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Guide to Doing Business in Ghana

As many of you know Ghana is on the come up & business opportunities are plentiful. When I started my due diligence process for a couple business ventures that I have in mind,Â I came across some really insightful tidbits written by Akwasi Adjei regarding doing business in Ghana. Check them out…-!YG

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Recently, Ghana signed the U.S. government’s Millennium Challenge Corporation Compact, which is designed to promote sustainable economic growth. The MCC Board selects eligible countries based on their demonstrated commitment to “ruling justly, investing in people, and encouraging economic freedom.” Ghana will receive 547 million dollars representing more than 1/4 of the total amount of 2.1 billion dollars being provided by the US government’s program to promote sustainable economic growth. Ghana has a stable, multi-party government with a demonstrated commitment to market liberalization. Other reasons to invest in Ghana include:

Ongoing privatizations in key economic sectors
Expanding stock market
Competitive labor force
Ongoing infrastructure development
Export-free zones where goods traded with other countries are exempt from customs duties and laws
Immediate access to all markets of the Economic Community of West African States (ECOWAS)
Quota-free access to U.S. and European Union markets

business in Ghana

Action Steps
The best contacts and resources to help you get it done

Do your homework to understand the market
Before getting started, make sure you understand the basics about Ghana and local business regulations.
I recommend:Â For a general background on Ghana, visit the official website of the Government of Ghana or Information Please. You can find more information about Ghana and its business legalities by contacting your local Ghana consulate. The U.S. commercial service provides a comprehensive guide to doing business in Ghana. To check the stock indexes in Ghana, visit the Ghana Stock Exchange. It provides detailed financial information on publicly traded Ghanaian companies. Daily news from Ghana is available at Ghanaweb.

Identify, screen and pre-qualify high-potential business opportunities
Find potential business opportunities of interest.
I recommend:Â One can find potential investment areas by visiting the Ghana Ministry of Trade. Â Do not respond to business opportunities that are solicited by email. A lot of advanced fee fraud schemes, commonly known as 419, originate from countries in the West African region. If a business opportunity sounds too good to be true, then it might not be true. When contacted about a business opportunity in Ghana, more sure it’s legitimate by contacting the Ghana embassy in your country, as well as Ghana’s Ministry for Trade, Industry, Private Sector Development and Presidential Special Initiatives.

Understand the economy and basic business ethics
Try to gather as much information about Ghana’s economy and business ethics as you can.
I recommend:Â One can read more about the economy of Ghana and its various business ethics. You can also choose to talk to another foreign investor in Ghana. An example of an American investor-owned business in Ghana is BusyInternet. Established in Ghana in 2001, BusyInternet is the largest privately owned & operated ICT centre in Africa. With a range of events, training, debates, as well as a growing community of IT entrepreneurs, the BusyInternet story has been featured in the New York Times and Wall Street Journal, and is a key Ghanaian initiative focused on transforming the local economy to meet the opportunities of the digital age.

Traveling to Ghana
Take away travel jitters and get first-hand information about traveling to Ghana.
I recommend:Â It is relatively easy to obtain a business visa to Ghana. All you need is an invitation letter from your business partners, a valid passport at least 6 months from expiring, and proof of a return ticket. Make sure to apply for a business C type visa. Visa fees range between $50.00 and $100.00. It could take up to 5 days to obtain your visa. Visa fees can be paid by cash, cashier’s check or money orders. Check with your consulate for other visa requirements.

Filed under: Cool Articles, Hospitality is my Business, Money Matters, Mr. Ambassador by !YG