Today, Ghana is not only the best place for doing business in West Africa, but the fastest growing economy in the world according to the World Bank’s Ease of Doing Business Report 2019. The country has developed into an established business destination for investors seeking a conducive business environment, committed and progressive government-private sector participation, political stability, transparent regulations, and a dynamic private sector ready for partnerships. The government is committed to implementing policies that reduce the general cost of doing business to promote investor confidence in the country. Here are seven reasons to invest in Ghana.
STABLE DEMOCRATIC CLIMATE
- Ranked as the most stable political environment within the West African sub-region and fifth in Africa, Ghana has established democratic institutions and systems to ensure good governance and rule of law in the country – AfricaBenchmark Country Report (ABCR, 2017)
- Best judicial system in the world measured by rule of law, World Justice Projects (WJP) Rule of Law Index 2017-2018
- #2 in West Africa, Global Peace Index 2018
EASE OF DOING BUSINESS
- Ranked best place for doing business in West Africa according to the Ease of Doing Business Report 2019 (114thglobally)
- Best destination in Sub-Saharan Africa (A.T Kearney Global Services Location Index (GSLI), 2017
- Most competitive economy in the West African sub region and #10 in Sub Saharan Africa, (World Economic ForumGlobal Competitiveness Index 2018)
- #2 FDI destination in West Africa & #7 in Sub-Saharan Africa (EY Attractiveness Survey 2018)
ACCESSIBILITY
- Geographically closer than any other country to the center of the planet. An average of 8 hours of flying time to Europe and the Americas. World Population Review (WPR)
- Refurbished world class airport within the West African sub region serving numerous flights from within the continent, Europe and the rest of the world
- Home to one of West Africa’s largest ports (Tema which is currently being upgraded to handle 3.5 million TEUs) centrally located in West Africa. (Aecom Projects)
- Good network of trunk roads and financial services
- Immediate access to the over 350m market of the Economic Community of West African States (ECOWAS)
COMPETITIVE AND EDUCATED LABOUR FORCE
- Availability of skilled and trainable labor
- One of the most competitive minimum wages in the West African sub-region at an annual average rate of $558
- One of the highest literacy rates in the West African sub-region (World by Map 2018)
GROWING MIDDLE-CLASS POPULATION
- A growing population of ~2% p.a. with increasing urbanization and growing middle class– composed of individuals with a daily income of at least $8.44 – exceeds 1m people, (KPMG)
STRONG RESOURCE POOL
- #2 largest cocoa producer in the world and Africa's biggest gold miner after South Africa.
OTHER INTERNATIONAL BENCHMARKS
- #6 overall in Africa - Mo Ibrahim Index of African Governance of African Governance (IIAG 2018)
- #5 in Africa for Human development
- #6 for Safety and Rule of Law
- Most resilient economy in West Africa, (African Attractiveness Index 2018)
COUNTRY'S CREDIT RATING
- B – positive (Standard & Poor’s)
- B – stable (Fitch Ratings)
- B3 - stable (Moody’s Investors Service)