Four years after defaulting on its debt, Ghana has finished its IMF programme, brought inflation down to single digits, rewritten its investment law and drawn about four times more foreign direct investment in 2025 than the year before. Here is what the data says, where the money is going, and what to check before you commit.
This guide is for companies setting up or expanding in Ghana. For the wider economy see Ghana's economy in figures.
Ghana is coming out of the hardest stretch in its recent history in good shape. It stopped paying its foreign debt in December 2022, took a $3 billion IMF programme, restructured most of its debt and completed the programme in July 2026. Inflation is in single digits, the cedi is stronger than its 2024 average, growth has held near 6% and record gold exports have built a large trade surplus. The question for most investors is no longer whether Ghana will recover, but whether the discipline holds now that the IMF money has ended.
Debt payments suspended. Ghana stopped servicing most of its external debt and asked the IMF for support.
IMF programme approved. A $3 billion Extended Credit Facility, tied to fiscal and banking reforms.
Bondholders restructured. Ghana completed the exchange of its international bonds, the largest piece of the debt workout.
New government. President John Mahama took office promising a 24-hour economy and more local production.
24-Hour Economy Authority Act. Put the 24H+ programme on a legal footing, with incentives for firms that run extra shifts, especially in manufacturing and agro-processing.
New investment law. The Ghana Investment Promotion Authority Act replaced the 2013 GIPC Act and scrapped the minimum capital rule for most foreign investors.
IMF programme completed. The final review released the last disbursement. Ghana moved to a non-lending policy framework with the IMF.
Inflation at 5.2%, policy rate at 14%. Down from an average of 38.1% in 2023. Compare inflation across Africa.
Will the fiscal discipline hold without the IMF, and what would a slip mean for your sector?
We track spending, debt and policy signals from official releases and our own polling. The exposure depends on what you sell and who pays you, so we answer it on a call.
A young, well-connected and increasingly urban population. About a third of Ghanaians are under 15, six in ten are of working age, most adults now have a bank or mobile money account, and almost everyone has electricity. Ghana's market is smaller than Nigeria's, but it is easier to reach.
Ghana's tertiary regulator lists more than 300 tertiary institutions, including 17 public universities and 10 technical universities. More than 100,000 students graduate from universities and other tertiary institutions each year, and gross tertiary enrolment reached about 21% in 2024, among the highest in West Africa. See education in Ghana.
English is the language of business and education, which shortens hiring and training for most foreign firms.
Graduates are easier to find than in most of the region, but experienced technical and supervisory staff are still scarce, so expect to train. Consumers are connected and pay digitally, but incomes are modest and price matters, so pack sizes and payment terms decide sales.
How many graduates in your field come out each year, and what do they expect to be paid?
We put this together from tertiary, national service and survey data for the roles you need to hire.
Much more than before the crisis ended. Provisional figures from the Ghana Investment Promotion Centre put foreign direct investment at about $2.61 billion in 2025, roughly four times the 2024 level. About $1.44 billion came from 180 newly registered projects and $994 million from oil and gas companies already in Ghana. Manufacturing led new investment in the third quarter.
China registered the most projects in 2025, 70 in all, and ranked second by value with $486 million. The Cayman Islands ranked first by value with $500 million, which usually means investors from elsewhere routing money through it. See who invests in Africa.
About 70% of registered projects were wholly foreign-owned, and GIPC expects them to create about 18,700 jobs.
Measured another way, through the balance of payments, the World Bank puts net direct investment at $1.9 billion in 2025, up from $1.8 billion in 2024. The two measures count different things, but both show direct investment rising.
Which sectors received the 2025 investment, and which foreign operators are already active in yours?
We map competitors and recent entrants by sector and region. That list is part of every market-entry brief.
Ghana's new investment law, its free zones and the 24-hour economy programme all target foreign investors. Most foreign companies no longer need to bring in a fixed minimum amount of capital, exporters in free zones get a long tax holiday, and the law guarantees that profits and capital can be sent home.
| Programme | What it offers | Who runs it |
|---|---|---|
| New investment law | The Ghana Investment Promotion Authority Act, 2026 replaced the GIPC Act of 2013. It removed the minimum capital requirement for joint ventures and wholly foreign-owned companies, except in trading, added a grievance process for investors and a national investment registry. Registration is renewed every year. | Ghana Investment Promotion Authority (formerly GIPC) |
| Free zones | A 10-year corporate tax holiday, exemption from import duties on inputs and equipment, and free repatriation of profits and dividends, for companies that export most of their output. A company can be licensed inside an enclave or as a single-factory free zone anywhere in Ghana. | Ghana Free Zones Authority (GFZA) |
| 24-Hour Economy (24H+) | Performance-based incentives for firms that add shifts and production, cheaper off-peak power through time-of-use tariffs, and access to land prepared for priority projects. Firms register through a national portal. | 24-Hour Economy Authority |
| Right to repatriate | The investment law guarantees that profits, dividends, loan payments and the proceeds of a sale can be transferred out of Ghana in convertible currency. | Investment authority and Bank of Ghana |
| Regional market access | Ghana hosts the African Continental Free Trade Area secretariat in Accra and is an ECOWAS member, so a Ghanaian plant can serve neighbouring markets on preferential terms. | Ministry of Trade, Agribusiness and Industry |
| Zone | Region | Best known for |
|---|---|---|
| Tema Export Processing Zone | Greater Accra | The largest enclave, next to Tema port and the main industrial area |
| Shama enclave | Western | Coastal industrial land near the oil and gas hub |
| Sekondi enclave | Western | Close to Takoradi port and the oil and gas industry |
| Ejisu enclave | Ashanti | Industrial land near Kumasi, the country's second city |
| Single-factory free zones | Anywhere | Free zone status for an individual plant, outside an enclave, if it exports most of its output |
Which incentive fits your project, and what is it worth in cash over the first five years?
