Overview of best prospect sectors, major infrastructure projects, significant government procurements and business opportunities
Ghana, with assistance from a range of international development partners, will be investing significant resources in upgrading its electricity transmission and distribution systems to achieve its goal of becoming a regional exporter of power and to shed its expensive excess power capacity. Renewable energy (other than hydro power) currently accounts for about one percent of total power generation, but the government has a stated goal to increase renewable energy to 10 percent of total power production by 2030.
As oil and gas production shows growth, opportunities for auxiliary services will continue to rise. Although Nigeria remains the sectoral hub for West Africa, because of the relative ease of doing business and the attraction of major players to the offshore sector, Ghana likely will attract a greater number of companies establishing a local or even regional presence in the market.
The mining sector, including gold, bauxite, manganese and diamonds, is a significant part of the Ghanaian economy. Goods and services exports in this sector represent a significant opportunity for U.S. companies. The Ghanaian government is pursuing the expansion of local value-added processing.
The Ghanaian construction industry has demonstrated sustained growth, with major construction activities in roads, highways and bridges, coastal works and residential buildings. Success in this sector will be closely tied to the availability of appropriate financing opportunities. Construction equipment, particularly re-conditioned equipment, is likely to continue to be a promising sub-sector.
The automotive industry presents a new opportunity as the government seeks to establish Ghana as the hub for assembling automobiles in the sub region. In connection with this, several tax waivers and other incentives are being offered to attract Original Equipment Manufacturers to establish assembly plants from both Semi Knocked Down and Completely Knocked Down Kits.
The selection of Ghana to host the Secretariat of the African Continental Free Trade Area in Accra presents an opportunity for investors looking at tapping into the enormous potential that the African continent presents. Ghana offers an excellent springboard to the West Africa region and the entire African market.