Whether you have 2,000 or 10,000 Ghana cedis in your pocket, profitable new business opportunities in Ghana await.
From bustling startups to booming enterprises, business is thriving across industries in Ghana. However, as an aspiring founder searching for your first big break, the sheer range of options can seem daunting. Fret not! In this post, we will explore 12 business ideas perfect for getting your entrepreneurial dreams off the ground in Ghana.
By the end, you will have a solid grasp of Ghana’s startup ecosystem and actionable ideas to launch your own profitable venture with as little as 2,000 GHS.
These opportunities leverage Ghana’s position as Africa’s fastest-growing economy in recent years as well as niche areas with untapped potential. What’s more, we will provide real-world case studies of similar businesses finding success.
First, we will look at thriving sectors like agriculture, transport, real estate, and others. Then we will highlight specific examples ranging from poultry farming and cosmetics to ride-sharing services. Finally, we will offer tips on streamlining registrations, licenses, and processes to kickstart your operations.
So let’s go.
Starting a business in Ghana, whether as a native or a foreigner, is an exciting venture that can lead to remarkable success. With the right approach, dedication, and innovative ideas, you can carve out your path in the vibrant business landscape of this West African nation.
The World Bank Doing Business report shows that more than 18,000 new businesses were registered in Ghana in 2022. This is a significant increase from the previous year, when 15,000 new businesses were registered.
In this article, we will explore a diverse range of business opportunity ideas that have the potential to thrive in Ghana’s dynamic economy. Whether you’re looking for low-capital opportunities, passive income streams, or avenues to make a mark, we’ve got you covered.
Profitable Business Opportunities In Ghana
Are you ready to explore the endless profitable business opportunities in Ghana? With just 2,000 Ghana cedis, you can start small but profitable ventures such as selling handcrafted goods, starting a small-scale farming operation, or providing event planning services.
And for students looking to earn extra income, there are plenty of opportunities, such as tutoring, computer repairs, or setting up a snack delivery service.
Ghana offers a range of untapped business opportunities for both men and women, including the wholesale of clothing, fresh produce, or household products. Ladies, in particular, can find success in businesses such as beauty and skincare products, fashion design, or catering services.
The fastest-growing businesses in Ghana include renewable energy, tech startups, and e-commerce ventures. And with 10,000 Ghana cedis, you can invest in larger-scale opportunities such as poultry farming, retail stores, or manufacturing. The options are endless, so don’t wait any longer to start your journey to financial success in Ghana!
Waste Management business in Ghana
with only 10% collected and disposed of at designated dumping sites. Waste management in Ghana is a major challenge, with the collection and disposal process being labor-intensive and often not effective. However, there are business opportunities in the waste sector in Ghana.This is a Ghanaian waste management company that provides integrated waste management services, including collection, transportation, and disposal of waste.
Zoomlion Ghana Limited:This is a Ghanaian waste management company that provides waste collection, transportation, and disposal services.
Niche waste business opportunities you can start:
- Mobile toilets: Starting a mobile toilet business can be a profitable niche in the solid waste management industry in Ghana. This involves providing portable toilets for rent and offering cleaning services for the units. Mobile toilets offer an efficient, hygienic, and environmentally responsible way of handling waste.
- E-waste Recycling: E-waste recycling focuses on collecting and recycling electronic waste, such as old computers, smartphones, and appliances. This helps prevent hazardous materials from entering the environment and allows for the recovery of valuable metals.
- Water Recycling Plant: Starting a water recycling facility can be a lucrative business opportunity, particularly in the western and central regions where illegal mining activities have polluted all of their freshwater sources. This entails the process of treating wastewater using distillation and other methods to convert it into clean, usable water.
Agriculture Business Ideas in Ghana
Agriculture is a significant contributor to Ghana’s economy, accounting for 54% of the country’s GDP and over 40% of export earnings and one of the most lucrative business to start in ghana . The agriculture industry in Ghana is predominantly smallholder, traditional, and rain-fed, with small and medium-sized farms of up to 10 hectares accounting for 95% of the cultivated land according to a report by FAO.
Here are some agriculture business opportunities in Ghana:
Cocoa Production: Ghana is the second-largest producer of cocoa in the world, after Ivory Coast. Cocoa is a major cash crop in Ghana, and the country produces an average of 689,000 metric tons of cocoa beans annually. Cocoa production provides employment for over 800,000 farmers and generates about 25% of Ghana’s export earnings.
