Doing business in Ghana: A golden opportunity

Gold is the colour of opportunity, and for exporters there is no better market than Ghana. If you are looking for a low competition market with the growth potential of Asia, West Africa and its business beacon Ghana is the way forward.

Ask the average Australian to locate Ghana on a map of Africa and most people would need to guess. But this little-known country could be the key to our future prosperity and a chance to ride a second resources boom if we play our cards right, says Greg Hull, Austrade’s senior trade commissioner in Africa. “An existing strong mineral resources sector, a strong cocoa industry and significant petroleum resource discoveries, among other economic strengths, should significantly underpin Ghana’s economy into the future,” he says. “Political stability, improved governance and a welcoming investment climate all make Ghana a very prospective market. Ghana has a dynamic port, Tema, and wide import needs.”

New exporters
Situated in western Africa facing the Gulf of Guinea, Ghana is the perfect gateway for exporters looking to expand north and east. New exporters will be relieved to know that Austrade has just opened an office based within the Australian High Commission in the capital, Accra, to provide on-the-ground support.

“This [positioning] should, over time, identify business opportunities and pass them to Australian companies,” notes Hull. “The Ghanaian Government has an attractive investment regime and very proactive Investment Promotion Centre (GIPC) that can help newcomers through the prerequisite requirements relevant to their industry. Australian companies also need to be aware of the many multilateral aid and loan programs that operate projects in Ghana.”

The business environment in Ghana is very supportive of foreigners and, says Ghanaian Dr Kwame Asumadu, “It’s one of the most stable countries in Africa to do business. Its law and business practices are based on Great Britain’s laws. To a large extent, the business culture in Ghana is similar to the business culture in Australia.”

Asumadu is the secretary of the Australia Africa Business Council’s Victorian chapter and managing director of business service Asumadu & Associates. In addition to the resources sector, he mentions several service opportunities in recruitment, financial services, tertiary and vocational education and hospitality.