Renew Capital has a presence in 14 African countries. We aim to provide insight into Africa's startup scene, along with the opportunities and challenges it presents through a series of blogs from our in-country team. If you share our passion for developing entrepreneurship in Africa, we invite you to check out our&nbsp;<a href="https://www.renewcapital.com/careers">open roles</a>.&nbsp;<h1>Nicholas Clerk on Supporting Entrepreneurs and Ghana's Unique Culture</h1>Q&amp;A with Renew Capital's Investment Ecosystem Development Manager in GhanaRenew Capital has made a significant leap into Ghana's burgeoning tech sector with its first investment&nbsp;<a href="https://www.renewcapital.com/newsroom/affinity-ghanas-trailblazing-digital-bank-continues-to-expand">Affinity</a>, highlighting its dynamic entrepreneurial landscape. During a recent trip to Ghana, our founder and co-CEO, Laura Davis, explored Accra’s tech scene and shared valuable insights into its&nbsp;<a href="https://www.renewcapital.com/newsroom/ghanas-entrepreneurial-pulse-my-perspective">unique vibrancy</a>.&nbsp;In this Q&amp;A, we feature Nicholas Clerk, Renew Capital's Investment Ecosystem Development Manager in Ghana, to discuss his efforts in nurturing entrepreneurs and spearheading investment and development within Ghana's thriving tech ecosystem.<figure class="image"><img src="/uploads/GIS_2024_dealroom_31e5966a35.jpg" alt="Photo of a Q&amp;A session with Renew Capital's Investment Ecosystem Development Manager in Ghana, discussing insights on investment opportunities and ecosystem development."></figure>Can you briefly explain your background in Ghana's innovation and startup ecosystem? Where did it all start?My adventure in the innovation and startup ecosystem in Ghana kicked off almost a decade ago during my undergrad years. Picture me as a student, knee-deep in coursework, trying to complete my final thesis, when I got my first freelance part-time job with a multinational tech startup looking to expand to West Africa. My job at the time was to analyze the market dynamics in each country and to inform the company’s regional expansion strategy. That sense of drive and responsibility to inform real-world decision-making! I loved it! Little did I know, this would be the spark that ignited my passion for startups.&nbsp;Since then, I’ve gone on to acquire an MBA in finance and worn many hats—finance, accounting, data analysis, project management and management consulting—across some incredible companies. Each role has been a thrilling chapter in my ongoing story, and I couldn’t be more grateful for the ride so far!Ghana is well known for its vibrant people and culture, full of celebration and color, etc. So, what’s the best thing about Ghana for you?For me, the best thing about Ghana is our incredible sense of hospitality and community. Ghanaians are always warm and excited to welcome anybody with a smile! Ghana is a truly unique and special place. From our diverse and yet unusually spicy food, bustling markets, unique music and dance (even though I can’t dance to save my life), serene countryside and stunning fauna and flora. There truly is no place like home.Can you give us a brief background about your role at Renew Capital? What has been the most exciting part for you?At Renew Capital, my role involves a diverse range of tasks aimed at establishing our presence in Ghana's dynamic ecosystem. From engaging with key stakeholders to sourcing investment opportunities and managing projects, every day brings something new and exciting. However, if I had to pick the most thrilling aspect, it would be engaging directly with founders and entrepreneurs. There's something incredibly rewarding about collaborating with them, witnessing their passion and vision, and supporting their journey to create positive change in their communities.&nbsp;What do you see as the biggest opportunities and challenges for startups in Ghana's current landscape?&nbsp;In Ghana, the startup landscape is buzzing with potential. Our young, dynamic population is eager for innovative solutions to pressing problems. The rise of the digital economy offers fertile ground for businesses to flourish.&nbsp;However, access to funding remains a significant challenge. I've witnessed firsthand how promising ventures need help to secure the necessary capital to fuel their growth. Despite innovative ideas, many startups face hurdles first in finding investment opportunities and then being investor-ready in an ecosystem that is fairly nascent in its development.Despite these obstacles, I've also seen the drive and determination of Ghanaian entrepreneurs to succeed. With the development of the Ghanaian ecosystem, fueled by sustainable support from the private sector, I believe Ghanaian startups are poised to transform the continent as a whole and solidify its position as the gateway to Africa!

