Ghana: 5 viable businesses to invest in

Deciding to start your own business means taking a huge leap of faith. It would mean pushing yourself out of your comfort zone, trying something new, and hoping to succeed at it. 

If you’re looking to invest your money in a business, here’s a curated list of businesses we find profitable in 2023.

To set up a business in Ghana, there are a few legal requirements potential business owners must pursue. 

  • Develop a Business Plan for your ideas or goals

A business plan is a detailed document that lists all of a company’s goals, objectives, strategies, financial projections, and operational schedules. It acts as the company’s road map, giving a thorough rundown of how it plans to function and accomplish its goals.

In a business plan, there must be an Executive Summary, Business Description, Market Analysis, Organisation and Management, Product or Services to be provided, Market and Sales Analysis, Funding and Financial estimations.

A business plan is important because it offers guidance and direction. 

  • Get your Tax Identification Number (TIN)

You can obtain a TIN from any regional or district office of the Ghana Revenue Authority. A major document you need to have is a national identification card. 

  • Register your business at the Registrar General’s Department

To have a business that’s legal in Ghana, one has to register the business with the Registrar General’s Department. There are a few things that are needed, Name of your company, The kind of business that you intend to engage in, The company’s name, names & addresses of shareholders, their percentage shareholdings, respective occupation, and any directorships in any other company, The full names of the first directors of your company. A company must have a minimum of 2 directors and at least one director must be a resident in Ghana, must be of sound mind and of legal age which is not younger than 21, The company secretary and auditors’ full names and addresses, The number of company shares that is to be registered and the stated capital

  • Open a Business Bank Account

Opening a bank accountant for a business is one important thing one has to do. There are a few documents one would need to open an account. They are, Certificate of incorporation, Certificate to commence business, Signatures of the authorised company representatives, Proof of residence of Authorised Signatories, Completed account opening forms, 2 passport-size photographs of Signatories, ID’s and TIN of Directors/Signatories and Company TIN

  • Apply for Business Operating Permit from the Metropolitan /Municipal / District Assembly

Businesses have to be registered at the local level. Processes would be clearly spelt out at the Metropolitan, Municipal and District Assemblies. 

Businesses One Can Invest In

  • Digital Marketing

Digital marketing could simply be described as using digitally available channels like emails, mobile apps, websites, search engines, and social media to promote a business’ products and/or services. This is a complete deviation from traditional marketing channels like billboards, televisions, radios, etc. 

Being a digital marketer would include doing the following: Content Marketing, Social Media Marketing, Email Marketing, Mobile Marketing, Email Marketing, Video Marketing, Data Analysis and SEO management. 

In the current age, digital marketing has become a crucial avenue for businesses to grow beyond their physical geographical locations. For businesses, investing in digital marketing provides a bigger return on investment. This means that many businesses will be seeking the services of a digital marketer. 

Once there is huge demand for such services, it becomes a very good opportunity for a business investment. 

  • E-commerce & Drop Shipping

Electronic commerce, or e-commerce, is the term used to describe the purchasing and selling of goods and services through the internet. These transactions revolve around online retail outlets, digital marketplaces, online auctions, and business-to-business selling. E-commerce makes it possible for companies and customers to deal online without having to be physically present, facilitating easy, safe, and frequently international trading. 

Dropshipping is a specific business model within e-commerce where a store doesn’t keep the products it sells in stock. Instead, when a store sells a product, it purchases the item from a third party (usually a wholesaler or manufacturer) and has it shipped directly to the customer. In this model, the store owner doesn’t handle the products physically; they act as an intermediary, passing orders to the supplier, who then fulfills the order directly for the customer.

For potential business owners looking to invest in businesses, it should be noted that dropshipping offers low upfront costs and minimal risk. This is an advantage. A disadvantage to this business venture could be supplier issues and no control over supply and shipping related matters. 

  • Delivery / Courier Services

A delivery service company is one that moves products from business directly to clients and customers. Delivery companies have become quite popular in Ghana because of the convenience they offer clients of restaurants, shops, and many other businesses. Delivery companies could be transporting goods within cities or nationally using bicycles, motorbikes, and cars. 

As part of delivery services, companies must consider a few things; security, speed, reliability, convenience and reach.

While delivery remains a hugely accepted and relied on concept within the southern part of the country, it remains a hugely untapped business potential in the northern half of the country. A proper integration of marketing, digitisation and effort, an investor could make a killing. 

  • Agriculture (Animals / Crops)

Agriculture is one of Ghana’s biggest earners. It also remains a very profitable business venture in Ghana for the following number of reason:

Arable lands and good climatic conditions. A growing population and as such, growing demand for food. Additionally, over the past decades offered support for agriculture thus allowing bigger investments in farming in Ghana. Additionally, with the presence of the Africa Continental Free Trade Area (AfCTA), farmers would be able to trade with other African countries in the area of agriculture. 

Considering these factors, agriculture in Ghana presents a promising business venture with the potential for huge profitability, job creation, and contribution to the country’s economic growth. 

Note: One of the most profitable agricultural ventures for young farmers in Ghana is snail farming. Snail farming is a practical and viable business venture that has been tried and tested in Ghana.

For many, when considering profitable ventures to launch in Ghana, snail farming isn’t the first thing that comes to mind.

In this article, we hope to explore the opportunities that can be unearthed after proper investments in snails.

See also: Farming goats in Ghana: 3 major tips to consider

  • Wellness and fitness

The increasing focus on preventive measures, urbanization, sedentary lifestyles, government initiatives, economic growth, tourism, youth population, social media influence, varied fitness needs, holistic health, and corporate wellness programs are all contributing factors to the growing popularity of health and fitness businesses in Ghana.

The rising interest in wellness tourism, the younger population, the impact of social media on lifestyle choices, the expanding knowledge of health and fitness, and the rising disposable income of Ghanaians are all contributing factors to the growing demand for fitness services and goods. Entrepreneurs can provide corporate wellness initiatives, comprehensive services, and tailored exercise regimens.

Opportunities exist in this expanding industry for business owners who can offer personalized, inventive, and high-quality health and fitness services.

Conclusion

With the right investments, investors can make great returns on their investments in Ghana.

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