Edtech Insights with Kwame NYATUAME: Funding the future: Where’s the money for the local Edtech space?

Edtech in Africa: A Billion-Dollar Opportunity

Edtech is gaining attention across Africa. In 2021, African Edtech startups raised over $40 million. Nigeria, Kenya, and South Africa led this growth. The global Edtech market is projected to reach $404 billion by 2025.

However, Ghana struggles to attract investment. Less than 1% of Africa’s total Edtech funding comes here. Despite our talented innovators and youth population, we are falling behind.

Why the Funding Gap Exists in Ghana’s Edtech Space

Funding for Edtech is challenging. It combines two difficult sectors: education and technology. Education moves slowly and is heavily regulated. Technology demands rapid growth and significant investment.

Several factors hold us back:

1. Limited Local Investment: Many investors view Edtech as slow or unprofitable.
2. Policy Gaps: Navigating Ghana's education system can be confusing for startups.
3. Lack of Visibility: Most Ghanaian Edtech startups operate under the radar without strong data.

But There Is Hope — And It’s Growing

Despite these challenges, some promising developments are emerging:

- eCampus has raised funds to expand its AI-powered learning platform.
- AsaaseGPS supports location-based learning solutions in remote areas.
- The Mastercard Foundation’s EdTech Fellowship launched in 2023, aiding over 12 early-stage startups with funding and mentorship.
- Impact-focused VCs like Injaro Investments are considering education ventures.

The situation is improving, but more action is needed to promote Edtech as a smart investment.

The Role of Education: A Nation-Building Mandate

Why should we care about funding Edtech? Because it shapes our collective future.

Investing in Edtech means investing in a better education system. This prepares children to become capable citizens who contribute positively to society.

Imagine a girl in Yendi learning robotics on her tablet. Picture a boy in Aburi accessing mental health support online. Envision a young graduate in Takoradi acquiring digital skills for remote jobs abroad.

Education should benefit everyone, not just the privileged few.

Where Should the Money Come From?

Several sources could provide funding:

1. Government Funding and PPPs: The Ministry of Education should collaborate with startups.
2. Corporate Support: Companies must recognize tech-enabled education as a strategic opportunity.
3. Diaspora Investment: Ghanaians abroad want to invest in local innovation.
4. Impact Funds and Donors: Foundations like Jacobs Foundation and USAID are already investing across Africa.

Ghana needs stronger proposals and compelling stories to attract these funds.

Conclusion – It’s Time to Bet Big on Ghana’s Future

Adwoa's question still resonates: “Can I become a software engineer without a computer lab?” Our answer depends on whether we choose to fund our future or let it slip away.

We have talent, ideas, and prototypes ready for development. What we need now is bold funding from all sectors—government, business leaders, and investors alike.

If we want Ghana to thrive over the next decades, we must prioritize equitable tech-enabled education for all citizens. The future won’t wait; let’s invest wisely and boldly now!