes, or dedicated diaspora co-investment platforms. For example, if even 5% of annual remittances were redirected into high-potential startups, Ghana could catalyze over $230 million in new business investment each year.
The success of initiatives like the Ghana Diaspora Investment Summit and the Beyond the Return campaign suggest an appetite for deeper engagement. The challenge is now to shift from inspiration to execution—building transparent, trusted mechanisms for diaspora-led entrepreneurship.
Digital Transformation as a Game Changer
No discussion of entrepreneurial innovation in a changing world is complete without addressing digital transformation. Ghana’s digital economy is growing, with mobile money interoperability, digital identification (Ghana Card), and improved broadband access accelerating inclusion. According to the GSMA, mobile internet penetration in Ghana reached 55% by the end of 2022, offering a substantial foundation for e-commerce, fintech, e-health, and e-agriculture.
Startups such as mPharma, Zeepay, and AgroCenta are redefining what’s possible when technology meets local challenges. These success stories highlight the need for ongoing support to scale up tech-driven enterprises. Investment in digital skills training, coding academies, and ICT infrastructure is essential to prepare the next generation of Ghanaian entrepreneurs to compete globally.
The government’s Ghana Digital Economy Policy Framework provides a roadmap, but implementation and cross-sector collaboration are key. The private sector, telecom companies, and civil society must all play a role in democratizing access to digital tools and platforms.
Climate Innovation and the Green Economy
As Ghana faces increasing climate vulnerabilities—from unpredictable rainfall patterns to desertification—entrepreneurial solutions in renewable energy, waste management, and climate-smart agriculture are more important than ever. Green entrepreneurship is not a luxury; it is an economic necessity.
Opportunities in solar power, organic farming, biodegradable packaging, and sustainable fashion are growing. But these sectors remain underfunded. Redirecting subsidies from fossil fuels to green startups, offering tax incentives for climate innovation, and integrating sustainability into procurement policies will stimulate a green economy led by Ghanaian entrepreneurs.
Global trends support this approach. According to the International Finance Corporation (IFC), Africa’s climate-smart investment potential is estimated at $783 billion between 2020 and 2030. Ghana has a chance to claim a significant share by aligning its entrepreneurial ecosystem with green growth objectives.
The Path Forward
To truly rewrite the rules, Ghana must treat entrepreneurship not as a peripheral agenda but as central to its national development strategy. This means sustained public investment, agile policy reforms, and deep collaboration with all sectors of society. It means rewarding not just hustle, but innovation. And it means building systems that turn today’s micro-enterprises into tomorrow’s multinationals.
Above all, Ghana must embrace a mindset of long-termism—recognizing that while global trends may be volatile, the entrepreneurial spirit is enduring. In this age of uncertainty, it is not the strongest who will thrive, but the most adaptive. And in Ghana’s entrepreneurs, that adaptability burns bright.
Conclusion – A Blueprint for Competitive Reinvention
The new global economy is not waiting for anyone. It rewards nations that invest in innovation, prioritize inclusion, and embrace change. Ghana is well-positioned to lead Africa’s entrepreneurial renaissance if it can recalibrate its systems, empower its visionaries, and tap into global shifts with courage and clarity.
This is no longer about catching up. It’s about charting a new path, built not on borrowed blueprints, but on bold Ghanaian ingenuity. In doing so, Ghana can not only rewrite its own rules—but inspire others across the continent to do the same.
Dr. Agboma is a senior academic at Liverpool John Moores University and a scholar-practitioner in entrepreneurship and development policy. He recently completed a CODISERA Fellowship on education, enterprise, and regional development.
Joseph is an entrepreneur, a business development consultant, and philanthropist based in the USA but globally connected with world renowned companies. . Passionate about education and a founder of diverse businesses globally.
