(Last updated: 18 Nov 2011)

Current business situation

The Department of Foreign Affairs and Trade (DFAT) provides advice for business travellers and tourists going to Ghana. This is regularly updated, and should be checked before planning travel.

Country facts

(Source:Department of Foreign Affairs and Trade - Country economic fact sheet)

Economic climate

Ghana is an agrarian economy with about 60 per cent of its population engaged in various forms of agricultural activity. Its major export is cocoa, which contributes over 40 per cent to GDP. The mining sector also plays a significant role in the export earnings of the country with gold as a dominant mineral of the sector contributing to about 90 per cent of the earnings from minerals export. Other sectors of the economy include financial services, information and communication technology, transportation, tourism, construction and manufacturing, amongst others.

Ghana has other natural resources such as diamond, timber, bauxite and manganese. Crude oil was discovered in commercial quantities with first productions starting in June 2010.

Investment opportunities exist in several sectors including:

• Cotton and textile
• Fine and costume jewellery
• Agro-processing
• Financial services
• Agriculture (animal, fish, crop farming)
• Transport services
• Seafood processing
• Property development
• Tourism
• Furniture and wood

For the latest key economic indicators and statistics, please see the Department of Foreign Affairs and Trade country economic fact sheet.

Political climate

Ghana has been practicing multi-party democracy since its return to democratic governance in 1993 under the 1992 constitution. For the past 16 years Ghana’s political environment has seen great improvements. Having held five successive elections successfully, the country and its people are set to maintain good democratic credentials, the rule of law, respect of the rights of all as enshrined in the constitution and good governance.

Trade relations and statistics

Ghana is a signatory to the World Trade Organisation. It also has several trade relations and agreements currently in existence. Ghana is a signatory to the World Banks’ Multi-lateral Investment Guarantee Agency (MIGA), which guarantees coverage (insurance) against non-commercial risks.

Ghana has a Double Taxation Agreement to rationalise tax obligations of investors who come from global tax sourced jurisdictions and this agreement currently exists between Ghana and France, Germany and the UK. Ghana has also ratified Investment Promotion and Protection Agreements (IPPAs) with several countries and this offers a commitment at the bilateral level to protect investors and their investments.

Ghana is a member of the Economic Community of West African States (ECOWAS), which is a sub-regional grouping of countries in West Africa with a view to promoting trade amongst member countries by eliminating fiscal barriers, restrictions on the free movement of goods and services.

Please see the Department of Foreign Affairs and Trade country economic fact sheet for key trade statistics.