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Ghana Calls for BoG to Invest GHc60B in VC and Stock Market

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  Published in Stocks and Investing on Wednesday, February 11th 2026 at 5:01 GMT by Ghanaweb.com
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Accra, Ghana - February 11th, 2026 - Ghana's Information Minister, Kojo Oppong Nkrumah, has renewed calls for the Bank of Ghana (BoG) to strategically deploy its considerable excess liquidity - currently estimated at over GHc60 billion - into the nation's venture capital (VC) and stock market sectors. The Minister's advocacy, initially voiced at the 2024 Ghana Economic Forum and reiterated in several subsequent briefings, represents a core component of the government's evolving strategy to stimulate economic growth amidst ongoing challenges.

The rationale behind the proposal is straightforward: Ghana's current economic climate, while showing signs of stabilization, remains vulnerable to external shocks and burdened by significant debt and persistent inflation. Simply holding onto such a substantial sum in excess liquidity is viewed as a missed opportunity. Oppong Nkrumah argues that directing these funds towards nascent, high-potential businesses through venture capital and bolstering the stock market could unlock significant returns and catalyze broader economic development.

"We are not simply talking about a financial maneuver; we're discussing the future of Ghanaian innovation and enterprise," stated the Minister in a recent interview. "GHc60 billion is a substantial figure. If judiciously invested in the VC space and the stock market, it has the potential to fund groundbreaking startups, provide essential growth capital for existing businesses, and increase investor confidence - factors crucial for sustainable economic expansion."

Addressing Concerns and Laying the Groundwork

The initial proposal, first made two years ago, wasn't without its critics. Some analysts raised concerns about the potential for market manipulation, the need for robust regulatory frameworks to ensure transparency and accountability, and the risk of channeling funds into unsustainable ventures. The BoG, while acknowledging the Minister's perspective, initially adopted a cautious stance, citing the need for a detailed risk assessment and a comprehensive plan for implementation.

Over the past two years, however, a collaborative effort between the Ministry of Finance, the Bank of Ghana, and the Securities and Exchange Commission (SEC) has begun to address these concerns. A key development has been the establishment of a dedicated 'Growth and Innovation Fund' (GIF), designed as a vehicle for channeling a portion of the excess liquidity into qualifying VC funds. The GIF operates under strict governance guidelines, overseen by an independent board comprised of financial experts and representatives from both the public and private sectors.

The SEC has also been actively working to modernize regulations surrounding initial public offerings (IPOs) and secondary market trading, aiming to make the stock market more accessible and attractive to both local and foreign investors. Reforms include streamlined listing requirements, increased transparency in corporate governance, and initiatives to promote financial literacy.

Impact on Venture Capital Landscape

The expected influx of capital is poised to significantly reshape Ghana's VC landscape. Currently, the VC sector is fragmented and largely focused on early-stage funding. The GIF is expected to attract more established VC firms - both domestic and international - and encourage them to invest in a wider range of sectors, including fintech, agritech, renewable energy, and healthcare.

Reports from the Ghana Venture Capital Association (GVCA) indicate a growing pipeline of promising startups eager for funding. The GIF is anticipated to provide critical seed and Series A funding, enabling these businesses to scale up their operations, create jobs, and contribute to economic growth. Several startups are already benefitting from preliminary allocations, demonstrating promising early results in sectors like mobile money solutions and sustainable agriculture.

Stock Market Implications & Investor Confidence

The impact on the stock market is also projected to be substantial. Increased liquidity should translate into higher trading volumes and potentially drive up share prices. However, analysts caution that sustainable growth requires not only increased liquidity but also improved corporate performance and a more diversified range of listed companies. The government is actively encouraging state-owned enterprises to consider partial privatization through IPOs as a means of raising capital and improving efficiency.

Furthermore, the government recognizes that attracting foreign investment requires a stable macroeconomic environment and a predictable regulatory framework. Efforts are underway to address issues such as exchange rate volatility, bureaucratic red tape, and corruption, with the aim of creating a more investor-friendly climate.

Oppong Nkrumah concluded, "This is not a quick fix, but a long-term strategy for building a more resilient and diversified economy. By strategically deploying our excess liquidity, we can unlock Ghana's immense potential and create a brighter future for all our citizens."