Ghana Country Profile

Ghana, officially the Republic of Ghana, is a stable, resource-rich West African nation and a key player in regional trade and investment. Known for its democratic governance, business-friendly policies, and strategic Atlantic coastline, Ghana offers access to both West African markets and global shipping routes. It is one of the fastest-growing economies in Sub-Saharan Africa, with strong performance in agriculture, mining, manufacturing, and services.

  • Capital: Accra

  • Population: ~34 million (2024 est.)

  • Official Language: English

  • Currency: Ghanaian Cedi (GHS)

  • Time Zone: GMT (no daylight saving time)

  • Major Cities: Accra, Kumasi, Takoradi, Tamale, Tema

Economic Landscape

Ghana’s economy is classified as lower-middle-income and continues to show strong potential across multiple sectors. It has a mixed economy with significant contributions from agriculture, industry, and services. The country is recognized for its political stability, which has encouraged both domestic and foreign investment.

Key Economic Sectors:

  1. Agriculture
    Agriculture is a major employer in Ghana, contributing about 20% of GDP and employing over 40% of the population. Ghana is the second-largest producer of cocoa globally and a top exporter of cashew nuts, palm oil, shea butter, and pineapples.

  2. Mining and Natural Resources
    Ghana is Africa’s top gold producer and the sixth-largest globally. It also exports manganese, bauxite, and diamonds. Oil and gas production, particularly from offshore fields like Jubilee and TEN, have further diversified the economy.

  3. Manufacturing
    The Ghanaian government is promoting industrialization through the One District, One Factory (1D1F) initiative, supporting value-added manufacturing in agro-processing, textiles, cement, steel, and pharmaceuticals.

  4. Services and Finance
    Ghana’s services sector, including banking, ICT, logistics, and tourism, is growing steadily. Accra is a financial hub in the region, home to several pan-African banks and fintech startups.

  5. Tourism
    Ghana’s historical sites (such as Cape Coast Castle), festivals, wildlife reserves, and Diaspora outreach (e.g., “Year of Return”) contribute significantly to tourism growth.

Trade and Export Profile

Ghana is a trade-oriented economy with a diverse export base that includes raw materials, agricultural products, and an increasing share of processed goods.

Top Export Products:

  • Gold

  • Crude oil

  • Cocoa beans and products (e.g. cocoa butter)

  • Cashew nuts

  • Timber and wood products

  • Aluminum (from bauxite)

  • Processed foods

Top Import Products:

  • Refined petroleum

  • Machinery and equipment

  • Vehicles and spare parts

  • Foodstuffs (rice, sugar, poultry)

  • Pharmaceuticals

  • Plastics and packaging materials

Major Trade Partners:

  • Exports: Switzerland, India, China, South Africa, Netherlands

  • Imports: China, United States, India, Netherlands, United Kingdom

Ghana is a member of the African Continental Free Trade Area (AfCFTA), and ECOWAS, and benefits from the EU’s EPA and the United States’ AGOA program.

Infrastructure and Logistics

Ghana’s infrastructure is among the most reliable in West Africa, with well-functioning ports, airports, and road networks supporting trade and investment.

Ports:

  • Port of Tema (Greater Accra Region)
    The largest and busiest port in Ghana, expanded under a $1 billion project. Handles containers, bulk goods, vehicles, and industrial cargo.

  • Port of Takoradi (Western Region)
    Serves the mining and oil industries; currently undergoing modernization to handle container traffic.

Airports:

  • Kotoka International Airport (KIA) – Accra
    Ghana’s main gateway for passengers and cargo, featuring a modern Terminal 3 facility.

  • Kumasi and Tamale International Airports
    Handle domestic and growing international traffic, supporting regional development.

Road and Rail:

  • Ghana has a well-paved road network connecting major cities and ports.

  • Rail infrastructure is under redevelopment with the Ghana Railway Master Plan aiming to connect Accra, Kumasi, and key mining zones.

  • Ongoing projects include connections with Burkina Faso to boost regional trade.

Business Environment

Ghana is consistently ranked among the top African countries for ease of doing business. It offers a welcoming climate for foreign investors and strong legal protections for private property.

Key Highlights:

  • English-speaking business environment

  • Democratic governance with regular peaceful elections

  • Independent judiciary and free press

  • Strong support for startups and SMEs

  • Investment promotion through the Ghana Investment Promotion Centre (GIPC)

Incentives and Free Zones:

  • Tax holidays of up to 10 years for strategic sectors

  • Exemptions on import duties for raw materials and machinery

  • Full repatriation of profits and capital

  • Ghana Free Zones Authority (GFZA) facilitates export-oriented businesses in special economic zones

Trade with Africa

Ghana is a strong supporter of regional trade integration. It exports manufactured goods, processed foods, cement, and agricultural products to:

  • Nigeria

  • Burkina Faso

  • Togo

  • Mali

  • Ivory Coast

As host of the AfCFTA Secretariat, Ghana plays a leadership role in promoting intra-African trade and aims to become a manufacturing and logistics hub in the region.

Investment Opportunities

  1. Agro-processing – Cocoa, cashew, palm oil, and tropical fruits for export markets

  2. Textiles and Garments – Under AGOA and ECOWAS, with access to global markets

  3. Gold Refining and Mining Services – Value addition to gold and other minerals

  4. Oil and Gas Supply Chain – Local content opportunities in equipment, logistics, and services

  5. Pharmaceuticals and Healthcare – Local production and distribution of essential drugs

  6. Real Estate and Urban Housing – Growing demand in Accra and regional capitals

  7. ICT and Fintech – Strong tech talent and increasing mobile/internet penetration

Challenges and Risks

Ghana, while stable, does face challenges that investors should note:

  • Currency fluctuations and inflation

  • Public debt and fiscal pressure

  • Electricity reliability in some areas (though improving)

  • Import dependency for capital goods and refined fuels

  • Skills gap in certain technical sectors

However, these are being addressed through government reforms and public-private partnerships.

Business Culture

  • English is the language of business.

  • Formal business attire is standard.

  • Punctuality is appreciated, but meetings often begin with polite conversation.

  • Business relationships and trust are highly valued.

  • Decision-making can involve several stakeholders; patience and persistence are assets.

Ghana is a West African powerhouse with a resilient economy, democratic governance, and a clear vision for industrialization and trade expansion. As a founding member and host country of AfCFTA, it stands at the forefront of Africa’s journey toward economic integration.

With opportunities in mining, agriculture, manufacturing, ICT, and logistics, Ghana is an ideal destination for businesses seeking long-term growth and stable returns. WeTradeAfrica supports companies and entrepreneurs looking to explore the Ghanaian market and connect with trusted local partners.