By Ghana’s Information Communication Technology (ICT) sector has consistently been one of the fastest-growing segments of the economy in the last decade, with significant ripple effects across other sectors. The sector is anticipated to expand substantially with its value, which stood at US$1 billion in 2022, projected to grow by 500% to reach US$5 billion by 2030. This robust growth is driven by rapid digitisation and progressive regulatory support, positioning Ghana as a key player in Africa’s financial technology (fintech) revolution.
The ICT landscape encompasses various stakeholders, including telecommunication service providers, internet service providers, software developers, and training institutions. Regulation of the sector is primarily overseen by the Ministry of Communications and Digitalisation, along with the National Communications Authority (NCA), supported by other regulatory bodies.
Ghana has three main mobile network operators: MTN, AT (formerly AirtelTigo), and Telecel (which acquired Vodafone’s Ghana operation in 2024). As of Q4 2024 MTN remains the dominant player with approximately 73.97% market share, holding 28.41 million subscriptions. Telecel follows with 18.14% market share (6.97 million subscriptions), and AT holds 7.89% market share (3.03 million subscriptions).
As of January 2025, Ghana had 38.3 million cellular mobile connections, equivalent to 110% of the total population due to the wide use of multiple SIM cards. The number of internet users reached 24.3 million in January 2025, representing a penetration rate of 69.9% and indicating a steady increase in digital adoption. Furthermore, GSMA Intelligence data suggests that 93.4% of mobile connections in Ghana can now be considered ‘broadband’ (connecting via 3G, 4G, or 5G networks).
The country has five primary broadband wireless access operators. The government has also established a joint venture company to build a national 5G wholesale network, though commercial 5G services by mobile network operators (MNOs) are yet to be widely offered due to existing LTE capacity and user demand. Ghana’s media landscape remains diverse, with the NCA reporting 805 authorised FM broadcasting stations as of Q4 2024, with 549 currently operational.
FINTECH AND IT COMPANIES: A HUB OF INNOVATION
The fintech sector is experiencing rapid growth, with a significant increase in activity. As of June 2025, Ghana is among Africa’s top five venture capital growth markets, with Ghanaian startups raising over US$127 million in 2024, predominantly led by fintech firms. The Bank of Ghana’s list of approved institutions for fintech and innovation includes numerous payment service providers and financial technology service providers, indicating a robust and expanding sub-sector.
Ghana is home to a growing number of IT companies, with Accra serving as a key technology hub. Many of these companies provide a range of services from software development and IT consulting to AI solutions and cybersecurity. Notable international firms like Google and Microsoft also have a presence in Accra, with some basing their entire African operations from the city. The tech ecosystem in Ghana continued to attract investor attention in the first half of 2025, with an estimated US$36 million in VC funding, led by fintech companies like Zeepay.
The fintech sub-sector remains a significant driver of growth, characterised by a dynamic interplay between MNOs, financial institutions, and regulatory bodies. The Bank of Ghana plays a crucial role by providing banking licenses to banks that act as super agents for the MNOs in the mobile money market. These banks and super agents ensure liquidity, facilitating cash-in and cash-out transactions, while MNOs manage the mobile wallets of their super agents. The MNOs, serving as both agents and partners with the banks, provide the technological platforms necessary for cash receipt and transfer.
The total value of electronic transfers in Ghana, predominantly driven by mobile money transactions, soared by 51.76% to GH¢3.02 trillion (approximately US$196.7 billion) in 2024, a substantial increase from GH¢1.99 trillion in 2023. The aggregate volume of mobile transfers in 2024 grew to eight billion, and the number of registered mobile money accounts increased to 73 million by the end of 2024. This growth underscores the rapid adoption and increasing reliance on mobile financial services, driven by advancements in mobile technology and an expanding network of mobile money agents.
The government is actively promoting digital initiatives to enhance connectivity and support the growth of a digital economy. Key initiatives include the National ID system (Ghana Card) and digital address systems. The government aims to add even more digital government services to the Ghana.gov portal by the end of 2025, as part of a US$200 million World Bank-backed Ghana Digital Acceleration Project. This initiative, which will integrate with the Ghana Card for identity verification, aims to modernise public service delivery, improve transparency, and enhance efficiency.
