Ghana - Country Commercial Guide
Ghana Digital Economy
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Overview

Ghana’s Ministry of Communications and Digitalization (MoCD) directs the policies and strategies that impact the communications sector. In 2003, Ghana developed the ICT for Accelerated Development (ICT4AD) Policy, which focused on areas such as digital infrastructure and policies on government administration and services, health care, and education, among others. The National Financial Inclusion and Development Strategy and the National Cyber Security Policy and Strategy have also been key facets of national digital policy.  

During the Covid pandemic, the Government of Ghana announced the Ghana COVID-19 Alleviation and Revitalization of Enterprises Support Program (Ghana CARES Program) or ‘Obaatan Pa’. Phase two of the Ghana CARES Program focuses on digital-related policies and technologies. Government efforts expedite implementation of Government digital initiatives such as the National ID, digital address systems, land records digitization, and Ghana.gov and then consolidate initiatives to improve productivity and service delivery.  

The Government seeks to digitize fiscal revenue collection, support a cashless society, and improve online education. Further, the Government will seek to invest in the national fiber network backbone to expand and improve internet connectivity. Promoting increased digital literacy is another priority. Finally, the Government seeks to support Ghanaian technology entrepreneurs to build tech hubs and to export IT-enabled services such as business process outsourcing (BPO).

Subordinate agencies of the MoCD play a critical role in Ghana’s national strategies and in the regulation of the digital economy. This includes the National Information Technology Agency (NITA), which is mandated to ensure ICT applications’ security and consistency and enforce the use of standardized approaches across sectors. The National Communications Authority (NCA) serves as regulator of the communication sector, including licensing. The Ghana Investment Fund for Electronic Communications (GIFEC) was created to expand ICT accessibility to remote and underserved communities. The Cyber Security Authority (CSA) regulates cybersecurity issues. The Data Protection Commission (DPC) has the lead to protect individual privacy.  

Beyond the MoCD, the Bank of Ghana (BoG) plays a leading role in the digital economy because it oversees: 1) the payment system infrastructure; 2) major fintech activity such as mobile money transfers; 3) payments interoperability systems; and 4) the National Switching and Processing System. It further oversees regulatory sandboxes for the payment system, issues licenses for domestic and cross-border payment platforms, and develops strategies and policies in emerging areas such as central bank digital currencies. It operates the Ghana Interbank Payment and Settlement Systems (GhIPSS), the interoperable payment system infrastructure for banks and other financial institutions.  

The 2008 Electronic Transactions Act established the framework for electronic communications and transactions, establishing the baseline regulations for e-commerce. It covers important areas such as use of e-signatures, digital government services, and created rules to counter fraudulent communications. It also provided a mandate for security agencies to act to prevent cyberattacks.  

National Policies for Innovation and Tech Startups: The National Entrepreneurship and Innovation Program provides skills training, incubation, and policy support for ICT and other (industrial or agriculture) startups. The office of Diaspora Affairs in the Presidency also promotes the tech ecosystem, including linkages to international partners. A joint private sector and Government group is developing a draft Startup Law.  

Projected Digital Economy Growth 

General Trends: Ghana ranks 15 out of 47 among African countries for ICT use in the 2024 ICT Development Index. Private sector operators and the Government have worked to provide near-universal broadband (3G and 4G) coverage in the country, but affordability and the reliability of that access remain a concern. Ghana has a mobile phone penetration rate of more than 135%. Ghana is home to the only Tier IV data center in West Africa. It also has several Tier III data centers. Ghana has a particularly vibrant fintech and mobile money sector (see related section).  

Ghana’s ICT sector continues to be one of the fastest growing sectors of Ghana’s economy. Industry analysts estimate the value of subsectors of the ICT sector as follows:  

  • Digital infrastructure, including data centers, fiberoptic cables, etc.: $400 million
  • Software (sales of software by companies like Oracle, IBM, and SAP): $200 million
  • Cloud infrastructure: $15 million
  • Cybersecurity: $30 million
  • Fintech, Health-tech and Ed-tech: $115 million
  • Training and services: $150 million

Ghana ranks 99 out of 123 countries surveyed (the 7th top ranking among Sub Saharan African countries) in the 2023 Global Innovation Index. That index credited Ghana for its political stability, National Innovation and Research Commercialization Policy, entrepreneurial ecosystem, and ICT access. The Index identified access to finance, the need for stronger ICT university curricula, and Ghana’s relatively low level of tech imports and software spending as areas for improvement. There is a robust startup ecosystem in Ghana with more than 100 tech hubs and accelerators spread across Ghana, and a major concentration in Accra/Tema, Kumasi, and Takoradi. Dedicated business chambers include the Ghana Chamber of Young Entrepreneurs, the Ghana Hubs Network, and the Ghana Startup Network, among others.

