Ghana, formerly known as the Gold Coast, is located along the Atlantic Ocean in the southern part of West Africa. The country’s wealth of resources, political stability and dynamic economy, make it one of the most attractive locations for doing business in Africa.
Economic and Business climate
Ghana has a market-based economy with considerably few policy barriers to trade and investment in comparison to other countries in the region. Ghana is a lower middle-income economy with its economy being strengthened by
a quarter century of relatively sound management, a competitive business environment and sustained reductions in poverty levels.
Ghana’s agricultural sector is an important driver of the Ghanaian economy, as it accounts for about one-fourth of its GDP. More than half of the workforce of Ghana is employed in the agricultural sector.
The main sources of foreign exchange are cocoa, oil and gold exports. Ghana’s main export partners include Switzerland, India, UAE, China, Vietnam and the ECOWAS region. The industrious and well-educated workforce, in addition to the fact that English is the official language of commerce, makes Ghana favourable to foreign trade.
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The currency in Ghana is the Ghana Cedi. This currency has remained relatively stable against the major trading currencies, on account of tighter monetary policy and improved foreign exchange inflows. Current exchange rates can be attained from Ghana Foreign Exchange Rates.
Ghana’s transportation networks are among the best in Africa. The Southern part of the country is accessible by air, rail, sea and good road networks. Other areas of Ghana are accessible through road and air.
A triangular rail network (of 950 km) connects the three cities of Kumasi, Takoradi and Accra-Tema. The network thereby links the major agricultural and mining regions to the ports of Tema and Takoradi. Its primary purpose is to transport minerals, cocoa and timber, but there is also considerable passenger traffic.
Ghana’s trade is 85% executed through its ports with shipping routes to and from all over the world. The main ports are located in Tema and Takoradi. Both ports serve as a logistic point for activities of Inland Clearance Depots, warehouses, transport companies, freight forwarders and related service activities. The Port of Tema is the largest port in Ghana, situated 30 km from Accra. Currently, there is massive expansion of the Tema port to accommodate increased cargo and to make it possible for large vessels to call.
Kotoka International Airport in Accra is Ghana’s premier international airport serving multiple intercontinental flights daily. The second largest airport is Kumasi International Airport, which serves routes to Liberia, Nigeria and Sierra Leone. There are other domestic airports and aerodromes in other regions of the country.
Direct flights are regularly available to the Accra international airport from numerous destinations. These include several European and African countries, as well as two cities in the USA (New York & Denver). Please find the full list of airlines and destinations serving Acrra international airport.
Free Trade Zones
In 1996, Free Trade Zones were established for the promotion of economic development. The processing and manufacturing of goods is advanced trough the establishment of Export Processing Zones. Parts of the Free Trade Zones are the seaports of Tema and Takoradi, as well as Kotoka International Airport and all the land related to these areas.
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