Ghana formally known as Gold Coast can be found in the Western part of Africa, It shares borders with Togo, Burkina Faso and Côte d’Ivoire and has a land area of 238,533 sq km. In 1957, Ghana became the first country in sub-Saharan Africa to gain independence from colonial rule and currently has a population estimated at about 29.6 million (2018). The Akosombo Dam supplies a significant proportion of Ghana’s electricity needs and is responsible for the world’s largest artificial lake by area, Lake Volta. Blessed with the abundance of natural resources, Ghana has large amounts of oil and gas, gold, cocoa, timber, industrial diamonds, bauxite, manganese, fish, rubber, hydropower, silver, salt and limestone. Drawing on aspects of both the UK and US parliamentary system, the Ghanaian constitution which was approved in 1992, establishes a unitary republic, a multiparty democracy and executive presidency.
About Ghana
The president is the head of government, chief of state and commander-in-chief of the armed forces. Ghana’s judiciary practices a mixed system of English common law and customary or traditional law. It enjoys a privileged position as a diplomatic heavyweight. Ghana’s GDP is approximately US$44 billion with the services sector as the largest contributor to Ghana’s GDP (62% as of the end of the second quarter of 2017). The industrial sector is the next largest sector of the economy (26.5% as at the end of the second quarter of 2017), followed by the agricultural sector with a 11.5% contribution to GDP at the end of the 2017 second quarter.
The 28 states of EU collectively represent the leading destination for Ghanaian exports and the second largest source of its imports. Ghana is one of the 79 signatories of the Cotonou agreement, the most comprehensive agreement between the EU and developing countries of the African, Caribbean and pacific group of states, designed to consolidate development as well as political and economic cooperation.
In the specific context of improving the level of infrastructure in the country, the goal is to facilitate both intra-regional trade and to open up rural areas for investment, productivity enhancement and job creation, introduce/deepen competition and create an enabling environment for the private sector to spearhead the country’s development in the following areas:
- Information and communication technology
- Energy
- Transportation
- Tourism
- Agribusiness
- Heavy industry
- Social Housing
- Education
- Health
Why do business in Ghana?
Ghana’s wealth of resources, democratic political system and dynamic economy, makes it undoubtedly one of Africa’s leading lights. Gaining the world’s confidence with a peaceful political transition and a grounded and firm commitment to democracy has helped in expediting Ghana’s growth in foreign direct investment (FDI) in recent years. Further to this, Ghana has a sound legal framework and is compliant with WTO Trade-related investment measures.
Ghana has attracted the attention of well-known international businesses, investing in all sectors of our economy. All these investors have come to Ghana because they know we have a wonderful conducive social, political and economic environment in which they can invest, grow and be successful. Africa Business 2020 also listed political stability, as Ghana is one of the most stable countries in Sub-Saharan Africa, an increasing skilled labour force and a competitive business environment as further motivation to invest in Ghana.
Building on significant natural resources, our dear nation is committed to improving its physical infrastructure. Moreover, Ghana has recently embarked on an ambitious but achievable reform programme to improve the investment climate for both local and international investors. These efforts have paid off tremendously with Ghana being ranked the best place for doing business in West Africa, ahead of Nigeria and Cote d’Ivoire, according to the 2017 Ease of Doing Business Report. Ghana ranked 108, an improvement from the 111 rank in the previous report. The indicators as described in the report includes: getting electricity (moved from 122 in 2016 to 120 in 2017), resolving insolvency (moved from 158 in 2016 to 155 in 2017) & trading across borders (moved from 167 in 2016 to 154 in 2017).
Ghana has a solid tradition of investments in agriculture and agro-processing. The financial services and telecommunications sectors are fast gaining ground, providing dynamic and innovative services to the most diverse customers in the world. Further opportunities exist in manufacturing, ICT, and Tourism. Mineral deposits including gold and diamond abound, and with the discovery of oil, Ghana’s famous black star has never shone brighter.
Top investment opportunities in Ghana
1. Agriculture and Agro-processing
Ghana is home to many agricultural food products, it offers the much-needed raw materials for food processing companies. And due to the fact that food is always in high demand, starting a food processing business in Ghana is a smart and lucrative move. The Government through the Ministry of Food and Agriculture is implementing a number of projects and programmes to facilitate agriculture and agribusiness in the country. The Ghana Commercial Agriculture Project (GCAP) offers public private partnerships for provision of infrastructure in the SADA and Accra plains. The GCAP is also developing a land bank and model lease agreements to facilitate acquisition of land by investors. The Export Marketing and Quality Assurance Project (EMQAP) have constructed a pack house in the Volta region to boost horticulture exports.
2. Telecommunications
The mobile penetration rate has surpassed 100%. Africa.com believe that profits are to be found in the introduction of competitive service bundles and specialised data products.
3. Financial Services
Ghana is showing the most promise in its region to business who want to offer financial services. Banks in the country are struggling to meet the increasing demand from the energy, mining, oil & gas, and telecommunications sectors.
4. Real Estate
There has been a surge of construction in Ghana, specifically in downtown Accra and neighbouring suburbs. It’s a surge mainly contributed to Ghana being a thriving oil and gas market.
5. Industrial
Ghana is more advanced than many other countries on the continent but it’s still nowhere near its full potential. Areas of potential include pipeline manufacturing for the oil and gas sectors, agriculture and car manufacturing.
6. Services
Ghana is in need of management level education facilities, medical services and ICT (Information and Communications Technology).