A wealth of business opportunities in Ghana – in both traditional and modern sectors of the economy

Ghana is an established and politically stable democracy. Its economy has grown consistently in recent years. As a result, many Ghanaians have returned to their home country and set up their own business.

Story of an entrepreneur

Stronger economy, higher incomes

Ghana’s economic upswing is due in no small part to the oil deposits discovered off the coast. In recent years, the country’s government has also introduced a series of business-friendly reforms. It wants to reduce Ghana’s dependence on raw materials such as gold, cocoa, tropical hardwoods and oil, and thus its exposure to the associated fluctuations in global commodity markets, by encouraging greater processing of these materials within the country.
The population as a whole has benefited from the country’s economic growth. The number of Ghanaians living below the poverty threshold as defined by the UN has halved since the 1990s. Since 2010, Ghana has been classed as a ‘lower-middle-income country’.

Business start-ups – a success story

The International Organisation for Migration (IOM) estimates that between 1.5 and 2 million Ghanaians currently live outside their home country. In Germany, Ghanaians are the largest migrant group from sub-Saharan Africa. In the last few years in particular, Ghanaians have been much more willing to return to their home country. One person who made this choice was Issa Quedraogo. His story shows that entrepreneurial drive can bring rewards even in Ghana’s traditional farming sector.

Enormous potential in many different sectors

This is all good news – especially for start-up entrepreneurs with innovative ideas. The services industry is just one part of the economy that offers tremendous potential in the telecommunications, banking and retail sectors, for example. There are also many business opportunities to be found in traditional, labour-intensive sectors such as agriculture and manufacturing, where output has remained stagnant at a low level for decades.

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Esther grew up in Germany. Her business degree brought her to advertising and business consultancy. Her wish to explore her parents' country of origin brought her back to Ghana where she now runs her own business consultancy and helps companies to set up international business relationships and break into the Ghanaian market.


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