This article is our review of doing business in Ghana, and the general business climate of Ghana, one of Africa's promising emerging markets. Ghana is undoubtedly an attractive investment destination for investments because of its political stability and growing economy compared to the rest of its neighbouring nations.
Over the past few years, the country has taken major steps to diversify its economy, improve trade, and the ease of doing business within its borders. Today, we will be discussing some of the major benefits of doing business in Ghana and why it might be a good choice for you to invest in Ghana among other African nations:
Ghana is considered one of the fastest growing economies in Africa but currently, Ghana's economy is experiencing slow growth, as all other developing economies of the world are due to an increase in inflation, energy crisis, and currency devaluation. Nevertheless, Ghana's economy is seeing an uptrend and is expected to recover in upcoming years and thrive steadily, making it a great place for doing business from scratch.
Ghana has the advantage of political stability compared to the neighbouring African nations. Incidents such as civil wars, sustained elections, violence, and civil unrest are minimal in Ghana. Ghana is one of those African nations that provides a great environment for conducting businesses since the country has political stability. These aforementioned incidents are inimical to business activities and can even prevent investors from investing in such a place.
In African nations like South Africa, Nigeria, and Kenya, violent incidents have gained the traction of international media but not in Ghana which is why this country has achieved political stability.
The first benefit of doing business in Ghana is that the media is liberated. Ghana is one of those countries in the whole of Africa where media is considered the most liberated and it plays a strong role in promoting businesses. Both print and electronic media engage the local and international audiences in different events that are happening in the country. The increase in the number of active internet users has further provided a platform to promote businesses in Ghana and it isn't uncommon to find people from Ghana on several internet platforms.
Skilled and Youthful Working Class
One of the positive things about Ghana among various other things is that every year, a huge chunk of the annual budget is devoted to the education sector. Because the government wants to educate its youth and promote education throughout the country, the educational institutions in Ghana continue to improve in quality. The youth is also getting familiar with the latest technologies and how they can use those technologies in their favour.
Every year, thousands of bright and skilled graduates are produced that can be recruited by businesses. Among various African countries, Ghana has a large pool of bright and skilled graduates every year who are well familiar with the latest techniques.
Along with the business environment being competitive in Ghana, it is pro-business too. Because the economy of Ghana saw a decline in the past couple of years, unemployment is a major issue in the country due to which the citizens are willing to work for businesses and appreciate it as new business openings mean new job openings for them.
Competitive Business Environment
Businesses can flourish and thrive in an atmosphere where businesses are actively expanding and there is healthy competition among businesses. Ghana is one of those counties that has a healthy, competitive business atmosphere where both public and private businesses are competing with each other making it one of the most competitive places for doing business in Africa. The efforts of the Ghana Investment Promotion Center (GPIC) and other agencies have made Ghana a good investment decision, even for foreign businesses.
Competitive Labour Costs
Unemployment is a major issue in the country, due to which the costs of labour are very competitive in the country. The major reason behind competitive labour costs is that the cost of living in Ghana is low, due to which citizens can afford a normal lifestyle at competitive prices. By investing in a country like Ghana with competitive labour costs, you can expect to get a good return on investment.
Ghanaians are considered to be hospitable people that want to create a positive impression in the minds of foreigners. Any new business venture in Ghana receives a friendly reception from locals and they appreciate it when foreigners make investments in their country. Foreigners are able to capitalize on this opportunity to grow their business.