Ghana’s traditional strengths in terms of ICT startup activities have been in: 

  • Fintech, where ICT payment platforms and apps have helped to bring unbanked citizens into the financial sector and play a major role in remittances payments;  
  • eCommerce, where specialized marketplaces have emerged for online shopping;  
  • Agtech, where local companies seek to tackle challenges in Ghana’s largest labor sector, including last mile payments, supply chain, weather forecasting, fertilizer use and planting forecasting, and marketing, among other issues;
  • Other Medtech portals and apps to identify health services and supplies and improve health outcomes, and  
  • Proptech, where startups are servicing Ghana’s booming real estate sector with marketing and value assessment.

Opportunities for U.S. companies in this context include:  

  • Partnering with existing Ghanaian startups to further develop and scale within Ghana and wider Africa.  Providing financing and access to credit is key.  
  • Introducing new Web 3.0 services such as AI driven services, decentralized data infrastructure, and edge computing infrastructure. 
  • Providing education and specialized training modules for workforce development and continuous education in ICT areas, in particular.

Competitive Environment: There is a strong competitive environment to provide goods and services in the retail, B2B, and government segments of the Ghanaian market. There are numerous local companies with capacities in the ICT services space, but very little manufacturing of electronics and electrical components. Foreign competition from UK, EU Member States, China, Israel, Korea, and Japan, among others, is a strong factor in the market.  

Major purchasers: The different segments of the market and potential clients for goods and services can be broken down as follows:  

  • The more than 100 Government agencies, subsidiary bodies, state-owned enterprises, utilities, etc.;  
  • The education and healthcare sectors;  
  • The banking and financial services sectors;  
  • Ghana’s private sector (manufacturers, agribusiness, retail establishments, and service providers) is a major, growing customer for ICT goods and services;  
  • The consumer or retail sector to sell goods and services to individuals (a highly price sensitive segment of the market); and  
  • Providing technology or solutions to help implement international donor projects. See a list of such projects and links for more information on them on pages 120-131 of the U.S. Agency for International Development report.  

Market Challenges  

Regulatory Environment

International Agreements Impacting Digital Policy: Ghana is a party to the African Continental Free Trade Area or AfCFTA. The United States is not a party to this agreement, but some of the broad disciplines contained within the AfCFTA Digital Protocol will affect the overall business regulations in AfCFTA countries in which U.S. companies operate. The Digital Protocol was concluded in February 2024, but there are ongoing negotiations on a wide range of annexes that will fill in critical details. Individual AfCFTA Parties’ legislatures need to approve it and then it will enter into force 30 days after the 22nd AfCFTA Party deposits its instrument of ratification. Once this protocol is in force, AfCFTA Parties have a transition period of five years to align their national laws, rules, and regulations with the obligations of the Digital Protocol.  

The impact of the AfCFTA Digital protocol will be wide-ranging. Among other issues, it will create transparency obligations to publish all digital-related regulations and to oblige parties to accept the legal validity of electronic documents, allow contracts to be concluded by electronic means, allow electronic invoicing and paperless trading. It seeks to address some of the last mile issues in eCommerce such as to streamline the licensing of logistics providers, for example. It tackles issues such as use of digital payments and making settlement systems more interoperable.  It addresses the treatment of fintechs in accessing digital payment systems. The protocol foresees a provision on customs duties on electronic transactions, (an issue that is also under negotiation more broadly in the World Trade Organization). The Digital Protocol also seeks to address cross-border data transfers, data localization, source code, and other key policy issues that can affect international trade and investment.  

