In 2024, the African startup ecosystem has experienced a notable downturn in funding, with many companies struggling to secure the capital needed to fuel their growth. Across the continent, investors have become more cautious, and competition for investment dollars has intensified. However, amid this challenging landscape, Ghana has proven to be a resilient hub for innovation. Despite the broader challenges, several Ghanaian startups have successfully navigated these tough conditions, securing significant funding rounds to propel their businesses forward. These startups, operating in sectors ranging from fintech to agritech and clean energy, are testament to Ghana's thriving entrepreneurial spirit and the promise of a brighter future for the country's startup ecosystem.

Fido

Fido, a fintech company founded in 2014, specializes in providing digital lending services to individuals and micro, small, and medium enterprises (MSMEs) in Ghana and Uganda through its AI-driven mobile app. Headquartered in Accra, Fido has served over 1 million clients, with 40% being small businesses, and has disbursed more than $500 million in loans across Ghana. In 2024, Fido secured $30 million in funding, comprising $20 million in Series B equity from BlueOrchard and FMO, and $10 million in debt financing from Stanbic Bank Ghana and Growth Investment Partners (GIP), to fuel its expansion across Africa and enhance its financial solutions, including small business loans, savings, and personalized insurance.

Warc

Warc, a Ghana-based social enterprise founded by Argentinian entrepreneur Emiliano Mroue over a decade ago, focuses on supporting smallholder farmers in Ghana and Sierra Leone through regenerative agriculture practices. Headquartered in Accra, Warc provides agricultural inputs, training, and market access to over 20,000 farmers, with a strong emphasis on gender-focused strategies and sustainable farming techniques. In 2024, Warc secured $7.5 million in Series B funding, led by Swiss family office Kielder Agro, with additional debt investment from US-based Rippleworks. This funding will help Warc expand its reach five-fold, strengthen its network of women-led training hubs, and drive revenue growth.

Cadana

Cadana, a New York-headquartered fintech company founded in 2021 by Albert Owusu-Asare from Ghana and Ameer Shujjah from Pakistan, specializes in modernizing payroll systems for businesses operating in emerging markets across Africa, Asia, and Latin America. Its APIs and white-label products streamline payments, compliance, and payroll management, serving clients in over 32 countries, including Brazil, Ghana, Nigeria, Pakistan, and the UAE. In 2024, Cadana secured $7.1 million in seed funding, led by Costanoa Ventures with participation from Better Tomorrow Ventures and 500 Global, to expand its team, accelerate product development, and scale into new markets.

Kofa Technologies

Kofa Technologies, a cleantech startup headquartered in Accra, specializes in providing clean, reliable, and portable battery solutions to enhance energy accessibility across Africa. The company focuses on deploying a battery-swapping network to support electric two-wheelers and small to medium-scale households. In 2024, Kofa secured $5 million in funding via a special purpose vehicle (SPV), including a $3.13 million investment from the Shell Foundation, backed by the UK government through the Transforming Energy Access (TEA) platform, and an additional $1.87 million to support e-bike research. This funding will enable the deployment of 6,000 batteries and the establishment of up to 100 swap stations across Ghana, with plans to transition these stations to solar power in collaboration with PASH Global.

Zeepay

Zeepay, a fintech company founded in 2014, specializes in mobile financial services, connecting mobile money wallets, bank accounts, and digital tokens with international money transfer operators to enhance financial inclusion. Headquartered in Accra, Zeepay operates in over 20 countries across Africa and the Caribbean and is regulated by the Financial Conduct Authority in the UK and other African regulatory bodies. In 2024, Zeepay secured $3 million in preferred equity investment from Verdant Capital Hybrid Fund as part of its Series A funding round, aimed at strengthening its financial position amid rapid growth. The company has processed cross-border payments exceeding $2.9 billion in 2022, with mobile money licenses in six countries and backing from investors like GoodSoil VC, I&P, ARK Holdings, and Oikocredit.

Oyster Agribusiness

Oyster Agribusiness, an agri-tech company founded in 2018, focuses on climate-smart agriculture to empower smallholder farmers through sustainable inputs, advanced agronomic practices, and reliable market access. Headquartered in Ghana, the company leverages technology, including seeders and drones, to optimize farming operations. In 2024, Oyster Agribusiness secured $2 million in funding led by Pangea Africa Limited, with participation from Root Capital, RDF Ghana, and Sahel Capital's SEFAA Fund. This funding will support the expansion of its operations and climate-resilient initiatives. Recognized as the Most Promising Company of the Year 2024 by the Ghana Business League, Oyster has positively impacted 4,500 farmers, cultivated over 20,000 acres, and supplied more than 25,000 tons of produce to local and international markets.

Aya Data

Aya Data, an AI consultancy startup founded in 2021 by Freddie Monk and Ama Larbi-Siaw, specializes in data collection and labeling for large language models (LLMs) and custom AI solutions. The company supports global tech firms like OpenAI and Meta by providing annotated data across images, videos, and text. In 2024, Aya Data raised $900,000 in a seed round led by 54Collective, with participation from angel investors, bringing its total funding to $1.15 million. The funding will scale its AI products—AyaGrow, an AI-driven precision agriculture tool, and AyaSpeech, a speech-to-speech solution for local African languages—while expanding its talent pool. Aya Data serves clients like MIT, Seedtag, Unilever, and Labelbox, generating $500,000 in revenue in 2023, with a growing focus on helping African businesses leverage AI for competitiveness.

While the overall funding environment in Africa has shown signs of tightening, Ghana's startups have demonstrated remarkable resilience in securing crucial investments in 2024. With their innovative solutions addressing key challenges in sectors such as agriculture, clean energy, and financial inclusion, these companies are well-positioned to drive meaningful impact not only in Ghana but across the continent. As funding dynamics continue to evolve, Ghana's entrepreneurial ecosystem remains a beacon of hope for those seeking to build sustainable businesses amidst adversity, offering valuable lessons in perseverance and strategic growth.