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Doing Business in Ghana

 

Why you must invest in Ghana

Safe Investment Destination

Ghana is a safe investment destination. Guarantees against expropriation of private investments provided under law are buttressed by the Ghanaian Constitution.  The following are some of the investment guarantees:

(i) The transferability of capital, profits and dividends.

(ii) Insurance against non-commercial risks - Ghana is a signatory to the World Bank's Multilateral Investment Guarantee Agency (MIGA) Convention.

(iii) Double Taxation Agreements (DTAs) - to rationalize tax obligations of investors in order to prevent double taxation. DTAs have been signed and ratified with several countries.

(iv) Ghana is one of the most attractive locations in Africa to invest and do business.  To make the Ghanaian business environment more friendly, there are efforts to reduce the occupancy costs for commercial and industrial properties and the general cost of doing business in Ghana.  There is a liberal investment environment in Ghana that offers a number of special benefits such as foreign investor ownership of local companies, participation in joint ventures with the minimum required equity of $10,000 and companies wholly-owned by non-Ghanaians at $50,000.

Potential areas of investment include food and mineral processing, petroleum and gas services, tourism, property development, roads and transport.

Stable Political Environment

Ghana is a politically stable country.  This is recognized by the world’s famous leaders including US President Barack Obama and UK Prime Minister David Cameron who have expressed appreciation for the political stability in Ghana.

Foreign Ownership

In the on-going privatization program, hundred per cent (100%) foreign ownership is permitted.

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Access to ECOWAS Market

Ghana is easily accessible to the markets of all the member states of the Economic Community of West Africa (ECOWAS) with its population of approximately 350 million people.

Good Physical Infrastructure

Ghana possesses well developed seaports, airports and road networks capable of meeting the needs of businesses in the 21st century.  There is an effort to upgrade the rail network to make it easy to get to the ports from the hinterland.  Telecommunication facilitates in Ghana are excellent with more private service providers offering telephone, internet and other telecommunication services.  Basic utilities such as water and electricity are readily available at relatively affordable rates.

Excellent Labour Force

The country has some of the best teachers, lecturers and researchers in the continent who have excelled not only in Ghana but in Africa and other parts of the world.  There is also a large human resource base of both skilled and unskilled labour which can be sourced at relatively low rates.  The minimum wage in Ghana is GH¢4.48 (approximately US$2.75) per day as at February 2012.

Access to International Markets

Ghana has easy access to the markets of Asia, the USA as well as European Union. The flight time to almost all European Union countries is about six (6) hours and nine (9) hours to the USA.

Availability of Fund Sources

Ghana has a large number of fast developing financial institutions available to raise long-term capital at competitive rates.  These institutions include banks, insurance and venture capital companies and a Stock Exchange market (Ghana Stock Exchange).

High Safety Standard

There are high standards of health and safety measures in the country and the institutions charged with the responsibility to oversee these include the  Food and  Drugs Board, Ghana Standards Authotity and the  Environmental Protection Agency.

Warm and Friendly People

Ghana is internationally acclaimed for her hospitality to her investors and foreigners as a whole.

Availability of Land

Ghana has a wide expanse of land that can be acquired with little difficulty through appropriate agencies and owners.

Potential Areas of Investment in Ghana

       Some potential areas of investment in Ghana are
      (i)      Mineral Processing
      (ii)     Petroleum and Gas Services
      (iii)    Tourism and the Hospitality Industry
      (iv)    Property Development
      (v)      Roads and Transport
      (vi)     Agriculture and Food processing

In June 2011, the Government of Ghana approved the National Policy in Public Private Partnership (NPPPP) with the aim of increasing private sector involvement in infrastructure and public service delivery.  The NPPP, within the framework of the Ministry of Finance created a Public Investment Division to develop, oversee and support all public private partnership programs and transactions.  In a bid to attract foreign direct investment, the Government of Ghana passed laws and replaced regulations perceived as hostile to investors.

The Ghana Investment Promotion Centre (GIPC) Act 1994 (Act 478) guides investment in all sectors of the economy except minerals and mining, oil and gas and the Free Zones.

There are sector-specific laws that further regulate banking, non-banking financial institutions, insurance, fishing, securities, telecommunications, energy, mining and real estate.

It is a requirement that foreign investors satisfy the provisions of the investment act as well as the provisions of sector-specific laws.

The GIPC has streamlined procedures that reduce delays.

For more information on investing in Ghana, you may visit the website of the GIPC:  www.gipcghana.com.

Registering a business in Ghana

Relatively easy and the entire process of establishing a business in Ghana requires compliance with regulations and procedures of at least, five government agencies including the following

Ghana Investment Promotion Council (GIPC),

Registrar-General's Department,

Ghana Revenue Authority (GRA),

Ghana Immigration Service

Social Security and National Insurance Trust (SSNIT)