Investment Laws: Laws such as Ghana’s Technology Transfer Law slow investments due to its time-consuming and extensive review and approval process. Further, the minimum investment thresholds in Ghana’s Investment Promotion Act, $200,000 for joint ventures and $500,000 for wholly owned enterprises, serve as an impediment to foreign investment in Ghana’s digital sector. The proposed Ghana Investment Promotion Centre Bill, which is currently under development in the Ghanaian Government and under consideration in Parliament, may eliminate these minimum thresholds.    

Data Privacy and Cross Border Data Flows: Ghana implemented a Data Protection Act (DPA) in 2012 to establish comprehensive guidelines for the collection, usage, disclosure, and protection of personal data by data controllers or processors. Violations can result in penalties including imprisonment for up to five years. The DPA defines personal data narrowly and does not address biometric information such as fingerprints and facial scans. Ghana’s Data Protection Act allows cross-border data transfers but requires that the receiving country provides an adequate level of protection for personal data, as assessed by the Data Protection Commission. Transfers to countries without adequate protection may still be permitted under specific conditions, such as obtaining the data subject’s consent, necessity for contract performance, important public interest reasons, or protection of the data subject’s vital interests. Additionally, the sale of personal data is classified as an offense, which is subject to legal penalties.  

To help enforce the DPA, the Ghanaian Government created a Data Protection Commission (DPC) in 2015. The DPC, in turn, created a portal for data controllers and processors to register. The registration process covers entities in almost all major segments of the economy, such as: communications/ICT, education, financial services, government, health, hospitality/tourism, marketing, mass media, and security/law enforcement sectors, energy and mining.  

Artificial Intelligence: The MoCD announced in January 2024 that it is working on a draft AI policy and ethical guidelines which will form a comprehensive policy to regulate the use of AI Ghana. Once completed, the MoCD would send it to Parliament for approval. Lawmakers in Ghana’s Parliament also have suggested they would introduce legislation governing AI usage. Their concerns highlighted potential impacts on inequality and emphasized the need for clarity regarding machine errors. Labor groups have also weighed in on the need for a policy framework.  

More broadly, the African Union is tackling Continent-wide AI policy. It has created a framework that includes recommendations for industry-specific codes and practices, standards and certification bodies to assess and benchmark AI systems, regulatory sandboxes for safe testing of AI, and the establishment of national AI councils to oversee and monitor responsible deployment of AI.  

Standards Development: The Ghana Standards Authority (GSA), which is overseen by the Ministry of Trade and Industry, develops and publishes standards and ensures that goods entering Ghana meet acceptable standards. The GSA also provides certification services as a third-party certification body for a range of International Organization for Standards (ISO)  standards and is the WTO Technical Barriers to Trade National Enquiry Point (NEP).  

See also:

  • ICT Energy Efficiency Labeling. The Energy Commission creates standards in the area of energy efficiency. In 2023-2024, Ghana introduced new energy efficiency labeling requirements for computers, servers, and monitors. The product-specific regulations can be found on the Energy Commission website. 
  • The Guidelines for Manufacturers, Importers, and Retailers of Regulated Electrical Appliances guidelines include instructions on company and appliance registration, as well as the monitoring, verification, and enforcement framework.
  • Please see the Commercial Service’s market intelligence for Ghana to see a supplemental roadmap about how these requirements will be implemented.  

Subnational Markets  

Ghana’s urban areas have more amenities and greater digital connectivity than its rural areas. The Ghana Investment Fund for Electronic Communications (GIFEC) under the MoCD is responsible for, among other things, improving ICT infrastructure in rural areas. GIFEC’s projects include the Ghana rural telephony and digital inclusion project. Seventy percent of the project is being implemented by Huawei and thirty percent is being implemented by the China Telecom Corporation Limited. This 155-million Euro project funded by the Export-Import Bank of China is projected to bring 3.5 million Ghanaians onto mobile networks. Separately, the U.S. company Parallel Wireless, among other international companies, is active in other rural broadband and telephony projects.  

Opportunities  

GIFEC has a satellite hub which hosts about 70 centers that sit on the hub. It seeks to move these to 3G and increase the bandwidth.

GIFEC (Rural Star) is a rural telephony project seeking to synchronize cell sites and would like to implement LTE. GIFEC and the World Bank have other projects to provide 120 internet access points at selected community access centers.  

