Ghana has a favorable business environment. In 2020, it was considered the leading country in West Africa in terms of the
. The areas of ease included setting up a business, getting electricity, dealing with construction permits where necessary, getting credit, and registering a property. In 2022, more than 18,000
were forecast in Ghana. Most enterprises were sole proprietors, amounting to over 66,000 as of 2019. That year, the
accounted for around 12 percent of Ghana's gross national income per capita. Moreover, on average, an individual was expected to require
Key companies are spread across sectors
Leading companies in Ghana include the network provider MTN Ghana and the oil and gas multinational Tullow Oil. In terms of
market capitalization, MTN registered over 1.3 billion U.S. dollars in 2023, while the value of Tullow Oil reached around 564 million U.S. dollars. Furthermore, in
stock value, Ghana Commercial Bank Limited registered over 3.4 million Ghanaian cedis (GHS) (equivalent to 283,000 U.S. dollars) as of December 2023. This made it a leading company in that regard. Other notable companies in the country operate in the oil and gas, agriculture, and financial sectors, with revenues necessary for the nation's economic growth. For instance, Ghana Oil Company (GOIL), having the
highest market share among oil companies in Ghana in the third quarter of 2023, accumulated an
annual revenue reaching close to 7.4 billion GHS (around 616 million U.S. dollars) in 2022. Also,
Cocoa Processing Company Limited (CPC) generated revenue of about 44 million U.S. dollars in 2022.
Tech startups receive funding
The number of funded tech startups in Ghana has generally risen in recent years. In 2022, 22 startups in this field
received funding, decreasing from 18 in the previous year. In all, tech startups
secured around 149 million U.S. dollars of capital in 2022, a considerable increase compared to the preceding years. Dash, Fido Credit, and Float were some of the
ventures that secured capital in Ghana in 2022. Dash, a fintech startup, obtained an amount of nearly 33 million U.S. dollars, the highest that year. Moreover, in terms of early-stage funding, Stars From All Nations (SFAN), operating in education technology, and mPharma, an e-health startup,
each raised 250,000 U.S. dollars in 2021 through a pre-seed round and a prize, respectively.
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