The first business opportunity is being a cocoa farmer. This involves cultivating cocoa trees, harvesting the cocoa pods, and processing the cocoa beans. Ghana is renowned for its quality cocoa produce, and there is a growing global demand for cocoa products.
You can establish a business that involves buying cocoa directly from farmers. This involves building relationships with cocoa farmers, ensuring fair prices, and establishing a transparent and traceable cocoa supply chain.
Poultry Farming: Poultry farming is a profitable business in Ghana, with a high demand for chicken meat and eggs. Statista reported that as of 2021, about 97 million chickens were produced in Ghana, an increase from around 95 million heads in the previous year. You can start a small business in ghana and focus on only poultry
Poultry farming is a good business opportunity for small-scale farmers, as it requires less capital and can be started with a small number of birds.
Festive seasons like Christmas and New Year offer heightened demand for these products. By focusing on quality and efficient management, you can make significant profits in a relatively short period
Fish Farming: Fish farming is a growing industry in Ghana, with a high demand for fish in the country. Ghana produces about 400,000 metric tons of fish annually, with tilapia being the most commonly farmed fish. Fish farming can be done in ponds or cages, and farmers can sell their fish to local markets or supermarkets.
Ghana currently has a monopoly market in fish feed production. Raanan Feeds, an Indian company, is the only major fish feed producer in Ghana.
This gives Raanan Feeds a significant amount of market power, which allows them to charge higher prices for their fish feed Introducing another feed mill would promote competitive pricing of fish feed.
This presents an opportunity for entrepreneurs to establish fish feed production facilities.
Again high-quality fingerlings are essential for fish farming. Investing in the production and supply of fingerlings can be a profitable venture. There is also a need for training and capacity building in fish farming practices. Offering training programs and workshops for fish farmers can be a lucrative business opportunity.
The cosmetics industry in Ghana is competitive and profitable. International Trade Administration
research shows that Ghana plays a significant part in both the consumption and production of products in the $670 billion global beauty industry.
The market leaders – South Africa and Nigeria—are followed by frontier markets in Ghana, Kenya, Ethiopia, Tanzania, and Cameroon.
The Beauty care eCommerce market in Ghana is predicted to reach US$25.3m revenue by 2023, reflecting an estimated growth rate of 5% compared to 2022, according to Statista report.
Most Ghanaian suppliers of cosmetics and personal care products engage in both wholesale and retail activities. Many retailers purchase varying quantities of a range of brands and resell them in their various local retail outlets or shops.
Any company can import and distribute finished cosmetics in Ghana. Most companies will work with a distributor who will satisfy the regulatory requirements. The cosmetic industry includes a vast array of businesses such as anti-aging clinics, aromatherapy, beauty salon, beauty spa, cosmetic store, hair salon, and more.
Some trusted businesses already doing business in the cosmetic industry that you can learn from in Ghana include Unilever, and PZ Cussons.
To register a cosmetic product in Ghana, the manufacturer must comply with Food and Drugs Authority (FDA) labeling regulations and provide details of the manufacturing process, safety and quality assessment, and other general product specifications.
Transport Business in Ghana
The transport industry in Ghana presents several business opportunities. The sector comprises roads, aviation, and shipping and logistics. According to the Ghana Statistical Service, the agriculture and mining sectors, which are typically located in rural areas, contributed significantly to the transport sector.
Here are some business opportunities to start with:
- Transportation of agricultural products: The agriculture sector is a significant contributor to the transport industry in Ghana. You can start a business that transports agricultural products from rural areas to urban centers. This business idea can be profitable, especially during the harvest season.
- Ride-sharing business opportunities in Ghana are growing rapidly, with the presence of ride-hailing firms increasing in the country. Uber alone had about 180,000 active riders in Ghana as of 2018, and some 3000 driver-partners as of 2016.
However, the ride-hailing industry in Ghana remains under-researched. The existing studies have focused on issues such as consumers’ adoption factors and use patterns.
You can start a business in this niche by owning multiple fuel-consumption cars and registering with any of the ride-sharing companies such as Bolt, Indrive, Yango & Uber.
- Logistics and freight forwarding: Ghana’s digital readiness is helping it become an attractive hub for the commercial logistics sector for the African continent. You can start a logistics and freight forwarding business that leverages Ghana’s position as a logistics hub for increased intra-African trade.
- Air transport services: The total number of air passengers in Ghana is forecast to amount to 0.67m. You can start an air transport business that provides domestic and international air transport services.
- Road construction and maintenance: The Ghanaian government is investing heavily in road construction and maintenance. You can start a business that provides road construction and maintenance services to the government and private sector.