Market Entry and Public Sector Procurement

U.S. ICT goods and services are well-known for their innovative technologies, quality, and robust security features. U.S. training and certification is also highly valued. Having a local partner and local presence, providing post-sale support, and pricing competitively are key determining factors to winning market share. With local currency depreciation during the past three years, long-term, dollar-based contracts can form a significant disincentive for local partners. Nonetheless, such contracts are highly recommended so the U.S. seller can hedge currency risk.  

New entrants can use partnering services from the Commercial Service to identify local distributors, agents, and partners. Finding well-established customers with positive balance sheets is recommended because payment arrears are a significant factor in the market, especially for long-term services contracts. Performing due diligence services such as the International Company Profile provided by Commercial Service is highly recommended, as well. The use of Commercial Service’s Single Company Promotions (launch and demo events with targeted client, stakeholder, and press audiences) has been particularly effective way for U.S. providers of cloud services, handsets and tablets, and fintech payment solutions, among others, to establish their brand and find customers in Ghana.  

Public Sector Procurement: For a detailed analysis of how public procurement works in Ghana, please see Commercial Service Ghana’s market intelligence report. Payment arrears and non-payment have been particularly acute in public sector contracts. International companies have raised concerns that Ministries and their sub agencies increasingly use sole source tendering or develop projects without competition for key communications systems and equipment purchases.  

Please note there are numerous advanced fee scams and fraudulent procurement targeting international suppliers of goods and services. Please see Commercial Service’s fraud and scam alert and contact Office.Accra@trade.gov for more information.  

Digital Trade Barriers and Levies/Taxes

Data Localization: In Ghana’s financial sector, before financial institutions can store data abroad, they must convince the BoG that the data host meets Ghana’s national standards.  

Payments Data Processing: In 2021, the BoG published guidelines for domestic processing of payment card transactions with payment cards issued in Ghana. They create a requirement for foreign companies to localize the processing of payment card transactions in Ghana for payment cards issued in Ghana and set out requirements for foreign operators about partnering with local payment service providers or other entities designated by the BoG.  

Other Sectoral Localization Policies: In 2019, Ghana enacted the Ghana Payment Systems Bill and Guidelines which established that, to obtain a payment systems operator license, firms must establish a local entity with at least 30 percent local ownership, and a board of directors that includes at least three Ghanaians, one of which must be the CEO.  

Ghana’s new licensing regime for cybersecurity services (see dedicated section) seems to circumscribe certain cybersecurity services activities to local companies or require foreign operators to partner with, or work for, local companies. The initial approvals for those new licenses, which were released in the summer of 2024, indicate that the vast majority of approved entities so far are local Ghanaian companies.  

In May 2024, the National Communications Authority amended the Electronic Communications Managed Services License (ECMSL) to allow smaller entities other than the original equipment manufacturers (OEMs) to take over part of the work of managed services. It assigned levels to one of the ECMSL (covering network operation centers, level 1 and 2 services, field level maintenance, and tower sites and other services) to non-OEMs. It allows level 3 support and maintenance of hardware and software releases to remain under the purview of OEMs. 

Levies - E-Levy: In 2022, the Ghana Revenue Authority (GRA) began to implement a 1.5% E-levy, (reduced in 2023 to 1%), on mobile money electronic transfers. Mobile money operators remit the levy to the GRA on behalf of users. The E-Levy covers:  

  • Mobile money transfers between accounts on the same electronic money issuer (EMI).
  • Mobile money transfers from an account on one EMI to a recipient on another EMI.
  • Transfers from bank accounts to mobile money accounts.
  • Transfer from mobile money accounts to bank accounts.
  • Bank transfers on a digital platform or application which originate from a bank account. belonging to an individual to another individual.

Exceptions for the levy include:

  • Cumulative transfers of up to 100 Ghanaian cedis per day made by the same person.
  • Transfers between accounts owned by the same person.
  • Transfers for the payment of taxes, fees and charges on the Ghana.gov platform.
  • Electronic clearing of checks.
  • Specified merchant payments (that is, payments to commercial establishments registered with the Ghana Revenue Authority for income tax and VAT purposes.  
  • Transfers between principal, master agent, and agent’s accounts.

