GHANA: General Framework
% of Gdp (2017)
Agriculture, forestry, fishing and hunting 19,1
(*of which fishing 1,2)
Construction 14,3
Electricity, gas and water 1,5
Finance, real estate and business services 9,1
Manifacturing 4,7
Mining and quarrying* 9,5
(*of which oil 5,9)
Other Services 9,7
Public administration and defence, security 5,6
Transport, storage and communication 17,1
Wholesale and retail trade; repair of vehicles; household goods; restaurants and hotels* 12,7
(*of which restaurants and hotels 6,1)
Total 100
(Source: African Economic Outlook, Ghana, 2018)
African Economic Outlook 2018
Strengths
• High growth rates between 2000 and 2012, with an average of 6.5%. The International Monetary Fund is forecasting a further 6.3% annual average growth in 2013-2018.
• Relatively diverse economy, even though in 2010 only cocoa still represented 53.6% of exports. Ghana is also the world's tenth gold exporter and one of the leading producers of diamonds, manganese and bauxite. In 2007, important offshore oil and natural gas fields were discovered, which were exploited at the end of 2010.
• Good infrastructural standards compared to Sub-Saharan African countries (road network, electrification, ICT), even though electricity production is still insufficient
• Access point for the Economic Community of West African States (ECOWAS), a market that brings together 15 countries (Benin, Burkina Faso, Cape Verde, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo) and over 300 million consumers.
• Stability and stability of democratic institutions.
• Fiscal system favorable to international trade and investment, without restrictions on the repatriation of profits and with legislation that guarantees nationalization or expropriation.
• Bank of Ghana oversees a banking system composed of 26 credit institutions, most of which are investee companies foreign.
• SACE supports Italian companies wishing to start investments in Ghana, thanks to the signing of specific agreements with the Ghanaian banking system. SIMEST offers capital financing opportunities for companies interested in investing in Ghana.
Export opportunities (sectors)
Instrumental mechanics and machinery: in particular for the hydrocarbon / mining and agribusiness sectors Vehicles: means of transport for the construction of infrastructures
Buildings: civil buildings, offices, shopping centers and hotels
Energy: generators, transformers, current stabilizers for frequent interruptions
Furniture and design: already present and appreciated, growing demand
Food products: Made in Italy foods for now especially for expatriates, expanding
Chemical products: especially in the agro-industrial sector, a sector that the Ghanaian government is strongly interested in strengthening
Pharmaceutical: the health situation is lacking and the local pharmaceutical industry is not developed
Investment opportunities (sectors)
Construction: civil housing (both economic and valuable) and infrastructure (roads, railways, power plants) Electricity: production still insufficient, the government is investing to increase it and reach 5,000 MW by 2015, and wants to reach 10% from renewable sources by 2020.
Food products: there are no companies for the transformation that give added value to products like cocoa, coffee, sugar, tropical fruit.
Tourism: sector still underdeveloped, but with significant potential for the beaches on part of the coast and for the coastal fortresses protected by UNESCO.