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Monday, 23 July 2018

Top 20 small business ideas in Ghana

small business ideas in Ghana
Are you an entrepreneur or investor?are you looking for any small business ideas in Ghana to venture into?I advise you to read on.

Ghana is a fast growing economy and also a developing country and this will give you a better chance of starting your own choice of business with ease.

The World Bank’s “Doing Business” index ranks Ghana as the best performer in West Africa by a significant margin.

Ghana's total population which is approximated to be 27 million(2017) and a land mass of 238,535 km2(92,099 sq mi).Ghana is located in the sub-region of West Africa, her country shares common borders with Ivory Coast in West Africa, Burkina Faso situated in the north, Togo located in the east and the Gulf of Guinea and the Atlantic Ocean in the south.

Ghana is said to become one of the most developed countries in Africa from the years 2020-2029 then Ghana immediately to become a newly industrialized country in Africa from the years 2030-2039 onwards.

Ghana is noted to be an average natural resource enriched country possessing some of the industrial hydrocarbons, minerals, and precious metals. It is known to be an emerging designated digital economy with mixed economy hybridization and an emerging market of 8.7% Gross Domestic Product(GDP) growth in the year 2012.Ghana also has an economic future plan known as ' Ghana Vision 2020'.

Ghana's economy is the 5th largest in Africa and the 3rd largest in Sub-saharan Africa, Ghana also produces high quality of cocoa, which made them 2nd largest producer in the world aside from
cocoa, manufacturing, and petroleum.

The Ghana Stock Exchange is the 5th largest in Africa and also the 3rd largest in Sub-Saharan Africa.

Benefits of doing business in Ghana


  • Expanding stock market
  • Stable, Multi-part software development government
  • Ongoing infrastructure development
  • English is the official language in Ghana so you wouldn't face challenges communicating with some of their indigenes
  • Quota-free access to the U.S and European Union Markets
  • Rapid economy development
  • They belong to the member of World Trade Organization like ECOWAS(Economic Community For West Africa State), WTO(World Trade Organization)

Disadvantages

  • High standard of living
  • Underdeveloped capital market
  • Inconsistent power supply
Here is the list of:

 Top 20 small business ideas in Ghana



Real Estate is known to be a profitable and booming business investment not only in Ghana but around the globe.

Some entrepreneurs who ventured into this business has recorded a huge amount of success.
Real estate in Ghana has become one of the most important economic sectors, particularly in the more developed areas of Kumasi, Tema, Sekondi-Takoradi, and Accra.

Kumasi metropolitan is growing at faster rate than its country capital 'Accra and there is also less competition in its real estate market.So as an entrepreneur who would love to start real estate investment in Ghana, it will be much preferable because of their high standard of living and you can provide cheap real estate service to those who can't afford the expensive ones.

2.Manufacturing


Ghana's economy is an emerging digital-based economy similar to that of Taiwan.

The Ghana economy is the 5th largest in Africa and the 3rd largest in Sub-saharan Africa, Ghana also produces high quality of cocoa, which made them 2nd largest producer in the world.

Aside from manufacturing of Cocoa, they are some other untapped business opportunities you can venture into which are the manufacturing of digital technology goods, petroleum, and natural gas, matchsticks, Tissue paper, Nylons, Bags, ICT business ideas such as manufacturing of tablets and smartphones.


Ghana is known to be a well-developed country across Africa continent with regular electricity supply and standard of living.

In the year 2011 Forbes Magazine ranked Ghana on one of their publication to be the 11th best friendly and peaceful country in the world.

So as an entrepreneur who wants to venture into Tourism Industry in Ghana, consider launching your Tourism company that would make it easier for foreigners who wish to take a tour road the city through tourism accommodation, tourism transportation, and beach resorts.

4.Production of Herbal Medicine


Ghanaians are best known for the production of different herbal medicines for different cures.Herbal medicine is a traditional medical system that has provided world's population with the safest, effective and affordable medicines.

The world relies mostly on plant medicine for their cure.Herbal medicine is well demanded not only in Ghana but here in Nigeria as well so you will make much money if you follow the right channel.
Starting an herbal medicine business in Ghana is another thriving business any entrepreneur who is into health industry should tap into.


Waste management business has been neglected by some entrepreneurs over there in Ghana maybe due to its nature anyway.

Starting this type of business it is best adviced to check out if they are other more established Waste management company to know if your business will either succeed or fail.


Ghana is a country that is experiencing high diet changes that have increasingly growing demand for processed foods.

Anything food is a very lucrative and profitable, no matter how hard an economy can be people must surely satisfy their bellies.

The main concept of this business opportunity is to use raw materials and turn them into consumable or finished products.

This another thriving and profitable business any business person can think of starting in Ghana.Most selling processed food that is in high demand in Ghana are processed fruits and vegetables, milled rice, frozen foods.

7.Mining


Ghana is a blessed country with different mineral resources, Ghana is known to be the 7th largest producer of gold in the world.

You know how valuable and precious gold is so you will never go wrong if you wish to venture into the Mining industry and also be expecting to get some high returns from it.

They are so many mineral resources you can export from Ghana to other countries where the need are highly needed minerals such as gold, diamonds, silver, bauxite, timbers, and manganese these are major minerals trending in Ghana.

