Ghana, formerly a British colony known as the Gold Coast is a West African country, bounded on the north by Burkina Faso, on east by Togo, on south by the Atlantic Ocean and on west by Côte d’Ivoire. The country got its name after the ancient empire of ‘Ghana’, from which the ancestors of the inhabitants of the present country are believed to have migrated. Accra, the capital city of Ghana is an important business, communications, manufacturing center of the country. It has an international airport, the center of the country’s railroad system and is also connected to Tema, which has served as the city’s deep water port since the year 1962. English language is the official and the most widely spoken language in the country. English is the medium of education in most of the schools in Ghana. Amongst the local languages, Ga, Ewe, Dagomba and Akan are the most widely spoken local languages.
One of the fastest growing economies in Africa, Ghana is the gateway to West Africa. In the recent years, Ghana has witnessed the record of economic growth, a rapidly growing stock market, continuously expanding industries (export and manufacturing). There is endless scope in private investment opportunities in Ghana. Ghana is truly a pioneer of Africa’s economic progress, based on the perfectly stable political conditions, combined with the average GDP growth rate of approximately 5% over the last decade.
Ghana is rich in the abundant supply of natural resources and minerals such as gold, diamonds, bauxite, aluminium, etc. Manufacturing and agriculture are the two economy dominating sectors of Ghana. Ghana is considered by many as the ‘African Heaven” because of the safe preservation of capital, political and economic stability. According to a report by Doing Business in 2014, Ghana is ranked at sixth position amongst the best African countries from the business prospect. The country has the highest progression rate over last five years and Ghana also has a relatively low rate of unemployment.
Promising sectors
Agriculture and farming:Food is one of the prime necessities of man. The increasing population of Ghana is creating a constant stress on the demand of food crops. The land of Ghana provides a suitable climatic conditions to grow a diverse range of food crops. This sector provides amazing business opportunities to the investors as the demand of food crops is a never ending one. In the coming years due to the population increase, demand of cash crops is expected to increase. Demand for crops such as soybeans, pulses is already elevated.
Oil and Gas:After the discovery of oil reserves in Ghana, the country has been enlisted in the list of petroleum exporting countries. The oil and gas sector is still a new sector, which hasn’t been explored much. This sector offers promising business opportunities for the potential investors and entrepreneurs. Though investing in this sector may be a difficult task in view of the huge investments, required, still there are other options available such as establishing joint ventures with other companies. The discovery of oil in African countries has made more and more number of people to divert their attention to the African countries from Middle East, to fulfill their oil demand.
Security Agency:There’s indeed a huge demand for security services in Ghana. People have realized that government is doing its best to improve the security, however it is not only the responsibility of government, but they also have to take the initiative to improve the security. With the growing population, schools, hospital, banks, shopping malls and corporate houses are being constructed. There’s a huge demand of security guards, bodyguards and security professionals. The need of security gadgets is also being witnessed. As an entrepreneur or an investor it is a very rewarding opportunity, as you could open up a security agency, recruit the security guards and train them. One could also import and sell the security equipment and gadgets.
Construction company:Though it is an expensive domain to enter in, but it indeed provides sure shot business opportunities. With a population boom and constructions going on everywhere,construction business won’t let you down. Various constructions are going on in Ghana such as bridges, towers, roads, buildings, shopping malls, etc. This is one of the most promising sector which would offer endless returns.
Related
Education and Training centers:Opening up education and training centers such as tuition centers, skills development training, technical training such as laptop and mobile repairing, test preparation centers such as ACT, SAT, BECE, etc. would be a lucrative business. People are apprehending the importance of education and are investing in education for a better and more stable future.
Food processing:More and more number of people are showing keen interest in this sector. You could choose the type of industry small scale or large scale according to the availability of funds. The process is simple, take raw materials and process them into finished products. Some of the examples are fruit juice processing, palm oil processing, beverage production. The demand for finished products is high in Ghana. The food processing machines are easily available at low costs. Setting into this industry would provide you stable business.
Real Estate:Like all the other countries, real estate provides excellent business opportunities in Ghana as well. Prices of real estate properties in the new oil market are constantly hiking. Developers are observing the growing influx of investments from foreign investors. There’s a huge demand for housing, especially in the downtown of Accra and the neighboring suburbs. More and more number of people are looking for better housed with good facilities.
Transport services:This is a diverse sector, which could be established both on large as well as small scale. Small scale could include the transportation services on a daily basis on short as well as on the longer routes. Large scale transportation business could include intercity transportation, packing and moving from one place to the other. With more and more number of foreign tourists visit, the capital city Accra provides an attractive and rewarding business opportunity.