Q&A with Renew Capital's Investment Ecosystem Development Manager in Ghana

Ghana

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Nicholas Clerk on Supporting Entrepreneurs and Ghana's Unique Culture

<h1>Press Release: Affinity, Ghana's Trailblazing Digital Bank, Continues to Expand</h1>Renew Capital makes first investment in Ghana&nbsp;<a href="https://latest-api.renewcapital.com/uploads/2024_09_04_FINAL_Affinity_Press_Release_ddf8da1454.pdf" target="_blank" rel="noopener noreferrer">Download the full press release</a>ACCRA, Ghana, April 9, 2024&nbsp;—&nbsp;<a href="https://www.linkedin.com/company/affinityghana/">Affinity</a>, a full-scale digital bank, was established with a bold vision to provide banking services to 350 million adults who remain unbanked in Africa. Operating as a digital banking platform, Affinity offers a full suite of banking services, including current, savings and investment accounts, transfers, payments and loans with a targeted focus on financially excluded populations in Africa.<figure class="image"><img src="/uploads/486_A3496_4d2eaa9836.jpeg" alt="Group photo of the Affinity team in Accra, Ghana, featuring over 30 members outside their office, all smiling and waving to promote financial inclusion in Africa."></figure>In Africa, digital banks like Affinity are emerging as transformative forces, disrupting the industry and driving financial inclusion. Affinity stands out by prioritizing customers, offering accounts with no fees and competitive interest rates on deposits and providing access to a range of affordable loan products.“At Affinity, we've developed a fully integrated platform dedicated to promoting financial inclusion by effectively addressing the challenges faced by individuals and MSMEs without access to financial services across sub-Saharan Africa,” stated the group CEO and founder of Affinity Africa, <a href="https://uk.linkedin.com/in/tmouganie">Tarek Mouganie</a>. "Our approach revolves around low-cost deposits, fully online digital channels and becoming the most affordable MSME lender."Affinity's mission is anchored in recognizing the critical importance of financial inclusion, especially for small businesses and individuals in Africa facing barriers due to traditional documentation requirements, leading to rejection by conventional banks. The company's commitment to leveraging technology to bridge these financial gaps underscores its pivotal role in shaping the future of banking in Africa.“Progress is being made across the continent related to financial inclusion, but there are still millions more to reach,” stated <a href="https://www.linkedin.com/in/jcoelofse/?originalSubdomain=et">JC Oelofse</a>, Renew Capital’s head of investment. “Renew Capital is thrilled to invest in Affinity, our first investment in Ghana and looks forward to supporting them as they look to expand across the continent.”*Ecosystem activation, pipeline development and capacity-building support provided to Renew Capital portfolio companies is generously supported by Global Affairs Canada.

Renew Capital makes its first investment in Ghana by investing in Affinity, a digital bank dedicated to enhancing financial inclusion for unbanked populations across Africa.

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Press Release: Affinity, Ghana's Trailblazing Digital Bank, Continues to Expand