Value Added Tax on Digital Services: The Ghana Revenue Authority announced in April 2022 that it will begin collecting Value Added Taxes (VAT) and other domestic charges from non-resident companies or persons that conduct business transactions in Ghana via the electronic transmission of data over communications networks like the internet. All taxable supplies are now subject to the VAT and charges. This affects website supply; web hosting; distance maintenance of programs and equipment; distance learning; making databases available; and the provision of images, text and information; music and games; games of chance and gambling games; and political, cultural artistic, sporting, scientific and entertainment broadcasts.  

To calculate the effective tax rate, companies must assess the following levies on the value of the taxable supply of the goods or services: the National Health Insurance Levy (NHIL) 2.5%; Ghana Educational Trust Fund Levy (GETFL) 2.5%; and the Covid 19 Health Recovery Levy (CHRL) 1%. The cumulation of those charges added to the value of taxable supply forms, in turn, the basis for assessing a 15% Value Added Tax. This results in an overall tax rate of more than 22%. There is also a requirement to itemize the individual levies.  

The Ghana Revenue Authority has created a special portal for non-resident companies to formally register with the Commissioner-General and to remit VAT payments via money transfer, bank cards, etc. There are penalties and interest payable for: failing to register; incorrectly declaring VAT, NHIL, GETFL and CHRL; submitting returns late; late payments; and other infringements of VAT law. Companies located abroad are expected to collect VAT from their customers and then remit those fees to the Ghana Revenue Service.  

Other Trade Barriers

Huawei, Apple, Tecno Mobile, and Samsung have a strong presence in the handset/mobile phones segment. U.S. handset and tablet company TM Cell’s LOGIC brand is a new entrant to the market. American Tower Corporation, Helios, Ericsson, and Parallel Wireless among others, play a significant role in telecommunications infrastructure. Huawei is also a major player providing equipment and services for various network operators in Ghana. South African MTN is the largest telecommunications provider in Ghana and holds a dominant position in the market. It offers a wide range of services, including voice, data, and mobile financial services (MTN Mobile Money). MTN’s extensive network coverage and strong brand presence make it a leading force in the sector.  

Digital Trade Opportunities

Cross-Sector Enabling Technologies: (Note: These technologies provide the necessary tools and infrastructure to enhance productivity, efficiency, and functionality across different industries).

Communications and Networking Technologies: Licensed gateway operators, undersea cable links, private licensed very small aperture terminal (VSAT) systems, fixed centers, dedicated transmission networks, public distribution networks, wireless mobile operators, public telephone systems, and tele-internet service providers form the infrastructural foundation of Ghana’s ICT sector. Additionally, the Ghana Interbank Payment and Settlement Systems (GhIPSS) plays a crucial role in facilitating electronic transactions and financial services across the country.

Advanced Computing

Cloud Computing: The primary adopters of cloud computing in Ghana include IT service companies, educational institutions, financial organizations, and telecommunication firms. Among these, there is a noticeable preference for Software-as-a-Service (SaaS), driven by the high number of software organizations developing mobile and web applications.  On the other hand, the uptake of Infrastructure-as-a-Service (IaaS) and Platform-as-a-Service (PaaS) has been more uneven.  Ghanaian businesses typically favor private cloud solutions over hybrid, public, or community clouds. In particular, financial institutions’ need to secure sensitive data drives this preference. Several challenges and opportunities are shaping the cloud computing landscape in Ghana. Many institutions with private clouds or data centers in Ghana lack disaster recovery systems, backups, and secondary data storage solutions. This gap presents a significant opportunity for providers of disaster recovery systems to support these organizations.  

Data Centers: As noted above, Ghana hosts a Tier IV data center and several Tier III data centers; additional major data center projects are in the pipeline, as well.  Data centers located in urban areas face significant cooling challenges, especially when not situated near water bodies. There is an opportunity for developing cost-effective cooling technologies to address this issue.  

Advanced and Networked Sensing and Signature Management: These are emerging fields in Ghana, especially with the growing importance of security technologies, environmental monitoring, and smart infrastructure. The deployment of advanced sensing technologies is enhancing authorities’ capabilities in surveillance and public safety, helping them to manage and respond to various security threats more effectively. There are potential applications for networked sensors integrated with surveillance systems to provide real-time data on urban areas, aiding in crime prevention and emergency response. The technologies could be used for environmental and infrastructure management. In smart city initiatives, sensors could monitor traffic, air quality, and energy consumption to optimize urban planning and improve quality of life. The cost of advanced technologies to implement these solutions and limited infrastructure to support them form the current impediments to their deployment in Ghana.  

