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Starting a business in Ghana can be exciting, but there are some hidden truths many people do not talk about.
While everyone sees the success stories, the real struggles often stay behind closed doors.
Here are some important things you should know before you take that big step.
1. Getting your business registered takes time
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Many people believe registering a business is quick and easy. In reality, the process can take days or even weeks, especially if there are errors in your documents. You might also face unexpected delays from the Registrar General’s Department. Make sure you have patience and double-check your forms.
READ ALSO: 5 easy ways students can make money on campus without stress
2. Capital is never enough
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No matter how much money you save, it often won’t be enough. Unexpected costs will pop up; rent, licences, taxes, logistics, and more. Always have an emergency fund. If you think GH₵10,000 will be enough, aim to save at least GH₵15,000.
3. ‘Connection’ matters
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It’s sad but true who you know can sometimes matter more than what you know. Whether it’s getting contracts, finding suppliers, or getting permits, having the right connections can move things faster. Networking is key, especially in local markets.
4. Taxes and fees can be confusing
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Most new entrepreneurs do not understand taxes. The Ghana Revenue Authority (GRA) can come knocking even before you make your first sale. It’s wise to talk to an accountant early or take a short course on business taxes.
5. Customers can be difficult
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Some people will delay payments or ask for endless discounts. Ghanaian customers love to bargain. Be polite, but firm, and always have clear terms.
MUST READ: 5 money mistakes to avoid in your 20s – Advice from young Ghanaian entrepreneurs
Starting a business in Ghana is not impossible, but it’s tougher than it looks. With patience, honesty, and hard work, you can still succeed, even if the path is rough at the start.