Ghana remains one of West Africa’s most attractive business destinations, but bureaucratic delays, high financing costs, and infrastructure challenges continue to hinder growth, according to the Business Ready 2024 report.
Why It Matters
With Ghana positioning itself as a regional economic hub, addressing these challenges could boost investment, enhance trade, and create jobs.
By the Numbers
- Ghana’s financial sector is more developed than many of its neighbors, yet SMEs struggle with high interest rates.
- The country ranks well in governance and anti-corruption efforts, but regulatory unpredictability remains a concern.
- Infrastructure, especially in ports and digital services, is improving, but power supply issues persist.
What’s Working
- Trade advantage: Ghana benefits from AfCFTA membership, offering broader market access.
- Digital reforms: Business registration processes are becoming more streamlined.
- Young workforce: A growing, youthful population provides a strong labor force.
What’s Holding Ghana Back
- Costly credit: Businesses face high borrowing costs, limiting expansion opportunities.
- Bureaucratic inefficiencies: Delays in business approvals slow growth.
- Infrastructure gaps: Electricity reliability and transportation costs remain obstacles.
What’s Next
To attract more investment and drive economic growth, Ghana needs to:
- Improve access to financing for SMEs.
- Enhance regulatory consistency to boost investor confidence.
- Expand vocational training to align with market needs.
Bottom Line
Ghana has the right fundamentals to thrive, but tackling key structural issues will determine whether it remains a top investment destination in West Africa.
