• Key documents have been bsubmitted to the government
• The Documents include roadmap and work plan for drafting the legal framework, ministry confirms
• The Bill aims to support startups through tax exemptions, funding, and a new Ghana Innovation and Startup Agency
  
  

Ghana has moved closer to finalizing its Startup and Innovation Bill, with key stakeholders submitting crucial documents to Minister of Communication, Digital Technologies and Innovation, Samuel Nartey George, last week.

The submitted documents, including a work plan and roadmap, outline the strategic steps for drafting the legal instrument, the ministry said in a statement posted on Facebook. "The submission of these documents marks a significant milestone in advancing the policy framework that will enhance opportunities for startups, strengthen innovation ecosystems, and promote digital entrepreneurship in Ghana,”  the statement read.

The bill, initially drafted in 2020 by the Ministry of Business Development in collaboration with the private sector, has undergone multiple revisions following stakeholder consultations. The Ministry of Communication, Digital Technologies and Innovation aims to initiate the review process by May 2025, with plans to present the bill to the National Assembly before the next parliamentary recess.

The proposed law seeks to promote creativity, innovation, and the use of new technologies to generate substantial added value and enhance competitiveness at international, regional, and national levels. Key provisions include the creation of the Ghana Innovation and Startup Agency, the establishment of a startup support fund, and tax exemptions.

Ghana's startup ecosystem is experiencing rapid growth, fueled by foreign direct investment, mentorship, training, and other support mechanisms, according to StartupBlink. The organization's "Global Startup Ecosystem Index 2024" ranks Ghana fourth in West Africa and 88th globally. Accra, the nation's capital, is ranked 268th out of 1,000 cities, and is home to prominent startups such as Mpharma, CarePoint, Zeepay, Complete Farmer, and Farmerline.

StartupBlink highlighted the potential for increased growth through a rise in female founders. However, the organization also pointed to challenges, including a lack of capacity-building resources and unattractive incorporation clauses. "Ultimately, Ghana's startup scene is still young and holds strong potential for growth," StartupBlink concluded.

By Isaac K. Kassouwi,

Editing by Sèna D. B. de Sodji