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Ghana Rising: A Country Ready for Business with Attractive Opportunities

by Shriya Giriraj Aakriti Verma - 14 May, 2022, 12:00 816 Views 0 Comment

Ghana, located in West Africa on the coast of the Gulf of Guinea, has been garnering enormous attention from investors abroad.  Being one of the fastest emerging countries of the African continent, Ghana provides lucrative opportunities and the nation has become business ready. The country has been unlocking its potential and evolving with the market trends. The accelerated economic growth over the years can be mapped from the increasing industrialisation, urbanisation and digitalization. In the year 2019, the International Monetary Fund predicted that it would be the fastest growing economy in the world at 8.8 percent. In recent times, Ghana is coming in front for being a country with abundant and fruitful trade opportunities and establishing international trade relationships with other countries. In the recent report, January 2022 Sub-Saharan Africa’s Auto Sales Report by Fitch solutions, Ghana was the 5th most attractive auto market in the Sub Saharan African region. The report further stated that Ghana has a developing automotive sales environment amid a favourable political risk outlook.

This year at the event of the Dubai Expo, President Akufo- Addo presented to the world that Ghana is a country full of attractive opportunities. Delivering his speech on Ghana Day, the President presented his country as one of the best and most attractive destination which is opening up for international business. President Akufo- Addo didn’t hesitate to call Ghana A Nation of Unquestionably Attractive Opportunities. Akufo – Addo took this event as a serious opportunity and showcased to the world the reason that Ghana is ready for business with abundant and fruitful opportunities. The president presented the fact that Ghana is listed at Rank 3 in the Ease of Doing Business Index, the biggest recipient of Foreign Direct Investments in Africa. In terms of trade, Ghana was the second-largest producer of cocoa, the largest producer of gold in the Western African region; along with that, the country is home to a substantial amount of mineral resources such as bauxite, iron ore, manganese, lithium, oil and gas, diamonds, and timber.  Along with that, Addo mentioned that the country is the new commercial capital for the African continent by virtue of its hosting of the Secretariat of the African Continental Free Trade Area, which can demonstrate its willingness and active participation in international trade.

Addo further stated that the investments are secure and protected under the government who has an independent judiciary which advocates rule of law and favours private property rights, showcasing that the government is trying to build a friendly economy with other pillars of government such as the judiciary. These statements made by the president during the event signal that Ghana is a country worth investing in and a country with which other countries would like to establish international trade relationships. President Addo further said that during his tenure as the president, the country recorded an annual average rate GDP of seven percent and said that Ghana was one of the few countries to record positive growth during the pandemic in 2020.

With the world now going back on track and the countries’ economies trying to revive their loss rate, through the event of Expo Dubai, President Addo tried to best impress and woo foreign investors. With the home to many mineral deposits, a positive political outlook of the government is collectively making Ghana a promising and attractive land for investment.

The One-Hundred-Billion Cedi Programme for Economic Recovery

Through the one hundred-billion-cedi (GH¢100 billion) economic recovery programme, dubbed the Ghana CARES ‘Obaatanpa’ Programme, the economy grew at a provisional 5.2% in the first three quarters of 2021, with a projected growth rate of 5.6% for 2021. At the Dubai Expo, President Akufo stressed upon the fact that Ghana is now on the path of sustained economic recovery. Though there are some challenges, but those obstacles are being viewed constructively by the government

“We appear to be on the path of sustained economic recovery. We still, nevertheless, have some important challenges, but we see these challenges as opportunities which serve as catalysts for growth and the realisation of the Government’s transformational agenda. This agenda is hinged, primarily, on creating space for the private sector to thrive, thereby growing the jobs that our young people need.”

By President Akufo Addo

President Akufo-Addo stated that policies such as 1-District-1-Factory and the development of strategic anchor industries, such as the emerging automotive industry and the coordinated exploitation of our significant bauxite and iron ore deposits, the agricultural expansion through the programme for Planting for Food and Jobs, targeted infrastructural development, especially of roads and railways, and promoting access to digital technology are serving as the main avenues for job creation.

The country has been affluent enough in discarding the obstacles faced by the Ghanaians in conducting business. To formalise the economy, a digital property invested system was implemented, and biometric national identification cards were issued to the residents so that every resident would have a unique identification. To smoothen the trade process, paperless transactions were also ensured at the ports.

Way Forward

Along with being the host to West Africa’s largest hydropower project, it relies on a diversified energy mix. The electricity rates in the country have increased in the past 20 years and will continue to evolve with a wide range of international assistance. Auxiliary services will extensively rise and Ghana is likely to attract more enterprises which will establish a local or may a regional presence in the market. As the automotive industry is emerging, tax waivers and hefty incentives are being offered so that assembly plants could be established. The Government is pushing its limits in the Mining Sector as the goods and services exports showcase ample opportunities for US companies. Furthermore, robust growth has been noticed in the Construction Industry of Ghana, this sector’s success will be closely tied to the availability of appropriate financing opportunities. It is expected that the reconditioned equipment market will be a strong one over the next few years.

Shriya Giriraj
Shriya Giriraj is pursuing Law from University of Petroleum and Energy Studies
Aakriti Verma
Aakriti Verma is pursuing a Master's in International Relations from Amity University.
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