In a significant shift in Africa's startup funding landscape, Ghana has emerged as a new entrant in the continent's "Big 5" private capital destinations. According to a report by Stears, Ghana has solidified its position alongside South Africa, Egypt, Nigeria, and Kenya, driving growth in startup funding and private equity deals.

The West African country has seen significant activity in startup funding, with companies like Fido, Kofa, and Complete Farmer raising a combined $45 million in the third quarter of the year. Beyond startup activity, Ghana has also attracted interest in private equity and debt financing, with notable deals in renewable energy and agribusiness.

The country's consistent focus on policy reforms and financial sector innovation has made it an attractive destination for broader private capital opportunities. The growth in private capital deals in Ghana is a promising sign for Africa's digital trade growth, with 90% of consumer goods investments targeting e-commerce.

Rwanda, another tech ecosystem upstart, is also quietly growing, with 15% of private capital deals in Q3 2024. Could there be a Big 6 soon? With Rwanda's emergence, it's hard to bet against it.