If you wish to start a business in Mining sector here in Ghana, you have to be financially balanced and also have a dedicated work team because this type of business involves mainly the use of manpower(labor force)


The state of well being of any individual is very paramount which can never be neglected.People can pay as high as possible to make sure they are physically fit and emotionally balanced.If you studied pharmacy consider setting up your own pharmacy store in Ghana.

Read more on how to start a pharmaceutical store(link).

9.Agriculture


Agriculture this one of the best yet untapped business any entrepreneur interested in the field of agriculture can think of.With a large population of more than more than 28 million people(2017), the high demand for livestock products will be very paramount.

Agriculture is the backbone of Ghana's economy.It's a major foreign exchange top earner contributing an estimate of 19% to Ghana's GDP.
Some of the lucrative and profitable business ideas to start with are:


  •  Cocoa plantation
  • Maize farming
  • Poultry farm(production of egg and meat)
  • Fertilizer production and distribution business
  • Beans and Rice farming


Education is of extreme importance not only in Ghana but around the globe too, setting up this kind of business might need you to pass legal process in other to get registered and certified as a legal entity by the body governing education in Ghana.

You will never go wrong if you choose this kind of business because the need for learning and acquiring knowledge is a must for every child, most parents are ready to even pay more in order for their child or children to able to learn on how to read and write.

11.Oil and Gas


Ghana produces and exports an abundance of crude oil and natural gas.Ghana is prepared to produce an output of oil 2.2million barrels per day and gas to 34,000,000 cubic meters.

You can decide to set up your own small refinery in the oil and gas sector, it is a profitable and lucrative business and this business seems to be the most income generating channel here in my country Nigeria, so be willing to get huge profit from it provided you do the right thing.

Before starting this type of business conduct a feasibility research about it and also it seems to be capital extensive but be expecting huge returns because this is used to run every day human activities.

12.Provision of ICT


The world is changing so as technology to do changes, people no longer rely on traditional ways of getting useful information everything is now modernized.If you are ICT oriented then consider this a lucrative venture.

Setting up an internet service to respective customers is a great idea where you offer electronic services such as online registration(SAT, WAEC, and GCE), digital marketing acquisition skills and development

13.Trade


As an entrepreneur who is into buying and selling of commodities consider this as a thriving business you can start in Ghana, why because Ghana is known to be the best and fast developing country in Africa which has also helped a lot in attracting foreign investors.

The United Kingdom they operate their business too in Ghana, companies like British Airways, Vodafone, Blue skies, and G4S. You need to check out the laws of the state for foreign investors.

14. Day Care Center


With the number of high increase in mortality rate, parents wouldn't have enough time to nurture their young ones due to the various activities that will occupy their day on a daily, weekly and daily basis.

You can start this business even without investing much with a good business plan, you are good to go.

15.Tutorial Center


Every year, exams are being held across West African countries ranging from GCE, SAT, and WAEC. The need to get good grades amongst students will be very important because no one wants to fail everyone wants to come out the best.

If you have the required capital to start up this business then your chances of making decent income will be guaranteed provided you have a good business plan and the right business location, this will determine your success level in running a tutorial center where students learn more about their forthcoming external exams.


In a busy city like Accra, Kumasi, Ashanti and the rest of them, most people might find it difficult to prepare breakfast, lunch or dinner because of the nature of their jobs or businesses just to meet up their daily activities

If you think you are a good cook then consider this as a profitable and lucrative business for you reasons because humans depend on food to survive, you also need to situate yourself in a more busy area if you want to increase your profit.


'Health is wealth' which is totally true and acceptable. As a good and experienced bodybuilder, you can make a living from this venture because some people want to lose more weight, have a well-fitted body and muscular muscles.

What you need to invest in are tools required for a fitness center, advertisement and time schedule.

18.Phone repair service


One way or the other phones can get faulty no matter how big and small it is or maybe if it is the best phone manufacturer, phone malfunction will surely surface sooner or later.

If you are good at fixing phones then hold this business very tight, really tight because they are millions of phone users in Ghana, most people really want to make sure their phones are repaired when they are faulty through phone servicing or maintenance.

Just situate your business location in the right location, have enough equipment and marketing skills trust me, you will never run out of customers. One interesting part is that you don't huge capital to start this business.


You will never see a busy city without different events or occasions, if you are an experienced and trained caterer then this business opportunity is especially for you. Catering service it requires marketing, networking, and good service.

20.Beauty Salon


A beauty salon is another fast moving business any female entrepreneur can engage in and make money.

The capital required, that you will need to start beauty salon business might be a bit high or low depending on the how you want to run it whether big or small whichever decision you make.


21. Sachet/Bottled water production


This is the kind of small business that will generate you millions of cedis on a yearly basis if you follow the right channel and have your marketing strategies in place.

If you also have a keen interest in starting sachet/bottled water production business then give it a kick-start because humans rely on it every single day. Do your own personal research surrounding this sort of business.

22.Sale of phone accessories


You can open a small retail store in a very busy location where you know people can easily see and patronize your products. They are various phone accessories you can offer for sales such as a battery, power banks, phone cases, covers and pouch

Wrapping it up

They are so many small  business ideas in Ghana any entrepreneur can choose to make a living from, one thing that differentiates you from the rest is 'innovation' if you really can think of a product or service that will bring positive change to the marketplace then execute it without much delay but also remember that hard work and consistency builds better!

2 comments:

  1. These are very interesting ideas. Great blog post.

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