Ghana’s major crops include bananas, cassava, cocoa, corn, peanuts, and rice. Ghana is one of the world’s largest cocoa producers, and it exported US$1.61 billion (~S$2.2 billion) worth of cocoa beans in 2019. This makes the country the 2nd largest exporter of cocoa beans in the world.
Due to its location on the West African coast, Ghana’s agri-businesses have easy access to export markets in Europe. Ghana also has an international airport in Accra, and two major ports in Tema and Takoradi. This makes it cost-effective for agri-businesses to ship from Ghana, compared to many other parts of Africa.
The Ghana Investment Promotion Centre (GIPC) incentivises companies to set up production or processing enterprises in-country. Participating agri-businesses get a five-year tax holiday at the startup phase, custom duty exemptions for relevant machinery, and location-based tax rebates. If you are looking for a low tax business environment, Ghana’s agricultural sector offers many possibilities.
The Ghana Commercial Agriculture Project also offers public-private partnerships, for infrastructure projects in designated areas. Other initiatives include the development of a land bank, and model lease agreements for investor seeking to acquire land in Ghana.
Ghana has 15.7 million internet users as of January 2021 and more mobile phones than people. There were also 41.69 million mobile connections in Ghana in January 2021 equivalent to 135% of the total population in the country. As internet penetration continues to grow, so has social media. As of January 2021, there were 8 million social media users in Ghana.
As demand for Information and Communication Technology (ICT) services grows and Ghana’s economy becomes more digitalised, there are many opportunities for Singapore tech companies to contribute their expertise and offer solutions.
Ghana is one of the newest oil producing countries in Africa, with production commencing in 2010. Since the discovery of the Jubilee oil field in 2007, Ghana’s oil industry has seen three offshore projects implemented. The industry is expected to remain a top prospect, and a key driver of growth in the domestic economy.
Further oil and gas exploration are still ongoing. The Sankofa Gye-Nyame field is expected to provide enough gas to power Ghana’s thermal power plants for at least 15 years, while the Tweneboa-Enyenra-Ntomme (TEN) field will continue to bolster oil production. The combined output of the Jubilee and TEN fields are expected to raise production to 180,000 barrels a day.
The Ghana Investment Promotion Centre (GIPC) notes that the country has inadequate human capacity for the exploitation, development, and production of oil and gas. This provides opportunities for Singaporean firms to partner with related Ghanaian companies.
Ghana’s ongoing oil and gas projects include:
These ongoing efforts present numerous investment opportunities, as well as room for business collaboration.
In 2019, the travel and tourism sector in Ghana contributed nearly US$3.7 billion ($5.15 billion) to the country's Gross Domestic Product, with over 1,130,000 tourists1. This is expected to grow to 4.3 million international tourist arrivals, by the year 2027.
Ghana is noted for its wildlife, coastal resort areas, and natural formations such as the Tagbo falls, which is the largest in Africa. Other attractions include the Bosumtwi meteorite crater, and Lake Volta, the largest man-made lake in the world. Ghana is dense with nature reserves and national parks, which are major tourist destinations.
The Pan-African Historical Festival (PANAFEST), held every two years to celebrate unity across Africa and emancipation ideals, is also a tourism draw. The event is celebrated in the historical cities of Elmina and Cape Coast in Ghana, and takes place over eight to nine days.
The Ghana Investment Promotion Centre (GIPC) identifies several bankable projects in tourism, including the establishment of a Tourism Hospitality Institute, and the establishment of tourist rest stops. The Marine Drive Tourism Investment Project, to be developed across 241 acres of land stretching from the Christiansborg Castle in Osu to the Kwame Nkrumah Mausoleum, provides lucrative opportunities to tourism investors.
GIPC surveys also note that many tourists to Ghana return with their spending money unused. This is from the lack of shopping opportunities, despite the country’s wealth of products. Singaporeans who can apply their retail experience can find good opportunities here, and will find it easy to work with the predominantly English-speaking populace.
Financial services for tourists are also in short supply, and there is room for infrastructure that promotes acceptance of card payments. Take note of this if you run a fintech business, or an IT infrastructure business.
1 “Contribution of travel and tourism to GDP in Ghana in 2019 and 2020.” Statista, 2021