This is a detailed guide on the top 20 business opportunities in Ghana, read to the end to know the type of business you should venture into in Ghana.
These questions may linger in your mind as you plan to venture into a business – What are the most thriving business ideas in Ghana today? What exactly makes these businesses profitable? Will I succeed as others in this business? – these questions will make you thoroughly carry out your research before deciding to start a particular business.
However, this article will make it easier for you to know the best business opportunity to venture into in Ghana, we have done the research for you, so you do not need to worry about anything but choose the business that interest you.
Factors That Make Businesses Lucrative In Ghana
Lucrative businesses are not just lucrative naturally, there are many important factors that make a business lucrative. These factors are what you have to consider and put in place before setting out to launch your business in Ghana.
1. Individual Interest
Individual interest is important when you want to go into any business. Wouldn’t it be better to go into a business that resonates with you, the one that will not irk you in the nearest future? Think about it before you make a step.
Many entrepreneurs fold up their businesses in the face of minor challenges not because they cannot overcome them but because they are tired of the business already.
However, some entrepreneurs also fight to keep their businesses, they overcome every hurdle to make sure they succeed in the business because they love what they are doing.
The business that resonates with your personal interest will stand the taste of time and thrive, while the business you venture into because of others is likely to dwindle.
2. Entry Barrier
Entry barriers are those hindrances that make it difficult for a business to enter a given market. However, these barriers may occur naturally because of the features of the market or maybe championed by companies already operating in the market or by the government. Entry barriers will help you know the extent of competition you will have in your given choice of business and how easy it will be to set up the business and stabilize it.
3. Nature of the Market
It is advisable to carry out thorough research before venturing into any business. Carrying out this research will help you know how often people need your service or products. You need to start a business that brings clients to you every day, make sure the product or the services you render are required often and payments can be made frequently.
4. Startup Capital
You must also consider the startup capital of the business you want to venture into. You must ask yourself these questions – do I have the required capital to start up this business?- if the business capital will impoverish you, it is better you do not start it at all and go for the one you would be able to afford.
5. Scalability
You have to consider how easily your business will scale through in the future. Do you have the ability to grow as a company, how easily will you be able to meet the demands when there is an increased demand for products and services, do you have the structure to employ more workers if need be? All these are the questions you need to answer before venturing into any given business.
6. Product And Services
It is good to know that not every product is fast-moving, and not every product is used by everyone. It is good to go for products that can be sold out easily and get restocked, than the ones that will take you ages to sell.
Products that are sold out easily are those that are used frequently by people and they are in high demand and those that are not sold out easily are those people buy occasionally.
7. Know Your Customers
In business, everybody will not be your potential customer, so it would be improper to reach out to everybody to get your products or services. This practice can be disastrous to your business too.
It is better to know your target customers before even starting the business so you do not spend money and effort promoting your business to the wrong people.
However, if you fail to know your target customers, it would be as though your products and services are irrelevant and you might be tempted to leave the business.
To know your target customers, ask yourself questions like where are my potential customers located, what engages them the most, what makes up their pain points, how old are they, how is their educational background, and their financial status.
Asking these questions and knowing the answer will influence your products or services, pricing, business location, and area served.
Also read: How to Ensure the Security of Your Business from Online Threats
Top 20 Business Opportunities in Ghana
Below are the top 20 business opportunities in Ghana.
1. Manufacturing Business
One of the business opportunities in Ghana that is very lucrative is the manufacturing business especially if you manufacture fast-moving products.
Examples of products that can move fast in Ghana include bottled and sachet water, nails, fruit juice, toiletries, soft drinks, etc.
A manufacturing business requires a high start-up capital, you would need to set up your factory, purchase the machines you would use to produce the things you want to produce and you will also need money to purchase the raw materials too.
2. Courier/Delivery Services
Delivery services are another business opportunity in Ghana that is very lucrative especially now that plenty of people in Ghana shop online.
However, to start this business, you need to have motorcycles or delivery trucks to serve your customers properly.
You need to create a unique brand for your business and make sure you utilize the various online platforms to advertise and promote your business for online shop owners to see and patronize you.
3. Microfinance
You can start up a microfinance bank where people get loans from you and pay them back with interest.
Although the business requires huge start-up capital, the returns are worth it. You would need to employ people even at the early stage to manage your loan portfolio. You would also need a debt recovery system and structures to minimize the theft of funds by your employees.
4. Building Materials Retail Outlet
Building material retail outlet business is one of the business opportunities in Ghana that is very profitable because people build new houses daily and also renovate old ones.
You can sell building materials like cement, iron rods, and processed wood. These materials are highly in demand all over Ghana.
To start up this business, you would need a huge start up capital to rent a store, and also buy your goods from the manufacturers.
5. Beauty Products Retail/Wholesale
Nowadays, everybody wants to look good and it would not be a bad idea to venture into the beauty industry.
Selling beauty products is a very lucrative business in Ghana, however, you would have to source your products from overseas to get the best.
