KASI Provides Consumer Insights Into African Behavior
Business Promotion in Ghana
The Ghana Economy
Despite its relatively small area and population, Ghana remains one of the leading countries in all of Africa due to its natural wealth and the fact that is the first black African country to gain independence from Colonial rule south of the Sahara Desert. A country steeped in cultural heritage and surrounded by lush forests and pristine coastal beaches, Ghana has much to offer the eager investor.
Nestled within the Gulf of Guinea, this country relies heavily on its agricultural and forestry segments to fuel its economy. Over 50 percent of the country’s workforce inhabits the agriculture sector with the chief crop being cocoa. The fluctuation of this crop alone can make or break the economy as the world price paid for cocoa beans is a major factor in its success. The Cocoa Marketing Board, established in 1947, was a government-run entity responsible for regulating cocoa prices, and was abolished in 1979 due to charges of corruption, but was reformed in 1985 under the Ghana Cocoa Board and by 1992 the government was allowing private traders to compete in domestic markets. This change led to an increase in the farmers’ share of the world market price for cocoa beans moving from 25 percent to 60 percent by the late 1990s. The timber industry is also an important piece of the Ghanaian economy, but has seen some decline as the government rations logging licenses. The climate and soil are wonderful ingredients in providing a diverse group of crops to be harvested throughout the country. Yams, rice and nuts can all be grown here as a result of the landscape. With a high volume of food moving domestically for local consumption, the value of these crops is critical. Moreover, the government has supported the diversification of its food production practices to allow a lighter dependence on chief crops produced in the region. Investors can look to this sector as promising because of its diverse nature and the government’s ability to work with outside entities to bring in efficiency and quality.
The roads of Ghana offer the best way to navigate the country and are the main source of transportation within its borders. With continued improvements made to this option consistently investors can look here for possible opportunities to bring ventures abroad. With 2 main ports, Tema and Takoradi, maritime travel of goods, services and people are always in demand. The need for access to landlocked regions of the country for trade has been addressed with the construction of the Boankra Inland Port, which will offer access to the middle of the country and ease access to regions that were previously made more difficult by the location of other seaports. Investors can pursue ventures with confidence knowing the roads, rails and waterways are an integral piece of Ghana’s economy and the need for constant upkeep and improvement should provide ample opportunities for investors to capitalize on.
A region flourishing with wildlife, culture and natural features cannot be ignored as a tourist destination. With several wildlife preserves and national parks that boast the sights and sounds of Ghana and villages across the region that welcome visitors to experience the heritage of its inhabitants, the hospitality sector is strong and investors can look to hotels, restaurants and guided tours as staples of the trade. The tourism industry will accrue $8.3 billion dollars annually by the year 2027 thanks in large part to an estimated 4.3 million international tourists each year. Tourism became a focus of economic growth under the leadership of Jerry Rawlings. His administration focused on this as a way to facilitate economic growth for the country and did so through the restoration of landmarks and the focus on the cultural heritage of the region. Investors can feel confident in knowing that this sector is strong and growing and the government is willing to work with foreigners to increase interest.
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