The economic metrics for Ghana have been in the ascendancy for decades now. There was a slight decline due to the recent COVID-19 pandemic. This though is a reflection of the global situation. You can rest assured that things will bounce back to the norm of an economic boom. It is steadily doing so.
The political stability of Ghana makes it an oasis in this part of the world. A healthy democracy has thrived for the past twenty-nine years. This has seen an oscillation between the two main political parties- the NDC and the NPP. There has always been a smooth transition of power anytime either loses at the poll.
In such a conducive environment, the vast repertoire of investment opportunities in Ghana have been boosted by good economic policies. These encourage home-grown production and promote international commerce. This article provides you with ten business ideas you can implement in Ghana to create a successful venture.
We have an article on this that extensively details how and why you should invest in this sector. Already there is a huge market for chocolate in Ghana. The high quality and relative affordability of chocolate made in Ghana amplify its demand. Currently, the Ghanaian government is seeking to internally increase the value of its cocoa. This translates into the local processing of cocoa into high-value products.
This industrial drive will thus create more opportunities for you to invest in. This move by the Ghana government will increase your market base. You now also have an international market to sell premium products to.
Sachet water production
The population of Ghana has steadily increased over the years. Projections indicate this year’s survey should record a population of around forty million. A higher population naturally implies more intense expansion. The economic stability of Ghana gives workers apt financial security. This and its free-market system ensures people can secure quality homes with flexible payment patterns. With such expansion, the demand for potable water gets higher. Most of the established brands like to remain within the confines of the big cities. You can set up a water processing and packaging plant in one of the growing communities and control that market.
If this pandemic has proven anything, it is how convenient things can be. The importance of courier services in maintaining a state of convenience cannot be overemphasized. This was already a thriving industry in which supply was struggling to meet demand. The pandemic only increased the demand to an astronomical scale. Given how things are going, this will become common practice.
It is therefore not a surprise that European giants Glovo have ventured into this sector too. With the online retail business getting bigger each passing day in Ghana, the need for efficient delivery systems will only increase.
As the population grows and people expand, there will be an increase in the movement of goods and properties. There are currently just a few professional logistics companies in the system.
People have always relied on informal carriers to transport their goods and products. With an increasing middle class getting more educated, there is an increased demand for quality and professionalism. Such companies also come with the bonus of providing insurance for their wares.
The art industry is burgeoning in Ghana. There are so many upcoming writers who are doing great things in innovative ways. These writers seek publishers to produce their works in forms that are of international standards. This is most pertinent especially for works that would be in print form. For years now, the local printing industry has been controlled by a handful of firms. The books printed out are usually of low standards. With a more youthful population of writers now, the need for high-quality prints is intense. You now have a large subset of the demanding population to serve.
For years now, people from most African countries have had to resort to going abroad for the treatment of certain health conditions. Ghana is no different. This has generated a huge stream of income for countries such as the U.A.E, India, and the U.S.A.
The facilities and expertise for certain specialties are grossly lacking. Setting up a super specialty hospital will go a long one in solving these pressing needs for Ghanaians. It will also be a source of respite for those from other countries in the sub-region. You can merge with insurance firms to provide health covers that accommodate these medical needs.
Just as it is with most products, the majority of the Personal Protective Equipment for health workers are produced in China. The importation restrictions imposed in the early days of the pandemic led to many nations looking inward to locally produce.
The Ghanaian government encouraged local people to meet the pressing demands. They waived taxes, red tapes and gave them financial boosts. As the pandemic gradually wanes, all indications are that this system will remain in place. Now is the time for entrepreneurs to set up facilities that can supply the demands of millions.
Production of basic educational materials
Ghana has largely been a country that has relied on imports. Very few things are locally produced and even those that are can barely meet the national demands. The government ends up incurring a high cost in acquiring these materials for schools under its jurisdiction.
Setting up facilities that can produce some of the basic materials such as crayons and markers will be a viable venture. It will give multi-faceted advantages to all parties involved. The gains any ruling party will get from these will push them to provide certain perks to producers to facilitate production.
Over the past five years, drone technology has steadily made its way into enhancing operations in various sectors. The government partnered with the multinational firm Zipline for the transportation of medical items. Photographers and videographers have incorporated it into their operations. The list of its application is endless.
As this industry grows, so will the need for the delivery of better products, maintenance service, software, etc. Creating a business that supplies any or all of these will be advantageous.
As the transaction of business and the rendering of activities get more digitized, people will spend more time on their mobile devices. What this means is that the already countless number of apps will increase even further.
In Ghana, the use of mobile applications has increased rapidly. Online retail and other services are also on the ascendancy. With more Ghanaians being able to afford mobile devices the need for better and more efficient apps will get higher. Having an enterprise that provides the long line of companies with these services will be a profitable one.