💡 Africa’s Innovation Paradox: Billions Available, but Access Denied
Across the African continent, more than $7.2 trillion in domestic capital sits in reserves, bank assets, and pension funds. Yet, in countries like Ghana, aspiring innovators and entrepreneurs continue to struggle to turn their ideas into reality.
The African Center for Economic Transformation (ACET) calls this contradiction the “financing paradox”—an overwhelming pool of resources exists, but systemic barriers prevent innovators from tapping into it.
🚫 Innovation-Finance Disconnect: What’s Really Blocking Access?
According to Rob Floyd, Director of Digital and Innovation Policy at ACET, the root problem isn’t a lack of funding—it’s the broken ecosystem surrounding it.
Key obstacles include:
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⚠️ Ineffective government coordination
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📉 Weak collaboration among stakeholders
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🔒 Limited or fragmented platforms connecting capital with ideas
As a result, many startups, youth-led ventures, and MSMEs are left out of financing pipelines—even when political will or donor support is present.
🚀 The Sankore Project: Rethinking Access to Innovation Capital
In response, ACET launched the Sankore Project in March 2025, a bold year-long initiative focused on Ghana and Nigeria. Its core mission is to:
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Diagnose structural barriers in the innovation economy
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Improve digital service delivery and governance
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Design better policy frameworks that enable innovation
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Directly link small businesses to sources of capital
The project operates in close collaboration with Ghana’s Ministry of Environment, Science, Technology and Innovation (MESTI), targeting systemic transformation rather than isolated fixes.
🏛️ Government Action: Ghana’s Policy Reform Agenda
Ghana’s 2024 innovation manifesto outlines a vision for inclusive and tech-driven growth. Reforms are already underway in several key areas:
🔌 Digital Infrastructure
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Expanding broadband and connectivity to underserved regions
🏢 MSME Support
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Digitizing business registration and licensing for small enterprises
💳 Financial Inclusion
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Promoting mobile and secure digital payment systems for unbanked populations
🌾 Youth in Agriculture
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Using online platforms to engage young farmers with training and markets
🗺️ Tourism Innovation
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Developing virtual reality tours of heritage sites to promote tourism
🌿 Biodiversity and IP Law
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Enacting legal frameworks to govern the sharing of genetic resources
These efforts reflect a shift away from donor dependency and toward a more self-sustaining innovation economy, driven by Ghanaian ideas and talent.
📣 A Call for Collaboration
“There’s no shortage of capital in Africa—what’s missing is the infrastructure that connects it to innovation,”
— Rob Floyd, ACET
The success of projects like Sankore will depend on ongoing cooperation between government agencies, the private sector, research institutions, and civil society.
With stronger platforms and clearer policy direction, Ghana could unlock billions in local capital and spark a new era of African-led innovation.
Source: https://gna.org.gh/
