Venture to Ghana with IE Singapore
Friendly investment climate
Recent reforms have made Ghana a friendlier place for both local and international investors. These policies include low corporate tax rates; tax holidays; custom duty exemptions on plant, machinery, equipment and parts; automatic immigrant quotas; and relief from double taxation for foreign investors. According to the World Bank's Doing Business 2017 report, the average time to start a business in Ghana is 14 days, down from 33 days in 2010.
With seven peaceful multiparty elections since 1992, Ghana is one of the most politically stable countries in Sub-Saharan Africa. This political stability has also ensured economic stability. Smooth political transitions and a firm commitment to democracy have allowed Ghana to gain the world’s confidence, resulting in increased Foreign Direct Investment in recent years.
Ghana is a resource-rich country and a global exporter of commodities. Its main resources are gold, timber, industrial diamonds, bauxite, manganese, fish, rubber, hydropower, petroleum, silver, salt, and limestone. Ghana is the second largest producer of cocoa and the 11th largest producer of gold in the world, as well as a major exporter of timber. In 2010, it also became one of the world’s oil producers. Ghana’s abundance of resources have enabled the flourishing of many key industries, including textiles, apparel, steel, tyres, oil refining, flour-milling, beverages, tobacco and vehicle assembly.
Venture to Ghana
Donor-funded reform programmes have helped Ghana become one of Africa’s rising economic stars, while the country’s commitment to democracy has enabled it to outperform most of its African peers in the areas of civil liberty, political rights and political stability. Furthermore, increasing macro-stability has been a key policy goal and structural reforms have been made to achieve this.
Foreign businesses will admittedly have to contend with the possibility of corruption, infrastructure bottlenecks (such as energy and water) and currency volatility. However, these have not deterred investors from investing in Ghana, with the government’s counter-measure efforts boosting confidence.