Research and consulting in Ghana

Country overview:

IOA has carried out extensive research and consulting on Ghana to inform our analysis of today’s challenges and tomorrow’s opportunities in the vibrant West-African country. IOA’s economic analysts foresee higher GDP growth in 2026. The country’s mineral and agricultural wealth continue to provide the bedrock to a diverse economy. Politically, Ghana is one of West Africa’s more stable democracies and performs well on human rights indices relative to neighbouring countries. Following the December 2024 elections, President John Dramani Mahama returned to office, ushering in a renewed governance agenda focused on fiscal discipline, investor-friendly reforms, and infrastructure expansion.

IOA economists have found that a population of more than 34 million offers a lucrative market for domestic-made and imported goods. Most Ghanaians live in the urbanised south, where ocean trade has spurred recent investment in port upgrades, making Ghana’s sea ports the country’s prime transportation assets. The Ghana Cedi has appreciated by 16% against the US dollar, and inflation has declined to 11.1%, signaling strengthened macroeconomic fundamentals in 2025.

Key opportunities in Ghana:

Ghana continues to develop its energy sector with continuing discoveries of off-shore oil deposits
Expansion also continues of the country’s manufacturing base for domestic consumption and export
A thriving media sector is unfettered by censorship or government constraints
Rising gold and cocoa earnings have bolstered foreign exchange reserves, supporting broader economic recovery

Key concerns/risks in Ghana:

IOA analysts note that, with a large segment of the population living along its coast, Ghana is vulnerable to rising ocean level damage, while other effects of global warming are already apparent
Poverty affects more than a third of urban residents
Commercial disputes remain slow to resolve, and regulatory inconsistencies in cross-border trade continue to frustrate exporters

Find out about how IOA can help you with research and consulting services in Ghana

Tips on doing business in Ghana:

Starting a business:

Ghana allows foreigners to fully own local businesses, though property ownership comes with certain caveats. Foreigners cannot own freehold land; they may hold leaseholds up to 50 years (renewable). Full ownership of a local business requires an investment of no less than US$ 500k
In the case of a partnership involving a Ghanaian national, this figure can be driven down to US$ 200k. These figures highlight the fact that Ghanaian authorities prioritise large-scale foreign investments and prohibit foreigners from operating in the local informal sector
(Read more at: https://www.gipc.gov.gh/)

Doing business:

Ghana is broadly considered to be one of the friendliest business environments in Sub-Saharan Africa due to its political and macroeconomic stability. The Ghanaian system is generally well regarded in terms of granting access to credit, utilities and seeing to the protection of minority investors, though commercial disputes can take long to resolve
Local incentives include exemption from customs import duties on plants and machinery, as well as reduced taxes for certain subsectors
Though Ghanaian operations especially have access to the wider West African market, cross-border trade is repeatedly cited as a local pain point. Recent reforms have targeted digitalisation of tax systems and improved access to SME financing, particularly in agribusiness and tech sectors

Culture and society:

Like elsewhere in the region, Ghanaian business culture places a large emphasis on building social connections with prospective business partners rather than immediately pushing to finalise negotiations
Meetings may generally start later and last longer than is customary elsewhere. Foreigners should exercise caution when travelling close to the northern border as the region has been subject to militants crossing from the border from Burkina Faso although the new administration has pledged increased security coordination with Burkina Faso and Côte d’Ivoire to address cross-border threats