This business requires a huge start-up capital to start and you need to rent a shop and have a good inventory management and stock tracking system to check thefts if you want to employ salespeople.
6. Mobile Phone Accessories Retail/Wholesale
Selling mobile phone accessories is one of the business opportunities in Ghana that is very lucrative because everybody uses mobile phones, and they will need phone accessories like phone chargers, batteries, earpieces, phone screen guards, etc.
However, if you want to make a profit in this business, you will have to get your products from a good wholesaler.
7. Outdoor Advertising
The outdoor advertising business is one of the business opportunities in Ghana to venture into if you have the funds to invest.
Renting a billboard in Accra to brands and religious organizations can fetch you a huge amount of money, but constructing a billboard is not cheap.
However, when you venture into this business, you would often need a yearly permit from the local assembly for each billboard you pitch which is not a problem if you are making good money from it.
Also read: Business Opportunities in Africa
8. Drug Store
Having a drugstore or pharmacy in Ghana will fetch you a lot of money. It is one of the business opportunities in Ghana to venture into.
People need drugs every day and pharmacies are very essential in society. However, this business requires a huge start-up capital but the returns are worth it.
9. Construction Equipment Rentals
The construction equipment renting business is another lucrative business you can start in Ghana. You can purchase equipment such as concrete mixers, reusable formworks, scaffoldings, etc., and rent them to construction workers.
However, this business requires a high startup capital to purchase the equipment, and you will need to often hire a vehicle to transport the equipment to the construction site.
10. Auto Mechanic Garage
Vehicle owners are constantly in need of experienced mechanics to repair their vehicles. So if you are buoyant enough, you can set up an auto garage and recruit the best auto mechanics to work for you.
You can make your workshop exceptional by making sure that your team of mechanics is very skilled.
11. Poultry Farming
Poultry farming is one of the business opportunities in Ghana you can venture into and make a profit because almost everybody eats birds and eggs.
This business does not require much to start, but you would need a place to raise the poultry, money to buy feed, fungicides, and other medication, and day-old chicks, and you would need to employ security personnel to safeguard your farm in the night if it is far from your house.
The poultry farm business is very lucrative, you can earn money selling eggs, birds, and droppings.
12. Snail Farming
Snail farming just like poultry farming is one of the business opportunities in Ghana that is very lucrative. Almost everybody eats snails so you will make a lot of money from selling them.
13. Vegetable Farming
The demand for basic vegetables can never go down, and the prices of vegetables in the local markets keep rising because many people are not planting vegetables again.
You can start a vegetable farm business and start making money from it. All you need is a sizeable farming area and access to a source of water, then you are good to go.
14. Uber
Uber is one of the business opportunities in Ghana you should venture into. People move from one place to another every day and most people do not like public transport but private transport like uber.
If you have the required car for uber, you can carry out the necessary registration and start the business asap.
15. Daycare Centre
The Daycare center business is booming as many women get employed. It is one of the business opportunities in Ghana you can venture into.
Many working-class women keep their kids at daycare centers and pick them up when they get back from work.
If you want to invest in this business, make sure you put some effort into providing value, and you would get very rich.
However, the business is not easy to start, you would have to rent a classroom, equip it very well, and also employ people that will assist you.
16. Photography Services
Offering photography services is one of the business opportunities in Ghana that is very profitable.
People do parties every day, so there is always a constant need for photographers to capture the moment.
Again, with the advent of social media, every business and every public figure needs professional and well-edited photographs to post on their Facebook page.
However, to venture into the photography business, you must first learn the skills. After that, buy the necessary equipment and then start the business.
17. Barbering Saloon
Barbering saloon is one of the business opportunities in Ghana you can venture into and make a profit.
However, to start this business, you have to be skilled in barbing hair, and you will also need a well-furnished shop.
This business is very profitable because people barb their hair at all times and if you can do it well, you would attract plenty of customers, and you can offer special home service for clients at additional fees.
18. Gym/Fitness Centre
Opening a gym center is one of the business opportunities in Ghana.
You can open a gym/fitness center if you are looking for a profitable business to do in Ghana especially if you are a trained gym instructor.
Many people want to keep fit but some of them do not know how to go about it, if you start a well-equipped gym in any residential suburb of Ghana, you will make a whole lot of money.
19. Food and Drinks
Selling food and drinks is one of the business opportunities in Ghana that is very profitable. You can produce local drinks, smoothies, or fruit juice. You can also make and sell packaged food such as cereals, pastries, etc.
However, you would need to situate your business in a very good location, advertise your business both offline and online and make sure your branding is superb.
20. Real Estate
The real estate business is one of the business opportunities in Ghana that is very lucrative. This business will give you long-lasting profits if you venture into it the right way.
You might not own houses to start this business, but if you have money to build a chain of stores, you can sure make lots of money.
That is all on the business opportunities in Ghana, I hope it helps venture into a profitable business in Ghana.