It’s no longer news that Ghana is now the fastest growing economy in the world; according to statistics published as at the time of this writing by Economic Watch. If you are an entrepreneur or investor, I believe you know what such rating mean. I did an in-depth review on the business opportunities in Nigeria and I felt that a critical look at the small business opportunities in Ghana won’t be out of place. With Ghana’s economy growing at an alarming rate, I can only imagine the potentials waiting to be tapped by daring entrepreneurs; even though the growth has been attributed to recent oil explorations.
Without wasting much of your time, below is a critical analysis of the business opportunities in Ghana and how to exploit them.
A Critical Analysis of the Fastest Growing Small Business Opportunities in Ghana
Now you may want to know the potentials and fundamentals of doing business in Ghana. With a strong mineral resources sector, cocoa industry, consistent government policy, recent oil discoveries, steady power supply, friendly business environment and a free trade zone for foreign companies; Ghana is definitely a country to beat in the future.
1. Agricultural Production
Food is one of the basic needs of man and anyone that ventures into food production is sure of a never ending demand. The steady growth of Ghana’s population due to influx of investors, students, tourist, etc will only help explode the demand for food. Now if investing in the agricultural sector catches your fancy, you can consider starting a business around any of the following:
a. Livestock Production
There are many opportunities you can tap into with respect to livestock production. They include: poultry rearing (egg or meat production), catfish farming, cattle rearing, snail farming, grasscutter rearing, goat rearing, etc.
b. Livestock feed production
You can also venture into the production of catfish feeds, poultry concentrates, etc.
c. Food Cultivation
Ghana is well known as a major exporter of cocoa but that doesn’t push aside the demand for other food and cash crops such as cassava, etc.
2. Food Processing
Processed food is another fastest growing industry in Ghana. With an abundance of fruits and vegetables; one can venture into the production of canned juices, packaged foods, etc.
3. Service Based Businesses
With the high educational standard; Ghana boasts of quality graduates and starting a service based business to harness such intellectuals is a way to go. You can start a business consultancy firm, human resource management firm, etc.
4. Hospitality
Under Ghana’s hospitality industry, you can venture in fast food outlets, restaurants, hotels, bars, casinos, entertainment centres, etc.
5. ICT
The ICT sector holds potential opportunities for investors interested in such. Business opportunities in this sector include: Cyber cafés, photocopy shops, call centres and phone accessories sales, etc.
Finally, opportunities abound in real estate with respect to residential and commercial buildings. Investors with adequate capital can also venture into the mining or oil and gas sector. Please consult trade journals and Ghana Chamber of Commerce for more information on business opportunities in Ghana.
Written by Ajaero Tony Martins
