Although Ghana cannot be categorized as one of the largest African market, the country is fast becoming a suitable place for starting up a business. This is primarily owed to the fact that the government has made provisions of basic amenities their priority. Unlike some African countries where epileptic power supply can be a pain in the neck of a prospective investor, Ghana's electric power situation is relatively reliable. The road networks too are very okay. It is no wonder then that many manufacturers are moving to Ghana to set up their businesses. These ones have found it convenient to supply their finished goods to neighboring African countries. Do you have a plan to invest in Ghana's economy? The following tips need to be put into consideration:
Starting up
Anyone is at liberty to invest in the Ghanian economy as long as you meet up with the requirements and you have the financial wherewithal to do so. You do not need any form of approval from the government before starting your business, except it is a mining, crude oil or free zone. An investor is expected to satisfy the conditions of the investment act however, if he or she is willing to have a hitch-free business establishment.
Apply in Writing to start Doing Business
An application will be sent to the Registrar General office situated at Kinbu road, Accra Ghana. Before sending the application, the prospective investor must bear in mind that his minimum equity investment is $50,000. For trading companies and multinationals, the minimum equity is $300,000. Also, a minimum of 10 Ghanians must be members of his staff.
Declare your equity
There must be an evidence that the prospective investor has the value of equity required as noted above. This necessitates the opening of a current account with a local Ghanian Bank. Afterwards, there must be an evidence that such an amount has been transferred into the newly opened Ghanian bank. If the investor chooses to bring in cash however, he must quickly declare the cash and quickly ensure that it is deposited in a fresh bank account.
Document Imported Goods
When the investor has the need to bring in machinery and other items apart from cash, he must endeavor to have them documented with Ghana's Investment Promotion Center, GIPC. The documents must include Import Declaration form, Customs official Bill of Entry, Certified Invoices, Evidence of Capitalization from the Registrar Generals office, Bill of Laden and Destination inspection certificate. All must be originals and photocopies.
Other registration agencies
While the Registrar general Office is basically responsible for overseeing registration in Ghana, there are other subordinate agencies that must be visited to have a detailed registration. These include GIPC as noted above, Internal Revenue Service as well as the Value Added Tax secretariat and Environmental Protection Agency if you plan to establish a manufacturing company.
Financial Requirements of registering a business
Although it is subject to change and review, a prospective investor should have a budget of between $30,000 and $40,000 to complete the entire process of having his business registered. This does not include fees paid for residency and work permit. Information regarding that and considerations can always be accessed via the Embassy of Ghana situated in any country you are.
Viability of investing in the Ghanian Economy
According to the website individual.trowerprice.com, Ghana is the 5th−most stable country on continental Africa and the seventieth−most stable country in the world. Ghana is the thirteenth−most developed country on continental Africa, and Ghana's economy is the 7th−largest on the Africa continent by purchasing power parity and the 7th−largest on the Africa continent by Nominal GDP and one of the fastest growing in the world. So an investor has little or no reason to put his eggs in the basket of Ghana. The country is so liberal that there is no sector that a foreigner is not allowed to invest in as long as you meet up with the legal requirements. The people of Ghana are ever willing to embrace you knowing that you are not just making money for yourself, you are developing their economy as well.
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