Ghana is the world’s second-largest cocoa producer behind Ivory Coast and Africa’s biggest gold miner. It is one of the continent’s fastest-growing economies and has made major progress in the attainment and consolidation of growth. Significant progress has been made in poverty reduction. In fact, Ghana is the first country in Sub-Saharan Africa to achieve the Millennium Development Goal 1, which is the target of halving extreme poverty- UNDP 2021.
Today, Ghana is not only one of the best places for doing business in West Africa according to the World Bank’s Ease of Doing Business Report 2020 but also the most resilient economy in West Africa according to the EY African Attractiveness Index.
Combining a conducive business environment, committed and progressive government-private sector participation, political stability, transparent regulations, and a thriving private sector, Ghana presents one of the continent’s most favorable economic environments for investors seeking to do business in Africa.
Ghana abounds with investment opportunities and the government is committed to implementing policies that reduce the general cost of doing business to help investors establish and expand their operations.
GHANA AT A GLANCE
- The Country – Republic of Ghana
- Capital City – Accra
- Official Language – English
- Currency – Ghana Cedi (GHS)
- Nominal GDP – US$ 68.4 billion (December 2020)
- GDP Growth Rate – 6.6% (Q3 2021)
- Inflation – 13.90% (February 2022)
- Exchange Rate – US$ 1.00 to GHS 6.50 (February 2022)
- Minimum Wage – GHS12.53 (December 2020)
- Prime Rate – 14.5% (March 2021)
- Population – 30.8 million (provisional report, GSS, Sept. 2021)
- Population Growth Rate – 2.39%
- Land Size – 238, 533 sq. km
- Climate Tropical General – (21-30 degrees Celsius)
- Type of Government – Constitutional Democracy (Executive, President, Cabinet)
FIVE 5 REASONS TO INVEST IN GHANA.
Stable Democratic Climate
- Ranked as the most stable political environment within the West African sub region and eighth in Africa, Ghana has established democratic institutions and systems to ensure good governance and rule of law in the country – Africa Country Benchmark Report (ACBR, 2018)
- 2nd Best Judicial system in West Africa measured by rule of law – World Justice Projects CWJP) Rule of Law Index 2021
- 1st in West Africa & 2nd in Africa (Global Peace Index 2021)
EASE OF DOING BUSINESS
- Ranked one of the best places for doing business in West Africa according to the Ease of Doing Business Report 2020
- Best destination for investment in West Africa & 3rd on the continent (AT Kearney Global Services Location Index 2021)
- Most competitive economy in the West African sub-region and 11th in Sub Saharan Africa (World Economic Forum Global Competitiveness Index 2019)
- 1st FDI destination in West Africa & 4th in Sub-Saharan Africa (EY Attractiveness Program, October 2018)
- Geographically closer than any other country to the centre of the earth. An average of 8 hours of flying time to Europe and the Americas (World Population Review (WPR))
- World-class airport [Kotoka International Airport) adjudged the best airport in West Africa and the best in Africa for airport service quality, with the capacity to serve 2-5 million passengers per annum.
- Home to one of West Africa’s largest ports – Tema Port, which is centrally located in West Africa and has been upgraded to handle 3.5 million TEUs)
- Good network of trunk roads and excellent financial services
- Immediate access to the over 370m market size of the Economic Community of West African States (ECOWAS)
- Access to the African Continental Free Trade Area (AfCFTA) market of 1.3 billion people across Africa, with a combined Gross Domestic Product (GDP) of $3.4 trillion
COMPETITIVE AND EDUCATED.
- Availability of skilled and trainable labour.
- One of the most competitive minimum wages in the West African sub-region at GHS 12.53/ $2.11 per day.
- One of the highest literacy rates in the West African subregion. The adult (15 years or older) literacy rate being 79% (World Bank Group)
STRONG RESOURCE POOL
- No 1 gold producing country in Africa.
- 2nd largest cocoa producer in the world
- 3rd largest bauxite reserve in Africa with an estimated reserve base of 900 million tonnes is valued at $50millon in its raw state and at $400 billion refined.
- Over 150 million tons of Iron deposit and over 60 million tons of Manganese
- Over 189 thousand barrels of oil are produced daily.
- 8 trillion cubic feet of natural gas reserve
- 5million hectares of arable land
- 4million hectares of cultivable land & 228,792 hectares of irrigable land
- 560km of pristine coastline which is equivalent to 350 miles.
- Ease of Doing Business Rank 2020 (World Bank) – 3rd in West Africa
- World Investment Report (WIR) –
- Highest Recipient of FDI in W/Africa for 2020
- Second highest recipient of FDI in W/Africa for 2019 (WIR)
- Highest Recipient of FDI in W/Africa for 2018 (WIR)
- (Global Peace Index 2021) – 2ND most peaceful country in Africa
- Global Competitiveness Index 2019 – 1st in West Africa
- MO Ibrahim Index of African – 8th out of 54 in overall governance, 5th out of 54 in Participation, Rights & Inclusion, 13th out of 54 countries for Human Development, 11th out of 54 for security and rule of law, 12 out of 54 in Foundations for Economic Opportunity
- WJP Rule of Law index 2021 –2nd in West Africa, 7th out of 33 for sub-Saharan Africa in 2021 and 58th out of 139 Globally
- 2020 RMB Global Market Research – 1st in West Africa (Determinants of Investment) & 6th Best Place to invest in Africa (Attractiveness score)
- 2021 Global Retail Development Index – 3rd in Africa, 8th globally