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Ghana to Invest GHc60 Billion in Capital Markets

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  Published in Stocks and Investing on Thursday, February 5th 2026 at 22:02 GMT by Ghanaweb.com
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Accra, Ghana - February 6th, 2026 - Ghana's government is actively pursuing a bold strategy to unlock the nation's economic potential by redirecting a substantial GHc60 billion in excess liquidity towards bolstering its capital markets. Information Minister Kojo Oppong Nkrumah, speaking at a follow-up forum to the 2024 Ghana Investment Forum, detailed the plan, which focuses on channeling funds into both the Ghana Stock Exchange (GSE) and the burgeoning venture capital (VC) landscape.

The initiative aims to address multiple challenges facing the Ghanaian economy, including limited access to capital for businesses, a reliance on costly external borrowing, and a need for sustained, long-term economic growth. Oppong Nkrumah emphasized the current situation where a significant amount of capital - approximately GHc60 billion - is held within commercial banks, yielding limited returns and failing to contribute effectively to national development.

"For too long, this liquidity has been underutilized," stated Oppong Nkrumah. "We believe that strategically directing these funds towards the GSE and venture capital funds will not only generate superior returns but also cultivate a more robust and competitive domestic financial ecosystem."

GSE Revitalization and Increased Investor Appeal

The proposed investment in the GSE isn't simply about increasing trading volume; it's about fundamentally strengthening the exchange's infrastructure and attractiveness to both domestic and international investors. Experts suggest the funds could be used to modernize trading platforms, enhance regulatory oversight, and promote greater transparency. A revitalized GSE will make it easier for Ghanaian companies to raise capital through initial public offerings (IPOs) and secondary offerings, fostering growth and creating jobs. The influx of liquidity is also expected to increase market depth and reduce volatility, making the GSE a more stable and predictable investment destination.

Furthermore, government officials are exploring mechanisms to incentivize long-term investment in listed companies. This could involve tax breaks for holding shares for extended periods or the creation of a dedicated fund to support strategic GSE-listed businesses.

Unlocking Innovation Through Venture Capital

Complementing the GSE investment, the plan allocates a significant portion of the GHc60 billion to venture capital funds. Ghana's VC sector, while growing rapidly, still faces challenges related to access to funding, particularly for early-stage startups. This injection of capital is intended to address this gap, stimulating innovation and entrepreneurship across key sectors like technology, agriculture, and renewable energy.

"We are witnessing a surge in entrepreneurial activity in Ghana, and these startups are the engines of future growth," explained a senior advisor within the Ministry of Finance. "But they need access to capital to scale their operations and realize their full potential. This investment in venture capital is a recognition of that need."

The government is expected to partner with both local and international VC firms, establishing clear criteria for fund allocation and ensuring that investments align with national development priorities. There is also a focus on promoting impact investing - ventures that generate both financial returns and positive social or environmental outcomes.

Reducing Reliance on External Debt

A central tenet of this strategy is reducing Ghana's dependence on external borrowing. The country has been grappling with a significant debt burden, and the cost of servicing this debt has placed a strain on public finances. By mobilizing domestic capital, the government hopes to finance development projects and support economic growth without resorting to costly loans from international lenders. This is particularly crucial given the current global economic climate and rising interest rates.

"This isn't about short-term fixes; it's about building a sustainable economic future," Oppong Nkrumah reiterated. "By fostering a vibrant domestic capital market, we can create a virtuous cycle of investment, growth, and job creation."

The government is currently finalizing the details of the implementation plan, including the specific allocation of funds between the GSE and venture capital, and the mechanisms for monitoring and evaluating the impact of the initiative. Stakeholder consultations are ongoing to ensure that the plan is effectively implemented and that it delivers the desired results. The Ministry of Finance has indicated that the initial deployment of funds is expected to begin in the third quarter of 2026, with a phased approach to maximize impact and minimize risk.