GHANA – The West African Hub
Ghana’s wealth of resources, democratic political system and dynamic economy, makes it undoubtedly one of Africa’s leading lights. It is a west African country, bounded on the north by Burkina Faso, on the east by Togo, on the south by the Atlantic Ocean and on the west by Côte d’Ivoire. Formerly a British colony known as the Gold Coast, Ghana became the first black nation in sub-Saharan Africa to achieve independence from colonial rule.
The country is named after the ancient empire of Ghana, from which the ancestors of the inhabitants of the present country are thought to have migrated. Ghana is considered one of the more stable countries in West Africa since its transition to multi-party democracy in 1992.
Gaining the world’s confidence with a peaceful political transition and a grounded and firm commitment to democracy has helped in expediting Ghana’s growth in foreign direct investment (FDI) in recent years. West Africa consists of the 18 countries Benin, Burkina Faso, the island of Cape Verde, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Mauritania, Niger, Nigeria, the island of Saint Helena, Senegal, Sierra Leone, Sao Tome and Principe and Togo.
THE AFRICAN ODYSSEY
Ghana’s economy is expected to grow by 6-8% in the near term with services and manufacturing growing at over 9% and agriculture at 3%. The thriving services sector employs about 30% of the country’s workforce. Transportation & storage, energy & power, hospitality and banking & finance are the rapidly growing sub-segments.
Ghana has created a successful business-enabling environment for inward Foreign Direct Investment (FDI), which averaged USD 3bn per year from 2009 to 2012. Investment opportunities are multi-fold, varying from banking & finance to energy, power, transportation and other infrastructure sectors.
The country has clear and extensive regulations in place with an investor friendly regulatory environment. A young economically active population, combined with rapid urbanization, represents rising domestic growth opportunities.
Ghana has received a “High” overall score for Doing Business by the World Bank.