Market Research in Ghana, Africa
Located on the coast of the Gulf of Guinea in western Africa, Ghana shares borders to the north and northwest with Burkina Faso. Togo is to the east, Cote d’Ivoire to the west, and the Atlantic Ocean to the south. The climate is tropical. While multilingual, the official language of Ghana is English.
Ghana stands out as being one of the leading countries in Africa.
While the people of Ghana may belong to one broad group with the African family, there are many subgroups. Most of the population is Christian, and one-fifth is Muslim. Additionally, a small segment adheres to the traditional indigenous religions.
Key Industries in Ghana
Agriculture, forestry, and fishing are vital industries in Ghana. These industries employ a large section of the population. Cacao cultivation for cocoa beans makes up more than one-half of Ghana’s arable land. In addition, it is a significant source of the country’s export revenue, and Ghana is among the world’s leading cocoa producers. Timber is also an important export product. Moreover, Ghana exports include sugar, coffee, palm oil, copra, and various fruits and vegetables.
There is a small but essential glass industry. Besides glass, the country produces cement and aluminum.
Ghana’s Automobile Market gained tremendous value in 2020. Projections are that it will rise further by 2026.
Accra, located on the coast, is the capital of Ghana and the commercial and educational center of the country. Firstly, the city splits into five geographical regions – North, West, East, Central, and South. Then, it has eleven sub-metropolitan areas, each with a unique trait. For example, Central is home to the ministries and the liveliest part of Accra.
Kumasi, the Garden City of West Africa, is a south-central, prominent commercial center. This city, which is the capital of the historical Ashanti Empire, is in a rainforest region.
The Coastal Zone is by far the smallest of the regions. It is where one will find fisherfolk and small-scale farmers. The Coastal Zone has more urban centers than any other region in Ghana.
The COVID-19 pandemic has affected Ghana with protocols like social distancing in effect. In addition, Ghana took a hefty blow from the closing of tourism and hospitality centers. The virus has overwhelmed Ghana’s healthcare system.
Ghana may change these challenges into prospects and opportunities. The government is investing in boosting the health sector. It is also creating support for SMEs. These industries provide much employment for many Ghanaians.
Benefits and Strengths of the Market
The Ghanaian market is rich in natural resources like gold, diamond, petroleum, and bauxite. There are also developing industries such as film.
Ghana wants to remain one of the leading countries in Western Africa. The government helps to develop its small and more significant industries. It has been lending even more support since the pandemic started. One example is the passing of the Development and Classification of Film Bill to advance its budding movie industry.
Ghana has an excellent educational system, one of the best in West Africa.
The country also has a high growth rate. About two-thirds of Ghanaians are under age 30. Having a young population implies that the country’s high growth rate will continue for some time. Although low by world standards, life expectancy has improved since 1960. It is among the highest in western Africa.
Reasons to Grow Your Business through Market Research in Ghana
The government invests in its industry, infrastructure, and food security, which are critical elements to economic recovery as a part of its Ghana Beyond Aid vision. This support helps to power local businesses. It also focuses on local production and consumption. Investing in Ghollywood, the Ghanaian film industry could prove fruitful.
There is also an emerging industry in automobile production and sales, which receives aid from the government. It is one of the fastest-growing in the world. By the end of 2021, Ghana projects it to account for an ample portion of the GDP.
About Market Research in Ghana
Detailed Strategic Research would also help if you’re seeking to tap into natural resources. Focus Groups, Surveys, and Interviews yield critical insights on where to tap into the market.