International business in Ghana

International business in Ghana

International business in Ghana

Ghana, located in West Africa, is a multicultural nation with a diverse population, rich wildlife, and abundant natural resources. The country has a population of about 27 million, with a variety of ethnic, linguistic, and religious groups. Ghana is considered as one of the most economically and politically stable countries in Africa, and has the 9th largest economy in the African continent in terms of purchasing power and nominal GDP. Ghana became the first ever sub-Saharan country in Colonial Africa to finally gain its independence, and it is this kind of influence and ability that makes Ghana a regional power in all of West Africa.

What are Ghana’s vital data points?

population (million) 28.2
GDP (billion USD) 37.8
GDP per capita (USD) 1,514
GDP per capita PPP (USD) 4,294
surface area (sq km) 238, 535
percent of population living in urban areas 51%
percent of GDP added by agriculture - industry - services 20.7% - 29.5% - 49.77%
ease of doing business index (1 = best, 189 = lowest) 114

Table 1. Ghana’s Economic Parameters

What are Ghana’s key business sectors?

When planning a potential business in Ghana, one must take note of the key business sectors of the country that largely contribute to its continuously growing economy. One such sector is the oil and gas sector, which provides huge capital inflow to the country’s economy since it started producing oil in commercial quantities. Ghana has up to 5 billion barrels of oil in reserves, which makes it the country with the 6th largest proven reserves in Africa and the 25th largest in the world.

Another key business sector is agriculture. Over 67% of Ghana’s land is fertile, and there is much potential on this area. Ghana is considered the second largest cocoa producer in the world as of 2015, and it is very likely that Ghana’s agriculture will deliver a large contribution to the country’s rapid development because of its overflowing potential.

What are Ghana’s top exports?

  • Oil
  • Gold
  • Cocoa
  • Timber
  • Tuna
  • Bauxite
  • Aluminium
  • Manganese ore
  • Diamonds
  • Horticulture products

Which are Ghana’s favourite export partners? (percentage of total exports)

  • China (10.7%)
  • France (9%)
  • Netherlands (7.3%)
  • India (7.3%)
  • South Africa (6.6%)
  • Italy (6.5%)

National holidays in Ghana

January 1 New Year’s Day
March 6 Independence Day
April 2 Good Friday
April 5 Easter Monday
May 1 Labour Day
May 25 Africa Day
July 1 Republic Day
September 10-11 Eid al Fitr (End of Ramadan)
November 16-17 Eid al Adha (Feast of the Sacrifice)
December 3 National Farmers’ Day
December 25-26 Christmas

Table 2. Ghana’s Official Public Holidays

Business hours in Ghana are from 8:00 AM to 5:00 PM, with the lunch break at 1:00 PM. Government agencies also open at 8:00 AM but close an hour earlier than shops and other businesses. Banks and financial institutions usually open at 8:30 AM and close at 4:00 PM during weekdays, but some are also open on Saturdays.

Ghana will be playing host to a few trade shows in 2016 mainly in the Energy, Hospitality, Aviation and Logistics industries.

Ghana is a member of the World Trade Organisation and holds sound relations with some first world countries such as the UK. Though corruption, poor infrastructure and poverty have been plaguing the nation, factors working in favour of Ghana of late, are its boosted oil and gas production, better political stability, increased private sector investment and the positive steps being taken towards improving public infrastructure. The most promising sectors in Ghana are oil and gas, construction, agriculture, health and education making it a viable for export plan.

This entry in Africa & ME was updated on July 10, 2017 by specialist.