Learn about barriers to market entry and local requirements, i.e., things to be aware of when entering the market for this country.
The nation has a surplus of power capacity after several years of outages; however, debt remains high at 67 percent of GDP, and domestic revenue mobilization remains a challenge.
Access to financing remains a significant challenge for local companies. Commercial bank rates average 28 percent. Exporters to Ghana without attractive financing options will find themselves at a disadvantage.
Because of historical connections to Europe and geographic proximity, European companies have tended to be relatively more successful in Ghana. As U.S. firms have focused more on emerging opportunities in Sub Saharan African markets, however, an increase in the U.S. share of exports to Ghana has been noted.
Ghanaian buyers are price sensitive and thus, while U.S. products and services are perceived as high quality, durable and state-of-the art, cheaper (often Chinese) products are sometimes purchased for cost reasons. Although new U.S. equipment is bought by Ghanaian companies, re-conditioned U.S. goods (e.g. vehicles and equipment) have been particularly successful in the Ghanaian market.
West Africa has a well-deserved reputation for fraudulent business offers and commercial scams. Ghana is no exception. Recipients of unsolicited offers to participate in government procurement opportunities in Ghana should proceed very cautiously and require upfront payments prior to shipping samples or committing significant resources. Fraudulent procurement tenders using the name of the Economic Community of West Africa States (ECOWAS) are particularly common. U.S. companies that receive unsolicited tenders or are told that they have won a bid without participating in a tender should contact the U.S. Commercial Service Ghana for assistance in determining whether a tender is legitimate.