Ghana
has emerged as an important business centre in West Africa. Recent amendments
to Ghana’s
Investment Code have opened up a wide range of new business
opportunities. The Ghana Investment Promotion Act guarantees the freedom for
non-Ghanaians to establish and run enterprises in potentially lucrative areas
such as natural gas; hydropower projects; fruit and vegetable farming; food
processing, including fish canning; production of agro- chemicals;
pharmaceuticals; and information technology
The
government’s ongoing privatisation initiatives have also opened up a number
Business in Ghanaof sectors for new business partnerships and investment,
notably the banking and the state petroleum and telecommunications sectors.
Tourism
is an especially strong area for new business projects. Key opportunities in
this sector include: tourist accommodation, particularly beach resorts; tourist
transportation; catering enterprises; eco-tourism projects; night life and
leisure; and tourist servicing enterprises. The Government of Ghana estimates that
tourism will generate over $300 million annually in the next five years.
The
country is endowed with abundant natural wealth, including vast agricultural,
mining and human resources. Along with its growing manufacturing sector,
agriculture remains a key sector of the economy. The agrarian sector employs 60
per cent of the Ghanaian workforce and makes up almost 44 per cent of the
country’s GDP. Cocoa is the second-largest export, and new exports such as wood
products, textiles, jewellery, pineapples, tuna fish and cotton are rapidly
diversifying Ghana’s agricultural export profile. The country has over 13.6
million hectares of arable land suitable for crops or livestock, and a
potential annual production of 655,000 metric tons of fisheries products.
In addition
to agricultural wealth, Ghana is also rich in mineral resources. Gold recently
replaced cocoa as the country’s primary export, with diamonds, aluminum and
bauxite accounting for a large part of the country’s exports. The mining
industry was liberalised in 1987, and strategic investors such as de Beers,
Lonrho, and others from the United States, Canada, Australia, South Africa and
Britain have already taken advantage of the new business opportunities.
Ghana
farmingGhana is a member of the Economic Community of West African States
(ECOWAS), a regional economic organisation comprising a thriving market of 250
million people in West Africa. Formed in 1975, ECOWAS allows for the free
movement of goods and people across the borders of its 16 member nations. Since
its creation, implementation of the ECOWAS protocol on trade has greatly
enhanced intra-regional trade as well as Ghana’s status as an economic force in
the sub-region.
Ghana’s
trading access to other African nations is expected to increase significantly
in the coming years, especially as African nations move toward implementation
of the African Economic Community, established by African heads of state and
government in 1991. The AEC will take effect in 2025.
The
most commonly imported products into Ghana include Rice, sugar, corn, wheat,
meat (frozen/canned), fish (frozen/canned) cooking oil, clothing, shoes,
medical equipment and pharmaceutical products, machinery and parts, chemicals,
air-conditioning and refrigeration units, agricultural equipment, diary
products, confectionery, condiments/sauces, wines, alcoholic beverages,
cosmetics, computers and accessories, electronic gadgets, motor vehicles and
spare parts (new and used), vehicle tyres, books, building materials.
The
leading import sectors in Ghana include telecommunication equipment, computers
and peripherals, automobiles, electrical power systems (generators)
construction and earthmoving equipment, mining equipment, as well as food
processing and packaging equipment.
Accra,
capital and largest city of Ghana, is an important commercial, manufacturing,
and communications centre. It is the site of an international airport and a
focus of the country’s railroad system, including a link to nearby Tema,which
since 1962 has served as the city’s deepwater port. Industries in Accra include
vehicle and appliance assembly, petroleum refining, and the manufacture of
foodstuffs, textiles, metal and wood products, plastics, and pharmaceuticals.
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