Real Estate Business in Ghana
Ghana’s real estate market presents significant opportunities for investors due to the country’s housing deficit of around 1.8 million in the residential market.
The country’s strong economic growth, burgeoning middle class, political stability, and favorable government policies make it an attractive real estate market for foreign investors.
Both the private sector and the government are active players in Ghana’s residential real estate market. The market overview of the Ghana real estate market shows that the market is expected to grow from 2022 to 2028.
Here are some ways to enter the market and make money:
Buy and sell property: As a real estate businessperson, you can buy and sell property for profit. It is important to research the current and past real estate market trends in Ghana before investing in anything. You can also talk to the CIMG Real Estate Company of the Year 2021, Lakeside Estate if you are not sure where to begin with real estate investment in Ghana.
Invest in land: Investing in land is also known as land banking. You can invest in buying lands at good locations, hold for a long period of time, and then sell it for a hefty profit.
Become a real estate agent: You can enter the world of real estate business as a real estate agent. Since real estate is a money-making business, you can earn a commission by helping clients buy or sell properties.
Rent out property: You can also earn passive income by renting out property. It is important to research the rental market in Ghana and set a competitive rental price.
You can also start an Airbnb. Airbnb is a popular platform for short-term rentals in Ghana, particularly in cities like Accra and Kumasi.
To become an Airbnb host, you need to have a property or room that is well furnished and can be rented out to guests. You should also consider the location, accessibility and pricing to make it more attractive to tourists
Top 10 Lucrative Business Opportunities in Ghana for 2024 [Business ideas in Ghana]
Food Processing Business in Ghana
The agriculture sector contributes greatly to Ghana’s economy. Starting food processing units to convert raw agricultural produce into processed foods and beverages can be a profitable venture. You can set up units to produce fruit juices, jams, tomato puree, packaged snacks and more. This requires an initial investment of about 10,000 cedis for simple machinery and working capital.
Renewable Energy Solutions Business in Ghana
With increasing focus on clean energy and Ghana’s abundant solar and hydro resources, providing renewable energy solutions is an impactful business opportunity. You can sell and install solar panels, bio-gas plants, small hydroelectric power units for households and commercial establishments. This requires technical expertise and 20,000-50,000 cedis initial capital.
Digital Marketing Services Business ideas you can start
With growing internet access, digital marketing services see a burgeoning demand from Ghanaian businesses wanting to establish an online presence. You can launch your own digital marketing agency focusing on website development, search engine optimization, social media marketing and more for clients. This can be initiated from home with only few thousand cedis.
Mini Storage Rental Spaces
Offer affordable self-storage units and locker spaces on rent for Ghanaian households and enterprises to securely keep their extra possessions, inventory etc. These see high demand in cramped urban areas. You will need about 20,000 cedis initial funds to set up small storage warehouses divided into rental units.
Gift Shops And Home Decor
Ghanaians love personalized gifts and trendy home accessories. Starting niche gift stores, either offline or online, that offer customized gifts like photo frames, mugs, cushions as well as stylish home decor pieces can be rewarding. Artsy students can also explore this with just 5,000 cedis capital.
Event Planning Company
Tap into Ghana’s vibrant culture, rising middle class and increased occasions by launching your own specialized event planning firm. Offer services like venue booking, catering, décor arrangements and entertainment planning for weddings, corporate events, etc. This requires coordination skills and 10,000 cedi working capital.
Food Truck Business
Capitalize on busy schedules of Ghana’s urban working population by launching your own food truck selling delicious on-the-go meals and beverages. You will need a vehicle, kitchen equipment, inventory and permits costing around 25,000 cedis to start operations. Promote smartly on social media platforms to attract customers.
Co-working Spaces Business in Ghana
Consider starting shared workspaces with reliable infrastructure for budding ventures, freelancers, remote workforce etc where they can operate their own firms while sharing common facilities. Leverage Ghana’s startup boom with these cost-effective plug-and-play work areas and earn rental income too. Requires 50,000 cedi initial investment.
Fitness Coaching Business in Ghana
Offer personal fitness training and coaching like aerobics, yoga, pilates etc. or open your own boutique gym to capitalize on health and fitness consciousness among Ghanaian youngsters. You will need relevant certifications and at least 5,000 cedis to rent space, acquire gear, etc. Build rapport with clients to retain them.