Human-Machine Interfaces: The development and adoption of Human-Machine Interfaces (HMIs) is at an early phase in Ghana. The ability of HMIs to facilitate interaction between users and machines through graphical displays, touchscreens, and voice recognition, creates potential applications in local manufacturing (to streamline operations), as well as in healthcare, and education. In healthcare, HMIs could enhance patient care by enabling more effective management of medical devices and health information systems. Educational institutions are also starting to incorporate HMIs into their teaching methods, using interactive technologies to engage students and improve learning outcomes. Although the adoption of HMIs in Ghana is still developing, the growing interest and investment in technology are driving advancements in this field, with the potential to significantly enhance user experience and operational effectiveness across multiple sectors.

Artificial Intelligence (AI): The African Development Bank estimated in 2022 that the adoption rate of AI by Ghanaian businesses had grown 28% annually since 2017. In particular, agricultural companies and farmers have used AI to provide real-time data on weather patterns, crop diseases, and commodity prices. This has helped them improve crop productivity and to reduce crop losses. In Ghana’s booming fintech sector, local fintechs are deploying AI to enhance mobile payment solutions. In the eCommerce sector, marketplaces such as Jumia have used AI to optimize its management of inventory, track consumer preferences, and customize marketing outreach.  

Further, Accra is a hub of AI innovation. Google opened its AI Research Center on the African continent in Ghana in 2023.  In it, African researchers are developing solutions for specific African use cases. For example, the AI Research center is working on mapping buildings in remote areas, forecasting floods, predicting locusts, improving maternal health outcomes with ultrasound, helping people with non-standard speech communicate more easily, teaching reading, and expanding Google Translate to include more local, African languages. Ghana also has homegrown AI champions, in particular MinoHealth AI labs, a Gates Foundation recipient that is automating medical diagnosis and prognosis, and forecasts for pneumonia, malaria, and tuberculosis, for example.  

e.g., digital connectivity and information technologies, such as quantum computing, Open Radio Access Network (ORAN), information communication technology (ICT), internet access, 5G and 6G, sub-sea cables.

ORAN and 5G: Telecom operators in Ghana currently use 3G and 4G technology. In August 2023, the MoCD announced that rather than auctioning the 5G spectrum, it would set up a neutral shared network to enable mobile services that are delivered through 4G and 5G spectrum. In June 2024, the MoCD announced that it was moving forward with a consortium called NextGen to implement an OpenRAN-based neutral network for 5G. A transparent policy framework for 5G or a formal tender for the neutral network did not precede this announcement. The Government of Ghana did not ask other consortia to provide competing proposals.  

When a 5G network eventually comes online, there will be a need for affordable 5G-compatible handsets; most currently on the market are not 5G compatible. The faster download speeds, low latency, enhanced bandwidth, and mobile connectivity across devices provided by 5G could enable Internet of Things and artificial intelligence solutions. This creates potential opportunities for U.S. companies with expertise in remote healthcare, precision agriculture, digitalized supply chain management and logistics, and advanced manufacturing solutions, among other use cases.  

Submarine Cables: Ghana has five submarine cable landings, with an estimated total available capacity of 2,905 gigabits. The severing of several of these cables in March 2024 (possibly from a landslide) resulted in several weeks of major disruptions to Ghana’s connectivity to the rest of the world. This revealed vulnerabilities in the current physical infrastructure as well as the need for redundant systems and robust rerouting options. Ghana subsequently approved a license for Starlink to operate low orbit satellite and Starlink officially launched its satellite internet services in Ghana in August 2024.  

Specific Industry Sub-Sectors  

Quantum Technologies: Quantum technologies are an emerging field in Ghana, which could offer transformative advancements in quantum computing, communications, and security (encryption). While still in a nascent stage, Ghanaian institutions and research centers are starting to explore the potential of quantum technologies. Universities like the University of Ghana and research hubs are starting to integrate quantum concepts into their curriculum and research projects, aiming to build foundational expertise in this area.  

Financial Technologies 

Traditional financial service providers: MasterCard and Visa are key players in the financial services space and partners that provide backbone infrastructure for many of the fintech and digital payments solutions.  