The answer depends on your sector, location and export share. We run the numbers with you before you choose a structure.
Ghana is one of the more predictable places to do business in West Africa, with a stable democracy and courts that work in English common law. The World Bank stopped its old Doing Business ranking in 2021 and is replacing it with the Business Ready (B-READY) survey. In practice, these are the problems investors raise most, and what they do about them.
| Roadblock | How serious | What it looks like | What investors do |
|---|---|---|---|
| Power reliability and cost | Medium | Access is near universal, but outages return when the power sector's debts build up, and the IMF still names energy as a main risk. | Plan for backup supply, use time-of-use tariffs where offered, and look at solar for daytime loads. |
| Cost of borrowing | Medium | The policy rate was held at 14% in September 2026, and bank lending rates are higher. | Bring equity or borrow in dollars from development lenders where the business earns foreign currency. |
| Currency | Medium | The cedi recovered in 2025 after losing ground for years, but it slipped again by about 8% in the first half of 2026. | Price in cedis with regular reviews, and hedge where the business has dollar costs. |
| Narrow export base | Medium | Gold, cocoa and oil make up most of export earnings, so a fall in gold prices would hit the currency and public finances. | Stress-test plans against a weaker cedi and a tighter budget. |
| Land | Medium | Much land is held under customary ownership, and titles can be disputed. | Use free zone or prepared industrial land where possible, and check titles with the Lands Commission before signing. |
| Security | Low | Ghana is one of the safest countries in West Africa. Risk is higher only near some northern borders. Compare safety across Africa. | Normal precautions in Accra, Tema, Kumasi and Takoradi; plan travel in the far north. |
| Inflation | Low | 5.2% in September 2026, down from 38.1% in 2023. | Index long contracts and review prices yearly. |
Which region and site suit a project like yours, and how long will land and permits take?
Regions and sites differ more than most investors expect. We compare shortlisted options side by side for your sector.
Most foreign investors follow the same sequence. The order matters, because the incentives and the right to send money home depend on registering the investment properly.
A Ghanaian company, a branch of the foreign company, or a free zone enterprise. Each is taxed and licensed differently.
Register the company and its directors under the Companies Act, 2019.
Every company with foreign shareholders registers with the investment authority, and renews the registration each year.
Keep the bank records of the transfer. They support the right to send profits and capital home later.
Needed before foreign staff can work in the business, through the investment authority and the Ghana Immigration Service.
Register with the Ghana Revenue Authority, then apply for free zone status or the 24H+ programme where it fits.
For example the Food and Drugs Authority for food and medicines, the Bank of Ghana for financial services, the National Communications Authority for telecoms, the Energy Commission for power, the Minerals Commission for mining, and an Environmental Protection Agency permit for most plants.
The capital and services hub, home to regulators, banks and the AfCFTA secretariat.
The main port and industrial city, with the largest free zone enclave.
The second city and trading hub of the middle belt, close to gold and cocoa areas.
The western port and the base of the oil and gas industry.
The northern hub, close to grain, shea and livestock areas and routes to the Sahel.
How long does each step take in practice, what does it cost, and which steps can run at the same time?
Timelines depend on the sector and the region. We give you a realistic plan for yours.
The strongest cases build on what Ghana already does well, gold, cocoa and services, and on its role as a gateway to West African and AfCFTA markets. These six stand out in the data.
Most cocoa still leaves as raw beans, and much of the food Ghanaians buy in packets is imported. Processing at home adds value, and the 24H+ programme targets agro-processing directly.
Held back: which crops and products have the best margins, and where to source them. See the deep dive below.
Tema's port and free zones make Ghana a base for supplying West Africa. Building materials, packaging, pharmaceuticals and consumer goods all have room to grow.
Held back: landed cost of imports against local production for your product.
Ghana's mobile money market is one of the most developed in Africa, and the ICT sector is the fastest growing part of the economy. Business services, payments, lending and insurance still have gaps outside Accra.
Held back: which customer groups are still underserved, from our own survey panel.
Record gold exports support suppliers of equipment, logistics, assaying and refining, and the government wants more processing done in Ghana.
