Ghana’s economy is currently not in the right form, according to experts who say the West African country’s GDP keeps dropping due to various internal and external factors.
6 business ideas to pursue in Ghana
The current state of the Ghana economy is really gloomy for the people.
The country's economy is gradually growing and reviving after the COVID-19 crisis.
A World Bank survey reported that Ghana will achieve its target growth of 3.5% by the end of the year.
It is thus the right time for one to start his/her own business in Ghana.
Below are six business opportunities, as highlighted by top African entrepreneurs and investors.
- Nursing home for the elderly in Ghana
Most parents in Ghana are lonely in their old age. There are very few formal care facilities for the aged in the country.
Based on this, Pulse.com.gh think this is an opportunity one can explore.
- Export of niche fast-moving consumer goods
Young entrepreneurs can also consider exporting niche FMCG products, like dried mango, various fruit jams, sugar-free chocolate, and canned catfish. Ghanaians and Africans in the diaspora would patronise these products.
- Co-living spaces for young professionals
Co-living is a residential community living model that usually offers a private bedroom, with shared common areas. Typically, co-living referred to an arrangement where three or more non-related individuals would share a private home, but it has evolved to where large property developers are now creating apartment blocks featuring residential sharing with short-term or flexible leases.
- Production of cannabis products
They are a number of investment opportunities in the cannabis industry one take advantage of.
From hemp products to the export of pharmaceutical ingredients, South Africa’s nascent cannabis industry can be an export destination.
The key areas of opportunity are the cultivation of cannabis, followed by the extraction of oil from the plant, testing laboratories, and the retail and branding of CBD products. There are also investment opportunities in the manufacture of pharmaceutical cannabis products (not a well-developed area in Ghana), but this requires a licence from the Food and Drugs Authority.
- Vocational training
There is still a huge gap between traditional theoretical training and the needs of businesses.
You can invest in technology-enabled solutions that can address this need on a large scale (for example, investment in online professional training platform ).
Poultry is a large market and in the context of Africa, chicken is at the top of the list.
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