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What makes doing business in Ghana such an experience for foreigners and locals alike? What essential facts should you know about Ghana before you land on the shore of the country? And what strides has Ghana made to make the country more viable as a business destination in Sub-Sahara Africa?
Ghana is located in West Africa and is a multicultural nation with a diverse population, rich wildlife, and abundant natural resources. Ghana’s population is about 31 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 sub-Saharan country to gain independence, and it is this kind of influence and ability that makes Ghana a regional power in all of West Africa.
1 Ghana’s Economic Facts
| Metric | Figures |
|---|---|
| Population | 31.72 million |
| GDP | 72.35 billion USD |
| GDP per capita | 1848.25 USD |
| GDP per capita PPP | 5304.98 USD |
| Surface area | 238, 535 sq km |
| Population living in urban areas (%) | 56.71% |
| GDP added by agriculture (%) | 17.31% |
| GDP added by services (%) | 44.14% |
| GDP added by industry (%) | 31.99% |
2 Ease of Doing Business in Ghana
The Ease of doing business index ranks countries against each other based on how the regulatory environment is conducive to business operation and stronger protections of property rights. Economies with a high rank (1 to 20) have simpler and more friendly regulations for businesses.
| Ghana Business | Stats |
|---|---|
| Internet Speed | 3367.55 KBps |
| IP Addresses | 124915.00 |
| Leading Economic Index | 26.80 % |
| Competitiveness Index | 51.20 |
| Competitiveness Rank | 111.00 |
| Composite PMI | 48.90 |
| Corruption Index | 43.00 |
| Corruption Rank | 75.00 |
| Ease of Doing Business | 118.00 |
3 Key Sectors in Ghana’s Economy
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 in this area. Ghana is considered the second-largest cocoa producer in the world as of 2020 with a production of 883,652 metric tons, 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.
4 Ghana’s Top Exports
- Oil
- Gold
- Cocoa
- Timber
- Tuna
- Bauxite
- Aluminium
- Manganese ore
- Diamonds
- Horticulture products
5 Ghana’s Top Export Partners
| Country | % of Total Export |
|---|---|
| China | 10.7 |
| France | 9 |
| Netherlands | 7.3 |
| India | 7.3 |
| South Africa | 6.6 |
| Italy | 6.5 |
6 Doing Business in Ghana – Business Climate
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.
7 Working Hours in Ghana
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.
8 Public Holidays in Ghana
| Holiday | Date |
|---|---|
| New Year’s Day | January 1 |
| Independence Day | March 6 |
| Good Friday | April 2 |
| Easter Monday | April 5 |
| Labour Day | May 1 |
| Africa Day | May 25 |
| Republic Day | July 1 |
| Eid al Fitr (End of Ramadan) | September 10-11 |
| Eid al Adha (Feast of the Sacrifice) | November 16-17 |
| National Farmers’ Day | December 3 |
| Christmas | December 25-26 |
