In 1978, the U.S. Department of Labor relaxed key provisions in the Employee Retirement Income Security Act, allowing pension funds to invest in private equity (PE) firms, including venture capital groups. The change caused a tsunami of capital to new and growing firms, as capital under PE firm management went from $39 million in 1977 to $570 million in 1978. Startup and growth capital in the U.S. has never been the same.

This year, key changes from Ghana's 2008 pension law come into effect that might lead to a similar explosion in private equity and venture capital. The pension scheme is now mandatory for all public and private formal sector workers in Ghana; 13.5 percent of formal sector salaries will be deducted and placed under the management of Ghana's Social Security and National Insurance Trust. An additional 5 percent of each formal sector worker's salary will be deducted and placed under management of private institutional investors.

That 5 percent could be as much as $400 million annually for institutional investors, as Bloomberg News recently reported. About 25 percent of that will go into equities, implying $1.9 million in capital per week moving into a stock market with a current weekly turnover of only $1.8 million, according to the Bloomberg report. The rest of the estimated $400 million will go into local currency debt investments.