Mobile Money: The use of mobile money or “momo” is very common in Ghana. Mobile money is a payment service operated under the regulatory authority of the BoG which customers can perform via a mobile device. Instead of paying with cash, check, or credit cards, a consumer can use their mobile device to pay for goods and services.  

Ghana has the second-highest data penetration rate and fastest-growing mobile money market in sub–Saharan Africa which has greatly enhanced financial inclusion. Registered mobile money accounts reached 30 million users and mobile money transactions exceeded $36 billion in 2020, exceeding the value of check transactions. MTN, Vodaphone, and AT all offer mobile money payment services, with MTN having the largest market share. Emergent, Hubtel, ExpressPay and Zeepay are examples of other operators in the electronic money/mobile money market in Ghana.  

Fintechs and Venture Capital: According to the BoG, there were 47 licensed fintechs in the country with a total volume of transactions at $9.5 billion at the end of 2022. Ghana’s start-up ecosystem attracted $111 million in equity funding in 2020, according to the Africa Tech Venture Capital Report. Fintechs, especially digital payment platforms, (and to a lesser extent, insurance technology and health technology) accounted for more than 95% of venture capital funding. Ghana attracted the third-largest amount of fintech funding in Africa in 2020, $47 million, behind Nigeria and South Africa, but ahead of Egypt and Kenya.  

With intra-African trade expected to grow exponentially, fintech solutions that allow for cross-border settlements of payments in African currencies (traditionally an expensive chokepoint in intra-African trade) are in demand and being actively deployed, in several cases with U.S.-origin solutions. New entrants to the cross border payments settlement market in 2024 include U.S.-based Brij and DCM.

Cybersecurity: Ghana has experienced several major cybersecurity attacks on banks and critical infrastructure. The Government of Ghana has created mandatory cybersecurity requirements overseen by the Ghanaian Cyber Security Authority (CSA) that apply to a broad range of infrastructure, financial, governmental, and commercial entities in the economy. The CSA will audit those entities to determine whether they are protecting data and infrastructure by implementing sufficient cybersecurity protection measures, as prescribed by the law. Due to Ghana’s increased enforcement, audits, and the efforts of the local private sector to safeguard data, revenue from Ghana’s cybersecurity market (cyber solutions and security services) is projected to reach $43 million in 2023.

Cyber solutions is the largest market within cybersecurity. According to Statista estimates, it will grow to $73 million by 2028. Within cyber solutions, network security is forecasted to grow to $26 million in 2028, other solutions to $18 million, cloud security to $2.3 million, and data security to $1.75 million by 2028. Statista estimates that security services will become a $23 million market by 2028, with $17 million of that in professional services and $5.6 million in managed services.  

Cybersecurity Licensing: As part of the CSA’s audits, the CSA will assess whether the providers of cybersecurity services to those entities are licensed according to Ghana’s new licensing regime for the cybersecurity activities. In 2023, Ghana’s Cyber Security Authority (CSA) launched a new system of licensing for companies that provide cybersecurity-related services in the Ghanaian market. It creates three separate licensing categories and lays out procedures for each of them. The three categories are: 1) Individual Cybersecurity Professionals; 2) Cybersecurity Service Providers; and 3) Cybersecurity Establishments. Because the licensing requirements include provisions such as submit evidence of a job or consultancy offer with a Ghanaian based entity for a cybersecurity job and domestic establishment provisions, it could affect the ability of companies to provide cybersecurity services exclusively in a cross-border manner. For more details, please see CS Ghana’s market intelligence report or get access to the licensing portal.  

e.g., FinTech, Cybersecurity, Internet of Things (IoT) and Smart Cities, Software and Digital Services, and Telecommunications.  

IoT and smart cities initiatives have the potential to introduce innovations in urban management, with connected devices improving efficiency in areas such as traffic control, energy management, and public safety.  Starting in 2012, the Minister of Communications and Digitalization began work with Huawei Technologies to install 800 security cameras in Accra and to develop monitoring centers for the cameras. A 2018 contract between the Ministry of National Security and Huawei and another Chinese company led to the implementation of a second phase of the project in which 10,000 CCTV cameras were installed in regional and district capitals.  

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