Business opportunities in Ghana

Ghana is getting ready for an economic take-off. That was the consensus of those who participated at the Ghana Economic Forum 2013 in Accra. The events brought into focus new policy alternatives that would help push Ghana’s economic growth. As Mrs. Edith Dankwa, Executive Director of the Business and Financial Times, stressed, Ghana is ready for an economic take-off and this requires the commitment and contribution of all stakeholders. The growing interest of foreign companies and development organisations on Ghana reflects the country’s massive potentials.

A success story in Africa, Ghana’s economic development banks on its oil and gas industry which is expected to fuel growth of other industries. The Ghana Economic Forum, was established in 2012 to bring together companies and organisations to discuss and debate key issues affecting the economy and come up with solutions to surpass all the challenges to speed up the country’s move towards becoming an economic giant in the region. The first edition of the Forum gathered about 170 high-level participants from corporate Ghana, civil society and the media, and this took place on May 3, 2012 with the theme: “Integrating people, systems and technologies for a sustainable economic development.” The theme of this year’s forum focuses on what kind of leadership does Ghana need to maximise her true economic potential which will examine the role of leadership in driving national economic prosperity.

Strengthening ties with other countries
This year marked the opening of the Delegation of German Industry and Commerce in Ghana as one way to strengthen the trade and business relationship between Ghana and Germany. The Delegate of German Industry and Commerce in Ghana (AHK Ghana), Mr Patrick Martens, told the Graphic Business in an exclusive interview that a lot of work had been done in the last quarter of last year to sell Ghana to the German private sector which had shown strong interest in relating with Ghana. An Africa Roadshow was held in November 2012 in Germany in which the Delegate offices in Kenya, Angola, Nigeria and Ghana visited nine different locations in Germany, meeting with business associations and industries to market Africa, Ghana and West Africa. This brought in a lot of interest from German companies which previously did not have links or trade relations with countries in West Africa sub-region.

A growing number of European companies are making Ghana their business hub in their bid to explore the rest of the West Africa sub-region,. Ghana has been chosen for its conducive business environment and political stability.

The Delegate of German Industry and Commerce in Ghana said this year several German trade missions were expected in the country from industrial regions of Germany, including the North Rhine Westphalia, which already has formal trade relations with Ghana, and Baden-Wuerttemberg.

Stable political and economic conditions
The Ghanaian government’s efforts to bring stability in the political and economic scene has not gone unnoticed. A report by the Oxford Business Group (OBG), Ghana 2013, provides key analysis of the country’s plans to develop its oil industry, which include building a $10 million school for petroleum studies. The report charts the major role of oil in driving economic growth on the back of increased production at the offshore Jubilee field which reached 110,000 barrels per day (bpd) in December 2012.

OBG has signed a Memorandum of Understanding (MOU) for the third consecutive year on research facilities with Deloitte & Touche (Ghana) in preparation for the OBG’s forthcoming project. Under the MOU, OBG willAdidas