By Francis Ntow
Accra, July 5, GNA – Ghanaian and other African innovators still struggle to commercialise their solutions, despite the availability of more than US$7.2 trillion in domestic capital.
The African Center for Economic Transformation (ACET) attributes the situation to systemic barriers that hinder access to private sector finance across the continent.
Rob Floyd, Director of Digital and Innovation Policy at ACET, told the Ghana News Agency (GNA) in Accra that Africa’s innovation ecosystem faces a critical disconnect between available capital and entrepreneurs.
“There’s no lack of finance,” Mr. Floyd said, citing US$4 trillion in domestic capital reserves, US$2.5 trillion in banking assets, and US$700 billion in pension assets held by development banks across Africa.
He linked the financing paradox to three core structural challenges: poor government coordination, communication breakdowns, and limited access platforms—issues ACET is tackling in Ghana and Nigeria.
To address these gaps, he announced the launch of the Sankore Project in March 2025—a bold, year-long initiative aimed at diagnosing and resolving the persistent “sticky issues” hindering Africa’s innovation-to-commercialisation journey.
ACET has already begun discussions with Ghana’s Ministry of Environment, Science, Technology and Innovation (MESTI) to craft systemic solutions enabling small businesses to access available capital.
The Sankore Project aims to facilitate commercialisation, improve innovation policy, and strengthen digital service delivery in Ghana and Nigeria.
ACET’s findings emerge as African governments increasingly recognise the need to harness local innovation for economic transformation and reduce reliance on foreign investment and aid.
Ghana’s current government, in its 2024 manifesto, pledged to expand digital infrastructure to support innovation, improve public services, and foster inclusive digital growth.
Policy actions include simplifying, digitising, and decentralising registration and permit processes for Micro, Small, and Medium-sized Enterprises (MSMEs), and promoting digital payment systems for secure transactions and financial inclusion.
The government also plans to support youth involvement in agriculture through digital platforms and virtual communities.
In tourism and hospitality, digitalised experiences—such as virtual reality tours of museums and cultural sites—will showcase Ghana’s heritage to global audiences.
Additionally, the government will enact legal instruments for access and benefit-sharing of genetic resources and develop digital sequence information to support biodiversity initiatives.
GNA
Edited by Kenneth Sackey