It was once written of Ghana centuries ago by an explorer, “Over there you can pick gold on the ground like carrots”. It was the best way he could describe the wealth of the former Gold Coast to his compatriots who later migrated to the shores of the West African country to pillage our resources.
It may be an exaggeration today to say money can be picked from the ground like carrot, but the wealth that was formerly sought on our shores is still present and in greater quantities than before. There are some untapped markets in the Ghanaian economy you should consider investing in.
Below are 10 areas in Ghana’s economy with little competition.
- Waste Disposal Service
Last year Ghana was ranked 7th dirtiest country in the world by World Health Organisation (WHO) and UNICEF. Our cities are choking on the filth we produce because we lack the capacity to dispose of it as fast as we produce it. A drive around public areas in any Ghanaian city will yield evidence of this fact.
This provides a business opportunity for investors to put their money into providing waste disposal services and recycling plants to augment the efforts of the Accra Metropolitan Assembly which is obviously overwhelmed by the sanitation crisis.
- Food Storage
About half of the food crops produced in Ghana never make it to the consumer. That’s according to a research done by Alliance for a Green Revolution in Africa (AGRA) in 2013. This can be directly blamed on a lack of sufficient storage facilities.
There’s a need for the establishment of businesses which will provide storage facilities to farmers to store their produce. The farmers will incur lower losses and prices of goods in the market will drop to the benefit of the consumer. Everybody wins.
- Real Estate
Government and the numerous real estate companies currently in the market aren’t producing enough to meet the country’s needs. New real estate companies will be readily welcomed into the market. Returns on real estate in Ghana is one of the highest you can find on the continent, at 75% on properties marked for sale. This can go as high as 200%
- Pest Control
As a result of the poor sanitation management many areas are littered with breeding grounds for mosquitoes and houses have become infested with bugs and rodents. Not much exist in terms of companies which specialize in ridding areas of these pests. It’s a market to consider investing in. Households and businesses both present teeming markets.
- Laundry Service
Companies that provide laundry services are not as wide-spread as you’ll expect in a country with a rapidly expanding middle class. There are more clients to be won by new laundry companies that spring up. To excel, prospective investors must add pick-up and delivery service as Ghanaians, like other modern consumers, have become lazier and would prefer to buy services with the least effort. Forhey is one of such startups embracing the opportunity with innovative solutions.
- Public Convenience
To the great shame of our dear nation, only 15% of households in the entire country have access to toilet facilities, according to a post by UNICEF. In addition to this, thousands of public schools also don’t have any place of convenience built for them.
The World Bank has provided the Ghana government with money to tackle the problem, but this will still not be enough. Private investors can also intervene by providing innovative and affordable facilities to hard-pressed low-income earners.
- Recreational Facilities
A typical Ghanaian worker’s day involves moving from the house to the office then back to the house. The culture of recreation after work is practically dead because the few recreational facilities are either too expensive or overcrowded.
Heavy investment is needed in this sector to satisfy the fun-loving middle in the economy.
- Private Parking
The number of parking lots available in major Ghanaian cities can be easily counted. Lack of proper parking spaces leads to on-street parking which contributes to traffic jams at peak periods in some parts of the capital and elsewhere.
Provision of car parks in areas with the heaviest vehicular traffic will see high patronage.
- Professional Movers
It’s quite a common sight to see movable property being transported between locations in vehicles not equipped for the purpose. There’s a need to provide clients changing their office or accommodation with professional moving services.
This market definitely needs new entrants.
- Lawn Service
On this list, this is easily the toughest area to invest in because the establishment of lawns isn’t yet popular in Ghana, but the fact that a majority of grassy areas in our cities are full of weeds points to the fact that lawn services are in short supply.
There are no well-established companies providing this service in Ghana yet, so investors in this area will encounter little competition.