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Business and foreign investment advisor Eric Osei, based in Accra, gives a summary of the top sectors in the country’s current economic climate.
The African continent has become the most exciting global economic story over the past decade, and that narrative has fueled optimism in its member states to be positioned in the minds of investors and businesses is a significant opportunity – of which Ghana is one.
Ghana is an emerging economy with greater and more opportunities for startup businesses and an ideal destination for doing business. The recent discovery of oil blocks coupled with its traditional export of commodities like gold and cocoa, puts Ghana in the limelight and on a better pedestal for investment considerations. Moreover, the free trade policy as part of the government’s effort to promote foreign businesses has been significant to national development.
Despite the swift progression and improvement that Ghana is enjoying, it’s still confronted with other challenges in many aspects. However, these challenges have opened other doors of opportunities to entrepreneurs to find solutions; thereby creating companies to meet these problems (a critical case in study is the problem of waste management).
Below is a list of some of the current Top Business Opportunities in Ghana.
1. Agriculture and farming
Food is one of the basic needs of man and anyone that ventures into food production is sure of a never-ending demand. The steady growth of Ghana’s population due to an influx of investors, students, tourist, etc will only help explode the demand for food.
Ghana has soils that can support a vast variety of food crops. And yet, the agricultural sector is one of the most underutilised in the country. One can liken the agricultural industry in Ghana to a gold mine, as there’s always a high demand for agricultural produce.
2. Oil and gas
Following the discovery of oil in Ghana, the country is set to join the list of petroleum exporting countries. This oil sector, still very young in Ghana, is presently begging to be explored extensively. And there’s almost no limit to the profit that players in this sector can make. Though starting an oil and gas business could be very expensive, you can venture into it if you have what it takes.
Internet access in Ghana is still very scarce and the few internet facilities available are far below average. Ghanaians are presently craving high quality internet services in their homes and offices. And they have no problems paying for such — provided the quality is kept consistent. So, the ICT sector in Ghana is still underexplored, and you can make huge profits by launching a business that provides quality internet services.
4. Food production
Because 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. Better yet, you can start on a smaller scale by launching a small business or restaurant and snacks. This business is one of the easiest to start, and it’s very profitable, too.
5. Transport services
Aside from food, transport from one place to another is another necessity and the reality in Ghana agrees with this. So, if you are planning to start a business in Ghana, but you are yet to find a promising opportunity, the transport sector is an option. You can start a business that renders transport services, either on a small scale with few vehicles that ply short routes or on a large scale with many large vehicles that ply long routes.
6. Real estate
Though an expensive sector to break into, the real estate business in Ghana is, as is the case in most countries, very lucrative. Following the discovery of oil in the Western part of Ghana, the nucleus of development and industrialization is gradually shifting towards the region. So, you will probably make more money as a real estate investor if you focus on the oil-rich region.
7. Financial services
There are many business opportunities in Ghana, and more people are getting to realise this with each passing day. The provision of financial services in Ghana is on the rise, currently there are around 30 banks in the country with most of them being foreign banks. This proves the extent to which foreign investors have built confidence in the Ghanaian economy.
This is another big industry in Ghana. Every year, the country plays host to many foreigners who come to behold the various tourist attractions in the country. The tourism industry in Ghana is another sector you can start a business in if you want huge gains in the long term. One glad fact about this business opportunity is that even foreigners can launch it easily.
Ghana is a land of gold ready to mine so a decision of doing business in the country will bring you amazing returns.