Find a business in Ghana

Ghana is one of sub-Saharan Africa’s economies with the best potential. It has a GNI per capita of US$1,550 (2012), but has seen rapid GDP growth of 8.6% per annum 2008-12. The economy is still dependent on the agricultural sector (30% of GDP, 2010), but increasingly the services sector is becoming more important (51% GDP, 2010). The discovery of offshore oil in 2007 and the start of production in 2010 means that Ghana can expect to see income revenue rise substantially over the next few years with foreign investment coming in alongside.

The agriculture sector accounts for 30% of GDP (2010) and crops such as: cocoa and cocoa products, rice, bananas, and timber products form the base of Ghana’s economy. Its main agriculture exports are cocoa and timber products.

Industry constitutes about 19% of GDP (2010). Major industries include mining, light manufacturing, aluminum smelting, food processing, cement, and small commercial ship building. Gold remains central to the Ghanaian economy. Ghana’s diamond mining industry produces primarily industrial grade gems. AngloGold Ashanti Limited, a company with origins in Ghana, is a leading global gold producer with 21 operations on four continents.

Gold and cocoa production and individual remittances are major sources of foreign exchange. In 2007 significant oil deposits were discovered off the coast of south-western Ghana, the Jubilee Field. Oil production began in mid-December, 2010, and is expected to boost economic  growth. In January 2011 Ghana was estimated to have 660 million barrels of proven oil reserves.