Retail Pharmaceuticals business ideas in Ghana
Starting a licensed medicines retail store can be a stable business given Ghana’s increasing healthcare needs. Apply for pharmaceutical retail license and open drug store with proper storing facilities in residential areas to provide over-the-counter medicines. Requires 10,000 cedis approx in licenses, inventory etc.
Why You Should Consider Starting Business In Ghana
Political Stability: Ghana has experienced great political stability over the past three decades. The country has held and completed five successive elections peacefully under democratic constitutional rule, with no major incidents of political unrest.
According to the Global Peace Index (GPI), Ghana has been ranked as one of the most peaceful countries in Africa for several years. In 2022, Ghana was ranked 40th out of 163 countries in the world, and 2nd out of 54 countries in Africa.
This stability creates a favorable environment for businesses to operate and grow.
- Level Playing Field: Ghana provides a friendly and level playing ground for all businesses to compete and thrive. Both public and private companies have equal advantages to grow, which makes it easy for foreign investors to invest in the country without restrictions.
- Supportive Government Agencies: The Ghanaian government has established various agencies and programs to support new businesses. Government agencies like the Ministry of Trade and Industry and the Ghana Investment Promotions Centre, along with flagship programs, are rolled out to provide assistance and guidance to entrepreneurs.
- Growing Industries: Beyond its traditional industries of agriculture, mining, and oil and gas production, Ghana’s digital, financial services, education, franchising, and healthcare sectors are growing rapidly. This diversification offers opportunities for businesses in various sectors.
- Infrastructure and Connectivity: Ghana’s infrastructure, including roads, rail, shipping, and port facilities, is developing and offers opportunities for businesses. The country’s Atlantic ports and daily direct flights from the United States make it an excellent platform for doing business in Africa. Additionally, as the host to the new African Continental Free Trade Area Secretariat, Ghana is at the heart of Africa’s regional integration.
Ease of Doing Business: Ghana has simplified the business registration process, making it easier for entrepreneurs and companies to start and operate a business. This business-friendly environment reduces barriers and encourages investment.
In conclusion, Ghana offers a plethora of opportunities for ambitious entrepreneurs seeking to establish themselves in diverse industries. Whether you’re inclined towards real estate, agriculture, services, or creative fields, the key to success lies in your dedication, adaptability, and a commitment to delivering value to your customers.
With the right approach and a blend of innovation and hard work, you can carve out your niche in Ghana’s thriving business landscape.
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Q: What are some profitable business ideas in Ghana?
A: Some profitable business ideas in Ghana include catering business, photography business, car dealership business, waste management business, and various small business ideas.
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Q: How do I start a business in Ghana?
A: To start a business in Ghana, you need to register your business with the Registrar General’s Department, obtain the necessary business permits and licenses, and fulfill all legal requirements for your specific type of business.
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Q: What are the best business ideas to start in Ghana?
A: The best business ideas to start in Ghana include small businesses such as retail shops, food businesses, service-oriented businesses like laundry services, and online businesses like e-commerce or digital marketing.
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Q: Are there investment opportunities in Ghana?
A: Yes, there are various investment opportunities in Ghana across different sectors including agriculture, real estate, manufacturing, technology, and tourism.
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Q: What are some viable business opportunities for someone looking to start a business in Ghana?
A: Viable business opportunities for someone looking to start a business in Ghana include small-scale manufacturing, agribusiness, renewable energy solutions, and tourism-related ventures.
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Q: How can I find the most lucrative business ideas to start in Ghana?
A: You can find lucrative business ideas to start in Ghana by conducting market research, identifying gaps in the market, and assessing consumer needs and trends. Additionally, networking with local entrepreneurs and industry professionals can provide valuable insights.
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Q: What type of business is profitable in Ghana today?
A: Businesses in sectors such as renewable energy, agribusiness, technology, and real estate tend to be profitable in Ghana today due to the emerging opportunities and evolving consumer demands.
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Q: What are the steps to start a waste management business in Ghana?
A: To start a waste management business in Ghana, you need to conduct a feasibility study, obtain the necessary permits and environmental clearances, acquire the appropriate equipment and vehicles, and establish partnerships with waste collection agencies and recycling centers.
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Q: Can I start a successful catering business in Ghana?
A: Yes, you can start a successful catering business in Ghana by offering unique and quality services, promoting your business through social media and local networks, and catering to various events and occasions in the country.
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Q: What are some profitable business ideas specific to Ghana?
A: Some profitable business ideas specific to Ghana include artisanal and handmade crafts, eco-tourism ventures, fashion and textiles, and leveraging the country’s rich cultural heritage for business opportunities.
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