What you need to know about Ghana before expanding your business there
If you are looking for low competition along with a tremendous growth potential, Ghana is certainly the way to go. Besides the obvious advantage of being a tropical paradise, Ghana’s strategic central location makes it a great base for expand your business further into the West Africa. Keen on welcoming foreign investors, Ghana’s government have a number of incentives in place encourage entrepreneurs to start a business in Ghana. There is no better time to start or expand your business in “the land of the sun.”
Why expand to Ghana?
Situated in western Africa facing the Gulf of Guinea, Ghana is the perfect gateway for exporters looking to expand north and east. With Ghana’s political system being stable and particularly welcoming to foreign investors, there is a large range of financial incentives making the country suitable for investment. Ghana has a dynamic private sector that is willing to work together with foreign partners.
Business opportunities and main cities
With nearly 60 percent of the labor force employed in agriculture, Ghana’s economy depends mainly on the export of primary products. Businesses that are interested in investing in tourism in Ghana can also enjoy special concessions provided by the government. The main exports here are agricultural resources like cocoa, timber, fish, fruits and vegetables manganese, palm oil, and rubber. It also exports aluminum, and is rich in gold and other valuable minerals. The other areas of business opportunities include resource-based activities in agri-business, real estate development and general infrastructure like agriculture and industrial estates, toll roads and highways, railways and ports, sea and air services, etc. A lot of the businesses occur in the major cities like Accra the capital, and Kumasi, which is the second largest city in Ghana.
Some of the advantages of investing here
When expanding business overseas, it is always good to weigh the pros and the cons of the particular area in question. Ghana ensures good governance with a stable political environment, along with established democratic institutions and systems. It also has abundant, adaptable, easily trainable and cost-effective labor force. Ghana is also an excellent place to locate headquarters in the West Africa region as it has a high degree of personal safety.
Overcoming the Barriers
Although foreign investment here increases the employment and gives the economy a boost, as a developing country, Ghana may lack some of the facilities that may be standard in other markets. As almost 30 per cent of the population lives under the international poverty rate, and this can present some challenges. As always, expanding business across borders requires a great deal of planning, extensive market surveys, and insightful strategies. And a professional expert has all expertise in various areas of your business expansion like HR, legal, payroll, expatriate tax advice, international accounting, etc. With extensive industry study and tools to deliver customized solutions, a reliable partner can help you achieve your business goals successfully.
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