MNOs in Ghana are also making substantial investments to enhance the adoption of advanced mobile services and improve infrastructure, with MTN Ghana committing US$217 million by 2025. These efforts aim to enhance connectivity, especially in rural areas, and support the growth of a digital economy.
Overall, Ghana’s ICT sector presents robust investment opportunities driven by strong digital adoption, proactive government initiatives, and a dynamic fintech landscape. While challenges related to internet quality and digital divide persist, ongoing investments in infrastructure, regulatory frameworks, and human capital development are paving the way for continued expansion and innovation in the sector.
SECTOR OPPORTUNITIES
- Investing in data centre deployment and management, business continuity, and information security to support institutions such as pension funds, banks, brokerage houses, and insurance firms.
- Last-Mile Connectivity – to bring connectivity to the end-users in underserved communities.
- Taking advantage of the Geneva 2006 (GE06) Agreement, which established the Digital Terrestrial Broadcasting Plan and to which Ghana is a signatory, to deliver terrestrial services.
- Supporting the government of Ghana to deliver on its digitisation agenda and provide digital administrative services.
INVESTMENT INCENTIVES
- Investors in the sector benefit from seven-year tax exemption, relief from double taxation for foreign investors and employees and the ability to carry forward tax losses for up to five years.
- Ghana’s enhanced internet infrastructure is driving down access costs, boosting data penetration, and paving the way for technology convergence.
- The sector is well regulated as it is linked with the financial industry and prioritises stringent data protection measures.
- The e-Transform Ghana Project, which aims to revolutionise government service delivery by implementing interventions that leverage information technologies like Wide Area Networks (WAN), the internet, and mobile computing, provides more opportunities for investors in the sector.
FACTBOX
Ghana has made significant efforts in digitisation. Ghana stands at a pivotal moment in its journey toward becoming a fully digitased economy, with the potential to harness digital technologies for inclusive growth, poverty reduction, and global competitiveness. Significant efforts have been made in public sector digitisation and investments that are expected to position the country as a regional hub for digital services. These followed from the indication of digital transformation at the centre of the Ghana Beyond Aid agenda to stimulate jobs, improve productivity, and accelerate growth. The government undertook a series of policy and infrastructure-related initiatives over three decades during which the ICT sector, with telecom services as the main contributor, achieved growth contributing to about 5% of GDP as of 2021, which is estimated to be about US$19.8 billion. A situational analysis of Ghana’s digital landscape reveals significant progress made, key challenges, and opportunities that the Digital Economy Policy must address.
Digital infrastructure
Ghana has seen improvements in internet and mobile connectivity, with mobile penetration exceeding 120% and internet penetration reaching over 71.9%. Investments in fibre optic networks and 4G infrastructure have expanded digital access, although some rural areas still face connectivity challenges. The launch of initiatives such as the National Digital Address System and the implementation of a National Fiber Backbone have laid the foundation for enhanced service delivery.
Mobile money and financial inclusion
Ghana is a leader in mobile financial services, with the widespread adoption of mobile money platforms driving financial inclusion. This has provided millions of previously unbanked Ghanaians access to digital financial services, contributing to economic inclusion and the formalisation of the economy. Mobile money remains a cornerstone of the sector, with over 23 million active wallets and 616,000 agents as of March 2024, highlighting the widespread reliance on digital platforms for financial transactions. However, despite its rapid expansion, there remain significant opportunities for growth, particularly in areas such as digital lending, InsurTech, and fintech innovations in agriculture and education.
E-government initiatives
Key developments include the Ghana.gov portal, which centralises access to essential government services like tax filings, business registrations, and passport applications, improving efficiency and transparency. The GIFMIS system enhances public financial management, while the e-Payment portal facilitates various payment methods for government services. There also exist several digital government registries such as health, national identification, and driver’s licenses to name a few. Investments in national data centres and broadband infrastructure have expanded digital service delivery, particularly in rural areas, contributing to greater digital inclusion.
ICT sector growth
Ghana’s ICT sector continues to grow, with increasing contributions to GDP. As of 2022, Ghana statistical services estimate that the sector contributed GH¢21b, amounting to 4% of GDP. The rise of digital startups, and innovation centres, across the country has fostered a dynamic ecosystem for entrepreneurship and digital innovation.
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