Ghana to Regain Momentum in 2025

Ghana is making a strong comeback as a top business destination in West Africa. After weathering economic storms, the country is poised for substantial growth in the coming years.

Key factors driving Ghana's resurgence include:

• Economic Stability: The nation has shown resilience in the face of challenges and is now on a steady growth trajectory.
• Abundant Resources: Ghana is rich in gold, oil, gas, and recently discovered vast lithium deposits, attracting global investors.
• Business-Friendly Environment: The government has implemented supportive policies, making it easier to start and operate businesses.
• Thriving Startup Ecosystem: Ghana's innovative spirit is fostering a dynamic startup scene.

Strong Economic Performance

With GDP growth projected to exceed 5% annually for the next few years, Ghana is emerging from a challenging period. Strategic investments, including World Bank support and debt restructuring, have boosted investor confidence.

Diverse Investment Opportunities

Ghana offers a wide range of investment prospects:

• Mining and Energy: The country is a leading gold producer and is rapidly developing its oil and gas sector. The recent discovery of significant lithium reserves adds to its appeal.
• Agriculture: With fertile land and a growing population, Ghana presents immense opportunities in agribusiness,from cultivation to processing and export.
• Technology and Innovation: The country's tech-savvy youth and supportive government policies are creating a favorable environment for startups.

Government Support for Business

Ghana is committed to creating a conducive business climate. Streamlined registration processes, tax incentives, and special economic zones make it an attractive destination for investors.

A Stable Political Landscape

Ghana's history of peaceful transitions and long-term development plans provide a stable foundation for sustainable growth.

As Ghana continues its upward trajectory, it is becoming an increasingly compelling option for businesses seeking to expand their footprint in West Africa.

Construction and real estate are among the fastest-growing and most resilient sectors, even during crises. They are expected to maintain an annual growth rate of 5.48% from 2024 to 2028, reaching a market volume of $567.60 billion, partly due to a 2% annual population growth. The construction sector alone reached $9.9 billion in 2023.

“It’s a safe place to invest. Real estate yields are generally 10 to 12%, along with property appreciation,” says Joe Leslie Obeng-John, CEO of Cornerstone Developments.

“Ghana is attracting foreign direct investment. There is significant demand for quality accommodation, retail spaces, and mixed-use spaces,” Cynthia Acquaye, COO of CH Group and Executive Director of Goldkey Properties reflects.

Business incubators and impact funding are also flourishing in creative industries. “We see it as a tool for inclusive growth and development. Africa’s prosperity will be driven by the creative and cultural industries,” says Roberta Annan, Founder and CEO of Annan Capital Partners and the Impact Fund for African Creatives (IFFAC). “Fashion, films, music, and other sectors are gaining momentum,” adds Jesse Rannells, Partner and Head of IFFAC Ventures.

Ghana’s arts and culture scene is vibrant. “Top of the list for me is our fashion and clothing. More and more, Ghanaian designers are making their mark globally. For example, Beyoncé has worn outfits made by local designers,” actress and media personality Naa Ashorkor indicates.

While the lasting impact from hosting the 2023 African Games in Accra remains to be seen, the West African nation has a golden opportunity to capitalize on its unique advantages and the needs of the global market to build an enduring legacy as the business entry port in Africa.

So we are looking at some promising developments.

Looking to expand into Africa or gain a deep understanding of the market? Make sure to find the right match and consultant.

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Tewabech (Teba) H. Molla MSc.

Banking, Management Consulting, and Information Advisor