Ghana Emerges as a Competitive Fund Domiciliation Hub in West Africa

Introduction

Ghana is rapidly establishing itself as a leading destination for fund domiciliation in West Africa, driven by strategic regulatory reforms, government commitment, and growing collaboration among key stakeholders. This development positions the country to attract both domestic and international investment, particularly in private equity and venture capital markets.

Key Points

Background

Ghana’s financial services sector has experienced significant growth over the past decade, with private capital markets expanding steadily. However, the country’s fund ecosystem has remained largely company-based, limiting participation from international institutional investors who typically prefer tax-transparent, pass-through vehicles such as limited partnerships—the global standard for private equity and venture capital funds.

This structural limitation has constrained Ghana’s ability to attract substantial international capital flows and has created barriers to scaling its private capital markets. Recognizing this challenge, Ghanaian authorities have identified strengthening the fund domiciliation framework as both a growth opportunity and a strategic policy priority.

Analysis

The momentum for change became evident during the Ghana Fund Domiciliation Roundtable held in Accra on February 5, 2026. This high-level engagement brought together senior policymakers, regulators, fund managers, pension trustees, and ecosystem enablers to examine Ghana’s investment landscape, identify gaps, and chart practical next steps.

The roundtable represented a critical shift from analysis to action, marking Ghana’s transition toward implementing concrete reforms that would make it more competitive with established domiciliation jurisdictions like Mauritius and Rwanda. The event was part of a broader ecosystem-strengthening agenda contributing to Africa-wide efforts to promote locally domiciled, transparent, and well-regulated investment vehicles.

Two core pillars emerged from the discussions. First, participants examined the operationalization of limited partnerships as an alternative fund structure, including the legal and regulatory reforms required to align Ghana’s framework with international best practices while safeguarding investor protection and market integrity.

Second, the discussions explored alternative innovation pathways for youth- and women-focused MSMEs, highlighting the role of blended finance, impact funds, crowdfunding, and angel investing in unlocking patient, risk-tolerant capital. This dual focus on regulatory modernization and inclusive finance demonstrates Ghana’s comprehensive approach to fund domiciliation reform.

Practical Advice

For investors and fund managers considering Ghana as a domiciliation destination, several practical considerations emerge from the ongoing reforms:

1. **Monitor Regulatory Developments**: Stay informed about the implementation of limited partnership structures and other regulatory changes that will affect fund operations in Ghana.

2. **Engage with Local Partners**: Collaborate with Ghanaian legal and financial advisory firms familiar with the evolving regulatory landscape to navigate compliance requirements effectively.

3. **Consider Inclusive Investment Strategies**: Given the emphasis on women- and youth-focused MSMEs, funds targeting these sectors may find particularly receptive environments and potential government support.

4. **Leverage Pension Fund Capital**: With growing focus on mobilizing domestic institutional capital, including pension funds, structures that can accommodate these investors may offer strategic advantages.

5. **Participate in Policy Dialogue**: Engage with regulatory bodies and industry associations to contribute to the ongoing development of Ghana’s fund domiciliation framework.

FAQ

Conclusion

Ghana’s emergence as a competitive fund domiciliation hub represents a significant development for West Africa’s investment landscape. By addressing structural limitations in its fund ecosystem and aligning with international best practices, Ghana is positioning itself to attract substantial capital flows while supporting inclusive economic growth.

The collaborative approach demonstrated through the Fund Domiciliation Roundtable—bringing together government, regulators, and private sector stakeholders—suggests a strong foundation for successful implementation. As reforms progress, Ghana has the potential to become a model for other African jurisdictions seeking to develop their private capital markets while maintaining focus on inclusive development goals.

The country’s strategic location, growing economy, and commitment to regulatory reform make it an increasingly attractive destination for both domestic and international fund managers looking to access West African markets.

Sources

The information presented in this article is based on the Ghana Fund Domiciliation Roundtable held on February 5, 2026, and related ecosystem-strengthening initiatives. The roundtable was convened by the Collaborative for the Domiciliation of Funds in Africa (CDFA), in partnership with the Ghana Venture Capital and Private Equity Association (GVCA) and Impact Investing Ghana (IIGH), as part of the broader WEAVE Africa learning and ecosystem-strengthening initiative.

This engagement was organized in conjunction with the release of the “Domiciliation of Investment Vehicles in Africa” study, commissioned by the Mastercard Foundation and led by MEDA in collaboration with Momentus Global, Stafford Law, and Samawati Capital. The study identifies countries such as Mauritius, Rwanda, Morocco, and Ghana as leading examples while underscoring the untapped potential of pension funds and local investors across Africa.