Ghana's Venture Capital and Private Equity Association (GVCA) has urged stronger domestic capital mobilisation to drive national development. Matthew Boadu Agyei, GVCA Board Chair, stated that Ghana possesses substantial pools of domestic capital. These funds can finance major infrastructure projects, support businesses, and accelerate economic growth.
Structural barriers, however, prevent these funds from reaching productive economic sectors. Mr. Agyei called for improved collaboration among investors, policymakers, fund managers, and entrepreneurs. The aim is to unlock what he described as "trapped capital" within the country's financial system. He made these remarks at the 2026 GVCA Annual Industry Conference in Accra.
Ghana's economic transformation will increasingly rely on its ability to mobilise and deploy domestic resources. This approach reduces reliance solely on foreign investment. Large amounts of capital remain underutilised within pension funds, insurance pools, family offices, and corporate balance sheets. This occurs despite growing opportunities in private markets and infrastructure development. The private equity sector globally is a significant allocator of institutional capital, managing trillions of dollars. In Ghana, fostering this local equivalent could unlock substantial investment potential.
Mr. Agyei emphasised that while foreign capital remains important, Ghana's next phase of economic transformation depends on effectively deploying domestic capital. This deployment should target productive, scalable, and resilient sectors of the economy. He noted that the GVCA’s 5 Percent Compact initiative is already showing results. This initiative encourages institutional investors to increase allocations to the private capital sector. The initiative aims to shift institutional capital, such as pension funds, towards a target of 5% in alternative investments.
Unlocking capital demands efforts to strengthen confidence within the investment ecosystem. Mr. Agyei identified trust, innovation, and policy coordination as three critical pillars for domestic investment. Trust can be built through strong governance, transparency, and performance. He further stressed the need for innovative investment structures. These structures must align investor expectations with long-term development objectives. This would help channel more institutional capital into alternative asset classes.
Mr. Agyei warned that inconsistent policy measures could discourage long-term investment commitments. He urged closer collaboration among regulators, fund managers, institutional investors, and entrepreneurs. Investors need certainty, as capital does not respond well to frequent shifts in tax policies and investment regulations. A predictable regulatory environment is crucial for sustained investment inflows.
The GVCA Board Chair used a practical example to illustrate the potential impact of domestic investment. He envisioned financing and building major national infrastructure projects such as the Accra-Kumasi Expressway. Local capital could fund this, and ownership could transfer to Ghanaian pension funds. This would reduce travel time and create long-term value for Ghanaians. Such self-financing projects reduce dependence on external loans, improving Ghana's debt profile. This also aligns with national self-reliance goals.
Mr. Agyei expressed optimism about Ghana's potential to build a thriving private capital ecosystem. He cited a growing institutional investor base, sophisticated fund managers, and innovative entrepreneurs. The success of these initiatives will be measured by the volume of capital deployed and the quality of businesses and projects financed. The conference, themed “Fueling Ghana’s Future Through Domestic Alternative Investments and Unlocking Trapped Capital,” convened over 450 investors, entrepreneurs, and policymakers. This gathering signifies a strong commitment to accelerating private capital deployment into productive sectors.