Doing Business in Ghana: Curves and Edges

Ghana is a member of the Economic Community of West African States (ECOWAS), a regional economic organization comprising a thriving market of 250 million people in West Africa. As part of the thriving countries in Africa, Ghana has been open to trade and investments to other nation. It is even considered the gateway to the growing West African Region. However, foreign investors have been cautious in investing in the country despite the increasing foreign owners around the nation.

Curves and Edges

One of the challenges in starting a business in the country is the high interest rates. Borrowing money from the banks in Ghana is considered expensive. It is therefore necessary for owners to bring ample amount of money to keep and maintain their business in the early stages.

One should also have to understand the local market in Ghana. With an estimated GDP growth of 12% in 2014, Ghana is one of the fastest growing economies in the world alongside Jakarta, Indonesia and Beijing, China. However, it does not mean that every business is successful in the country. It is important to choose the right local market to deal business with and choose the most trusted and knowledgeable local partner well to avoid scams and frauds in the area.

In terms of Ghana’s infrastructure, there are still reviews and reports about the business environment. Water and energy supply, for instance, are still lacking in some parts. These two factors have not managed to keep pace with the country’s fast growth.

For business owners who would want to invest in mining and oil, there are a lot of opportunities for you. The latter has been responsible in Ghana’s economic growth. There has also been a lot of shipping in automotive and machinery parts which can be linked in oil production and mining as well. Banking is also growing across the nation. The businesses and banks in Ghana is already moving to credit card businesses.

English language, on the other hand, is shown to not be an issue as English is the official language of the place.

Businesses continue to grow and unemployment rate decreases every quarter. Human resource agencies such as Axis Capital Group has proved that there are a lot of opportunities in the country but along with it are also challenges that are almost usual to all countries in the world.