Ghana has a favorable business environment. In 2020, it was considered the leading country in West Africa in terms of the ease of establishing a business. 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 newly registered businesses were forecast in Ghana. Most enterprises were sole proprietors, amounting to over 66,000 as of 2019. That year, the cost of undertaking a company registration accounted for around 12 percent of Ghana's gross national income per capita. Moreover, on average, an individual was expected to require 12 days to start a business in the country.
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 1.7 billion U.S. dollars in 2022, while the value of Tullow Oil reached around one billion U.S. dollars. Furthermore, in stock value, Newgold Issuer Limited, an investment holding company, registered approximately 9.7 million Ghanaian cedis (GHS) (equivalent to 669,000 U.S. dollars) as of November 2022. 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 first quarter of 2022, accumulated an annual revenue reaching close to 5.3 billion GHS (around 366 million U.S. dollars) in 2021. Also, Cocoa Processing Company Limited (CPC) generated revenue of about 42 million U.S. dollars in 2021.
More tech startups are receiving funding
The number of funded tech startups in Ghana has risen in recent years. In 2021, 18 startups in this field received funding, increasing from 15 in the previous year. In all, tech startups secured around 19.8 million U.S. dollars of capital in 2021, a drop compared to the two preceding years. Therefore, although the number of funded startups increased between 2019 and 2021, the value of funding decreased. Zeepay, RxAll, and Jetstream were some of the ventures that secured capital in Ghana in 2021. Zeepay, a fintech startup, obtained an amount of nearly eight 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 through a pre-seed round and a prize, respectively.
This text provides general information. Statista assumes no
liability for the information given being complete or correct.
Due to varying update cycles, statistics can display more up-to-date
data than referenced in the text.