Laura Davis, Co-CEO of Renew Capital, visited Accra for the first time in over 12 years. She shares her experience of one of Africa's bustling metropolises and what has changed since her last visit. We’re hiring in Ghana! Apply for our Investment Ecosystem Development Manager role&nbsp;<a href="https://renewcapital.bamboohr.com/careers/58">here</a>.&nbsp;<h1>Ghana's Entrepreneurial Pulse: My Perspective</h1>Rediscovering Ghana's lively capital city and entrepreneurial landscape&nbsp;Ghana.&nbsp;It was my second time to visit (the last time was more than 12 years ago), and after a few days, I finally started to get a decent feel for the capital, Accra. It’s a sprawling region of 5.4 million according to&nbsp;<a href="https://www.statsghana.gov.gh/regionalpopulation.php?population=MTM0NTk2MjQzOS4yMDE1&amp;&amp;Greater%20Accra&amp;regid=3">Ghana Statistical Service</a> and somehow without much of a bell curve shaping the skyline.&nbsp;The city’s business center seems to have shifted&nbsp;over the years, according to some, from the original city center near the chaotic Makola Market neighborhood to the Airport neighborhood and increasingly towards an area called Cantonments/Labone.<ul><li>Perhaps it's not really that different from many other African capitals where there are various pockets of modernity and innovation, but generally the density of such elements seems to be low.&nbsp;</li></ul><figure class="image"><img src="/uploads/Accra_eed3a4bf74.png" alt="Highlights from an ecotourism trip in Accra, Ghana, showcasing the vibrant startup ecosystem, local culture, and key attractions like Makola Market and Independence Arch."></figure><figure class="image"><img></figure>Our four-year-old Brooklyn says the difference between Ghana and Ethiopia where we’ve been living for almost 12 years, is the lady head porters (called kayayei locally) carrying everything imaginable with unparalleled strength and grace in the sweltering weather. And she currently loves talking about her disappointment with the trash she encountered on the beaches we visited. But of course, there are lots of other things to mention, both good and challenging from my perspective.&nbsp;<ul><li>The start-up scene is fragmented and nascent - There are definitely&nbsp;good things happening in pockets around the city, and good energy, but it’s not a compact ecosystem and there’s a fair amount of congestion and traffic in between these pockets of start-up energy.</li><li>There are lots of eager donors&nbsp;- But not too many massive entrepreneurial successes to point to yet. At least not that many that I heard of.&nbsp;</li><li>The Impact Hub Ghana has a great vibe.&nbsp;It’s located in the Osu neighborhood and has attracted several international companies like Glovo to HQ there.</li><li>The government is prioritizing entrepreneurship&nbsp;with various efforts underway to provide a legal framework for startups and support through various organizations such as the Venture Capital Trust Fund and the&nbsp;<a href="https://neip.gov.gh/">National Entrepreneurship and Innovation Programme (NEIP)</a>, among others.&nbsp;</li></ul>If you have the pleasure of a visit to Accra, Ghana, here are a few tourist recommendations that will give you a sense of the country's great history and vibe<ul><li>The Green Butterfly Market opens every first and third Saturday of the month at the Department of Parks and Gardens and features food and products from local artisans.&nbsp;</li><li>The Ghana National Mosque Complex hosts an impressive replica of Turkey’s Blue Mosque, a gift from the people of Turkey.</li><li>The West Hills Mall,&nbsp;supposedly one of the biggest malls in Accra was honestly a bit low on energy but could be interesting for anyone who wants to take a short drive (on a Sunday) outside the city center.</li><li>Makola Market&nbsp;- Beautiful, colorful, amazing chaos. My takeaway - this country has hustle! Need I say more?&nbsp;</li><li>Independence Arch is a beautiful piece of art that’s part of the&nbsp;<a href="https://visitghana.com/attractions/independence-square-1/">Independence Square</a> which memorializes Ghana’s independence struggle.&nbsp;</li><li>Osu Castle&nbsp;and the fishing villages nearby. Its history as a slave outpost among many others like it in Ghana is beyond hard to swallow, but also part of the story that must be acknowledged.&nbsp;</li><li>Oxford Street&nbsp;- Of course, there’s an “I Love Accra” sign that makes for great pictures, but also the street captures the dynamic hustle of the city’s residents and has plenty of shops and restaurants to enjoy.</li></ul>&nbsp;<div class="raw-html-embed"><div style="text-align: center;">
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</div></div>&nbsp;Overall, looking forward I wish for more success stories in Accra. I see its great potential, and I believe there’s a future for Renew Capital and our Angels in beautiful Ghana. If you are interested in a role with us, we are currently inviting passionate and qualified candidates to apply to join our team as an&nbsp;<a href="https://renewcapital.bamboohr.com/careers/58">Investment Ecosystem Development Manager</a> in Ghana.&nbsp;

If you have the pleasure of a visit to Accra, Ghana, here are a few tourist recommendations that will give you a sense of the country's great history and vibe