Lucrative Business Opportunities In Ghana to Start in Ghana in 2024 and Beyond

Do you want to start a lucrative business in Ghana in 2024 that can generate consistent profits? If so, this article will show you the top opportunities that are proven to work.

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.

Research by 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.

I have carefully analyzed current trends and emerging sectors in Ghana to uncover the most promising ventures for new entrepreneurs. These overlooked chances can allow you to tap into massive demand with minimal competition.

In this article, i will explore a diverse range of business and investment opportunities  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, i’ve got you covered.

Let’s get right in!

Here’s what exactly will you learn? Here’s a quick preview:

• The  booming niches with the biggest upside for newcomers
•  How to capitalize on Ghana’s rapidly growing middle class
• Business models optimized for Ghana’s culture and economy
• The startup costs and profit projections for each opportunity
• Actionable tips to overcome common obstacles as a new entrepreneur

Intrigued yet? Then let’s dive right in to explore the most lucrative ways to start a business in Ghana beginning in 2024!

Profitable Business Opportunities In Ghana

1. Waste Management business to start in Ghana

Ghana generates about 12,710 tons of solid waste daily, 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.

Here are some examples of Ghanaian waste businesses:

Jekora Ventures: 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.

2. Agriculture Investment Opportunities 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. 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 Investment 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: This 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.

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 the 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 of time.

• 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 feedIntroducing 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.

3. The Cosmetic Business Ideas You Can Start

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 a 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 salons, beauty spas, cosmetic stores, hair salons, 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.

4. Transport Opportunities 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 businesses 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.

5. Real Estate Business Opportunity 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

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.

Some Profitable Business Ideas in Ghana for Small Business Startup

Final Thoughts Profitable Business ideas in Ghana

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.

12 Profitable Business Ideas to Launch in Ghana with Little Cash

Q: What are some lucrative business in Ghana?

A: Some lucrative business ideas in Ghana include poultry farming, beauty products and services, small business ventures, and online businesses.

Q: Is Ghana a good place to start a business?

A: Yes, Ghana offers numerous investment opportunities and is considered a viable place to start a business, especially for those interested in profitable small business ventures.

Q: How can I invest in Ghana as a foreigner?

A: Foreigners can invest in Ghana by partnering with a local company in Ghana, entering into joint ventures, or establishing their own business in areas like agriculture, manufacturing, and tourism.

Q: What are some profitable small business ideas in Ghana?

A: Profitable small business ideas in Ghana include starting a cleaning business, offering beauty products and services, or venturing into online businesses that cater to the local market.

Q: Are there specific types of businesses that are particularly profitable in Ghana?

A: Yes, businesses related to agriculture, beauty products, and services, as well as online businesses, are considered to be particularly profitable in Ghana.

Q: Are there any restrictions for foreigners looking to start a business in Ghana?

A: While there may be certain restrictions and regulations for foreign businesses in Ghana, the government has been working to create a more conducive environment for foreign investment, making it easier for foreigners to start businesses in the country.

Q: What are some of the best business ideas in Ghana for the year 2023?

A: Some of the best business ideas in Ghana for 2023 include ventures related to sustainable and eco-friendly products, as well as businesses connected to technology and digital innovation.

Q: How can individuals find information about starting a company in Ghana?

A: Individuals looking to start a company in Ghana can find information from official sources such as the Registrar General’s Department and the Ghana Investment Promotion Centre, as well as through legal and business consultancy services.

Q: What are the steps to start a business in Ghana?

A: The steps to start a business in Ghana typically involve company registration, obtaining necessary permits and licenses, and complying with tax and financial regulations set by the government of Ghana.

Q: How can someone determine if a business idea is viable in Ghana?

A: Determining the viability of a business idea in Ghana involves conducting market research, understanding local consumer behavior and demand, as well as assessing the regulatory and competitive landscape in the specific industry or sector.