Held back: which services the mines buy from abroad today, and at what price.
Grid access is high, but supply and cost are not dependable. Solar for businesses, storage, gas-to-power and efficiency services all have buyers.
Held back: tariffs, payback periods and the buyers who pay on time.
Demand for university places and professional training keeps growing, and employers want technical and digital skills the system does not yet produce at scale.
Held back: fee levels families and employers will pay, by region and course.
Ghana is the world's second largest cocoa producer, yet most of its cocoa is exported as beans and processed abroad. The same pattern holds for many food crops: they are grown in Ghana, processed elsewhere and imported back in packets.
Lower inflation and a steadier cedi make local processing easier to plan than at any point since 2022, and the 24H+ programme offers incentives aimed at agro-processors who run extra shifts.
Works: a secure supply of raw produce through outgrower farmers, a site near both farms and the Tema or Takoradi ports, and products sold in the pack sizes households buy.
Sinks it: power costs, roads and storage between farm and factory, and supply swings. Cocoa output has fallen in recent seasons because of disease, ageing trees and illegal mining on farmland, so sourcing needs care.
Which crops and products offer the best margin, which regions to source from, and who the buyers are?
We compare crops on farm-gate price, processing yield and the price of the imported product you would replace, then shortlist regions and buyers. That is the core of a sector brief.
Chinese firms are the most active new investors in Ghana. They registered 70 new projects in 2025, more than any other country, worth $486 million. Over the decade to 2025, the investment centre counted 424 Chinese projects worth more than $3.9 billion, creating over 39,000 jobs. The government is courting Chinese manufacturers directly through the 24-hour economy programme.
What Chinese investors ask us most is practical: how big the market really is outside Accra, which distributors and partners can be trusted, how to manage the immigrant quota and local hiring rules, and how Ghanaian consumers compare products. These are the questions our research team answers.
Is there room for your product, at your price, and who should you partner with?
We size the market, test prices with real buyers through our survey panel, and vet local partners before you sign anything.
Yes. Foreign investors can own all of a Ghanaian company in most sectors. The company is incorporated with the Office of the Registrar of Companies and registered with the Ghana Investment Promotion Authority, and foreign staff need an immigrant quota and work permits. Some activities, such as certain small-scale retail and trading, are reserved for Ghanaians or carry extra conditions.
For long-term investors Ghana is in its strongest position since before the 2022 default. Growth was 6.0% in the second quarter of 2026, inflation was 5.2% in September 2026, the IMF programme ended successfully in July 2026, and foreign direct investment rose to about $2.6 billion in 2025. Power reliability, borrowing costs and dependence on gold exports still need planning.
Provisional figures from the Ghana Investment Promotion Centre put foreign direct investment at about $2.61 billion in 2025, roughly four times the 2024 level. About $1.44 billion came from 180 newly registered projects and $994 million from existing oil and gas companies. Measured through the balance of payments, the World Bank puts net direct investment at $1.9 billion.
Not for most companies any more. The Ghana Investment Promotion Authority Act, 2026 removed the minimum capital requirement for joint ventures and wholly foreign-owned companies. Trading companies, which buy and sell goods, still face a minimum, so check the current figure with the investment authority before you plan.
Free zone companies get a 10-year corporate tax holiday, exemption from import duties on inputs and equipment, and free repatriation of profits and dividends. They are expected to export most of their output. A company can locate in an enclave such as Tema or be licensed as a single-factory free zone anywhere in Ghana.
The main enclaves are the Tema Export Processing Zone in Greater Accra, Shama and Sekondi in the Western Region, and Ejisu in the Ashanti Region. Individual plants can also be licensed as single-factory free zones anywhere in the country. All are licensed by the Ghana Free Zones Authority.
Ghana is one of the safest and most politically stable countries in West Africa, with peaceful changes of government. Normal precautions apply in Accra, Tema, Kumasi and Takoradi, and risk is higher only near some northern borders.
The 24-Hour Economy and Accelerated Export Development Programme, known as 24H+, encourages firms to run extra shifts and produce more for export. Since the 24-Hour Economy Authority Act, 2026, registered firms can receive performance-based incentives, cheaper off-peak power through time-of-use tariffs and access to prepared land.
Yes. China registered 70 new investment projects in Ghana in 2025, more than any other country, worth $486 million. Over the decade to 2025, Chinese firms invested more than $3.9 billion across 424 projects, mostly in manufacturing, industrial zones, energy and infrastructure.
The strongest cases in the data are agro-processing, manufacturing for West African and AfCFTA markets, digital and financial services, mining services and the gold value chain, energy and power, and education and skills.
Public data gets you to a shortlist. The decision needs answers specific to your product, your budget and your timeline. These are the questions we answer for investors on a first call:
Prefer email? Write to investors@pollsafrica.com.
Every figure on this page comes from an official statistics office, an international body, or a report that cites one. Dates show when each figure was published or last updated. This page is general information about Ghana's economy and is not investment, legal or tax advice.