ICT: Building a Digital Nation

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 per cent 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 Communication, Digital Technology, and Innovations, along with the National Communications Authority (NCA), supported by other regulatory bodies.

Ghana’s mobile market is in the middle of its most significant restructuring in a decade. MTN remains the dominant player with roughly 21.1 million subscribers and close to 74 per cent of the market, and an even stronger position in data, where it holds some 23.8 million mobile internet subscriptions. Telecel, which acquired Vodafone’s Ghana operation in 2024, is absorbing the subscriber base of state-owned AT following that operator’s financial difficulties. This process has been characterised by the ministry as a restructuring under force majeure rather than a sale, with the government exchanging its AT equity for additional shares in Telecel, in which it already holds 30 per cent. The combined Telecel base is expected to reach around 7.2 million. Final terms remain subject to Cabinet and regulatory approval.

Connectivity continues to deepen. Ghana had 41.8 million cellular mobile connections as at the start of 2026, equivalent to 119 per cent of the total population due to the wide use of multiple SIM cards. The number of internet users reached 26.3 million, representing a penetration rate of 74.6 per cent and indicating a steady increase in digital adoption, while social media accounts for 8.59 million active user identities. Ghana’s media landscape also remains diverse, with the NCA reporting more than 800 authorised FM broadcasting stations.

The most consequential development for investors is 5G. Next Gen InfraCo (NGIC), Ghana’s licensed wholesale infrastructure provider, switched on the national 5G backbone in March 2026, with the platform live in Accra, Kumasi, Tamale, and other key centres and scaling nationwide. Under the wholesale model, NGIC builds and operates shared 4G and 5G infrastructure, while licensed operators deliver retail services, separating infrastructure from service delivery to achieve faster national reach with more efficient capital deployment. In July 2026 the NCA went further, opening 11 spectrum lots in the 3.5 GHz and 26 GHz bands to direct operator participation, with a combined reserve value of US$230 million and a 40 per cent premium applied to MTN as an operator with significant market power. The government is targeting 70 per cent population coverage by 2027.

THE FINTECH SUB-SECTOR REMAINS THE CLEAREST EXPRESSION OF GHANA’S DIGITAL ECONOMY, CHARACTERISED BY A DYNAMIC INTERPLAY BETWEEN MOBILE NETWORK OPERATORS, FINANCIAL INSTITUTIONS, AND REGULATORY BODIES.

FINTECH AND IT COMPANIES: A HUB OF INNOVATION
The fintech sub-sector remains the clearest expression of Ghana’s digital economy, characterised by a dynamic interplay between mobile network operators (MNOs), financial institutions, and regulatory bodies. The Bank of Ghana plays a crucial role by providing banking licences 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 and provide the technological platforms necessary for cash receipt and transfer.

The scale is now considerable. Mobile money transactions were valued at GH¢493.2 billion in the single month of April 2026, across 967 million transfers, against GH¢3.02 trillion in electronic transfers for the whole of 2024, meaning that the monthly transaction velocity has nearly doubled. Registered mobile money accounts have risen to 83 million, of which 26 million are active, served by a registered agent network of 992,000. This growth underscores the rapid adoption and increasing reliance on mobile financial services, driven by advancements in mobile technology and an expanding network of agents.

Venture funding has cooled from its peak even as the ecosystem has matured. Ghanaian startups raised US$65 million in 2025, down from US$128 million in 2024, though deal count held firm at 34 against 31 the previous year. Fintech remained the largest single destination at 43 per cent of capital, with agriculture and food, and logistics and mobility making up the balance of the top three. The most telling shift was structural: debt financing overtook equity for the first time, accounting for 60 per cent of total funding, evidence of a cohort of companies with revenues to service rather than only stories to sell.

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.

MOBILE MONEY TRANSACTIONS WERE VALUED AT GH¢493.2 BILLION IN THE SINGLE MONTH OF APRIL 2026, ACROSS 967 MILLION TRANSFERS, WITH 83 MILLION REGISTERED ACCOUNTS SERVED BY AN AGENT NETWORK OF 992,000.

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, alongside the continued expansion of services on the Ghana.gov portal under the US$200 million World Bank-backed Ghana Digital Acceleration Project. This initiative, which integrates with the Ghana Card for identity verification, aims to modernise public service delivery, improve transparency, and enhance efficiency.

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, affordability, and the 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 end-users in underserved communities.
Retail 5G services over the NGIC wholesale backbone, and enterprise applications in mining, logistics, manufacturing, and healthcare that depend on low-latency connectivity.
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.
Digital lending, InsurTech, and fintech applications in agriculture and education, where mobile money penetration has outpaced product development.

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 wholesale infrastructure model lowers the capital threshold for market entry, allowing operators and service providers to reach national scale without building their own networks.
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. ■TG

Ghana’s digital transformation is underwritten in part by the World Bank through the US$200 million Ghana Digital Acceleration Project, which pursues three objectives: expanding access to broadband, improving the efficiency and user experience of digital public services, and strengthening the digital innovation ecosystem.

The project is structured around four components. Digital Foundations, at US$43 million, establishes the enabling environment for broadband market development and for secure digital services infrastructure. Digital Government, the largest at US$76 million, funds user-centred public services and the modernisation of back-end systems, including the expansion of e-services and the digital skills of the public workforce. Digital Innovation Ecosystem, at US$66 million, supports entrepreneurship, access to early-stage financing and digital capability building, with agriculture as a pilot sector. A further US$15 million covers implementation, monitoring, and safeguards. The design places explicit emphasis on the participation of women and of persons with disabilities across employment and training opportunities.

For private investors the significance is less the financing itself than what it de-risks. Public money is being directed at exactly the constraints that raise the cost of entry for commercial operators: backbone coverage, the reliability of government digital services that businesses must transact with, and the supply of early-stage capital and skills on which a domestic technology sector depends.

Source: Ghana Digital Acceleration Project, World Bank Group / Ministry of Communication, Digital Technology and Innovations. https://moc.gov.gh/gdap/