On the economy, the goal of Ghana’s new government is “to build the most business-friendly and people-friendly economy in Africa, which will create jobs and prosperity for all Ghanaians”. Whilst some would wait to grab employment opportunities that would be created by NPP government, led by soon-to-be-sworn-in President Nana Akufo Addo, others would also take advantage of expected favourable economic conditions to start their dream businesses.
In case you are wondering what opportunities would spring up, here are a few, after a careful examination of sections of the New Patriotic Party’s manifesto and pillars of campaign messages.
Supply Raw Materials & Services
The One-District-One-Factory agenda was pivotal to the message of the NPP and subsequently the victory in Ghana’s Presidential Elections. This presents an opportunity for all, no matter the district you find yourself in. Factories require raw materials. Once you identify the kind of factory your district is getting, you can quickly send a proposal to be sole supplier or one of the suppliers of raw materials. There would certainly be other services required by these factories such as waste disposal, distribution, marketing, insurance among others. Be ready to position yourself to make money with this huge opportunity in Ghana.
Agriculture is the Way
The economic programme of the NPP government “will enhance agricultural production and productivity, along with a transformation of the economy through value addition to our raw materials in a process of rapid industrialization” By this, the farming and agro-processing is expected to receive a big boost through government support, interventions and policies. In addition, this would largely feed into most of the factories promised under the One-District-One-Factory programme. A strong export drive, to grow the economy and increase foreign exchange in a bid to stabilize Ghana’s cedi, will also be helpful to farmers.
ICT at the Center
The NPP will “put ICT, and especially data science, including analytics, at the centre of the national development agenda, and also as part of a strategy to position the country as a regional ICT hub”. Here’s a fantastic opportunity for the youth of Ghana, the largest section of the population with biggest interest, inclination and capabilities in information and communication technologies. Businesses have sprung in and around the capital with ICT as enablers. The NPP’s manifesto is again clear on this: “We recognise the huge opportunities in investing in the nascent but active app and software development ecosystem in Ghana. We plan, through Government procurement processes, and as part of our efforts to digitize access to social and public services, to invest in growing start-ups in the area.”
You may not have the balance sheet size, funds, experience and technical know-how to win contracts for roads, railways, aviation, sanitation and energy, but you can still benefit immensely. These big contractors often sub-contract parts of the main contract to smaller contractors. Water supply, sand and stones supply, materials procurement, insurance, and safety materials are some of the small parts of the main contracts you can pick up, and benefit from an expected massive infrastructural growth of the country. The NPP Manifesto for 2016 elections is clear on this: There will be an increase in infrastructure expenditure as a percentage of GDP to eliminate critical bottlenecks in the areas of roads, rail, aviation, water, sanitation, and energy, and we will distribute infrastructure fairly and comprehensively across all parts of the country.
Borrow to Start your Business
The NPP promised to “reduce the cost of doing business, maintain fiscal discipline, reduce government borrowing and reduce interest rates to spur private sector investment.” Lower interest rate is good for the private sector. What this means is that entrepreneurs can access loans at lower rate to fund their businesses. This puts little pressure on your business, makes you price your products competitively and reduces interest payments. There’s no better time to start a business, if the inscriptions in the NPP manifesto is anything to go by.
Ghana presents numerous opportunities for entrepreneurs, irrespective of government in power. However, the policies and systems put in place by governments also go a long way to determine whether or not you are able to access these opportunities and at what cost. Nana Akufo Addo and the New Patriotic Party’s victory at the December 2016 polls is expected to be a victory for all. One that would create opportunities, and inspire more people to start new businesses