Ghana is the gateway to Africa and visible symbol of the emerging economies of that great changing continent. African Continental Free Trade Area (AfCFTA) has brought on board all the 55 African countries with over 1.3 billion people in Africa to trade amongst themselves with 90% tax free & barriers free for the manufacturers in Africa with a combined GDP valued at $3.4 trillion.
Ghana is, indeed, a gateway to Africa and the very visible symbol of the emerging economies of that great changing continent. It is a combination of rapid economic growth and a large population makes Ghana an emerging consumer market for private sector investment. Ghana is well-positioned for such future investment.
The Ghanaian people are rightly optimistic about their future, and that optimism can be felt throughout all levels of the country and its communities. It is a country on the move and a place to watch in the future.
This is the time to INVEST in Ghana and establish manufacturing units. Ghanahas an advantage of the African Market because the African Continental Free Trade Area (AfCFTA) has brought on board all the 55 African countries with over 1.3 billion people in Africa to trade amongst themselves with 90% tax free & barriers free for the manufacturers in Africa with a combined GDP valued at $3.4 trillion. Ghana is the headquarter ofthe African Continental Free Trade Area (AfCFTA). This makes theAfrican continent the largest trade bloc globally and makes Accra-Ghana(HQ) as economic capital.
The African Continental Free Trade Area (AfCFTA) has significantly expand African trade-particularly intraregional trade in manufacturing. In addition, it would increase employment opportunities and wages for unskilled workers and help close the wage gap between men and women.
Now Ghana is the leading destination for foreign direct investment in Africa. Ghana has a number of big advantages over other countries in the region in terms of geography, institutions and human capital. It’s on the coast and has plenty of ports that can be used to ship and receive goods.
Ghana is the bastion of peace and security and its government’s policies such as single-window port clearance and digitisation of registrations aim at promoting trade and industry.Following are few reasons which will help Ghana economy to flourish in the next decades:
🔹 It has been a peaceful nation since its independence in 1957, it is known for its press freedom and the Government has an ambitious agenda.
🔹 Ghana is the largest producer of gold in Africa, as well as the second largest cocoa producer in the world. It also exports oil, aluminium and diamonds.
🔹Just like Rwanda, Ghana has dealt with the COVID-19 pandemic incredibly well.
🔹 The inflation rate has decreased significantly over time and is generally expected to improve further in the upcoming years.
🔹 Local entrepreneurs are full of ambition and potential. For many of them goes that the only thing they need to succeed is access to affordable (private) capital.
Ghanaian entrepreneurs, private capital & International investments can bridge the gap and can be a game changer to uplift the economy of Ghana. Electronic & mobile Industry will have huge opportunities as the same generate more employment &highly contribute inGDP, therefore Ghana has to keep such kind of industries in priority & preference list.
Indian companies can explore investment opportunities in sectors such as electronics, mobile, ICT, agro-processing, food processing, gold-bauxite-iron mining, healthcare, entertainment films, among others. Indian companies can supply raw materials and impart knowledge to Ghana businesses in these sectors. Indian companies can also set up value-addition plants in Ghana.
Indeed Indian companies should take advantage of this opportunity. On the other side, more Africa Business Conclavesrequired to promote joint cooperation for companies in various sectors through India & Ghana trade associations \ chambers which will lead to opportunities for both sides.
Board Member-Ghana India Trade Advisory Chamber (GITAC)
Chairman-Mobile Advisory Committee, TMA