Doing Business in

Ghana
















Produced by the UKTI Team in Accra
ast Updated: April 2012
Ghanaian Pineapples await tomorrows European supermarket shelves

L


The purpose of the Doing Business guides, prepared by UK Trade & Investment (UKTI) is to provide information to help recipients form their own
judgments about making business decisions as to whether to invest or operate in a particular country. The Reports contents were believed (at the
time that the Report was prepared) to be reliable, but no representations or warranties, express or implied, are made or given by UKTI or its parent
Departments (the Foreign and Commonwealth Office (FCO) and the Department for Business, Innovation and Skills (BIS)) as to the accuracy of the
Report, its completeness or its suitability for any purpose. In particular, none of the Reports contents should be construed as advice or solicitation to
purchase or sell securities, commodities or any other form of financial instrument. No liability is accepted by UKTI, the FCO or BIS for any loss or
damage (whether consequential or otherwise) which may arise out of or in connection with the Report.




Are you a member of a UK company wishing to export overseas? Interested in
entering or expanding your activity in the Ghanaian market? Then this guide is
for you!

The main objective of this Doing Business Guide is to provide you with basic knowledge
about Ghana; an overview of its economy, business culture, potential opportunities and
an introduction to other relevant issues. Novice exporters, in particular will find it a useful
starting point.

Further assistance is available from the UKTI team in Accra. Full contact details are
available at the end of this guide.








Important Information - Sanctions and Embargoes

Some countries maybe subject to export restrictions due to sanctions and embargoes placed on them by the UN or
EU. Exporting companies are responsible for checking that their goods can be exported and that they are using the
correct licences.

Further information is available on the gov.uk website

Content


1. Introduction, Opportunities, Economic overview .................................. 4
2. Preparing to Export to Ghana ................................................................ 11
3. How to do business in Ghana ................................................................ 11
4. Business Etiquette, Language and Culture .......................................... 14
6. How to Invest in Ghana .......................................................................... 16
7. Contacts ..................................................................................................... 18
8. Resources/Useful Links ............................................................................ 17



1. I ntroduction

Ghana is considered to be one of the most stable, peaceful and democratic countries in
Africa, having had 5 free and fair elections and 3 changes of government over the last 20
years. With steady governance and strong economic development, Ghana is something of
a leading light in the African continent.

Ghana is located in the Gulf of Guinea in West Africa, only a few degrees north of the
Equator, and the Greenwich Meridian runs right through the industrial city of Tema (just
east of the capital Accra), putting Ghana right at the centre of the World map!

There are immensely strong cultural and business links between Ghana and the UK.
Thousands of Ghanaians have been educated in the UK and many more have strong
family ties between the two countries. Ghanaians recognise the UK brand as a sign of
quality, adaptability and innovation.

Ghana has enjoyed steady growth over the past decade with between 4.7 and 7.3 GDP
growth. GDP growth for 2011 was 13.5%, this was boosted by the production of oil in
December 2010, however non oil GDP growth in 2011 was 8.2%. GDP forecast growth for
2012 is 8-9%. Ghana is the worlds second-biggest cocoa producer, Africa's second-
biggest gold exporter, and the continent's newest oil & gas producer (at the end of 2010).

With an open and entrepreneurial approach to business, English as the official language,
and a secure, peaceful and friendly environment for international visitors, Ghana is fast
developing as the leading Gateway to Africa.


St r engt hs of t he mar k et

Strong historical links with the UK
UK & Ghana are well established trading partners
A large & active diaspora network yielding very strong business, cultural and political
links with UK
Shares Greenwich Meantime with the UK
English is the official business language and widely spoken
A judicial system based on English law and the Rule of Law is increasingly being
improved
A growing trading hub for West Africa with a deep sea port at Tema servicing the
region
Entrenched democracy and free press
A friendly and safe environment for international businesses to operate in
Steady economic growth and governance
Well regarded by international aid donors and a recipient of major IMF and DFID
support
Covered by UK Export Finance (formally ECGD) for project support
Major new UK investors at the forefront of Ghanas oil & gas, ICT and aviation
industries
A strong further education system that produces a well educated work force




Oppor t uni t i es i n Ghana

Opportunities exist in a wide range of sectors in Ghana, notably:

Agriculture & Fisheries - For producers and processing companies in various crops for
national, regional and European markets, irrigation facilities, technology and support
services, raw materials and post-production services.

Water and Sanitation Extension of water and sanitation coverage and the
rehabilitation and maintenance of existing infrastructure. Companies are invited to
provide point sources (borehole/hand-dug wells), small town pipe schemes, rain
harvest plants and household/institutional latrines.

Construction Construction of residential houses (low cost housing), high rise quality
apartments, retirement villages; industrial houses (warehousing facilities) and
commercial houses (local shopping centres/malls, office accommodation, storage, etc)
and the provision of construction equipment and building materials.

Tourism - This is one of the fastest growing sectors in the economy and it is expected
to grow at an average of 4.1% per annum over the next two decades driven largely
by the countrys unique historical, cultural and natural attractions. Some areas to
focus on include the construction and provision of services for multi-hotel resorts,
lake/river resort development, and the establishment of ecotourism packages and
national parks.

Defence & Security - There is growing interest in marine defence and security
equipment to protect the offshore oil & gas infrastructure and to secure Ghanas
territorial boundaries. The provision of physical security services (guards, cctv etc.) is
also growing with the continued increase in foreign direct investment.

Education and Training / Vocational Training Ghanas Universities are stretched to
capacity, so alternatives are badly needed, such as distance learning and specialised
training in areas such as health & safety. Opportunities with vocational training;
particularly in the supply of qualified labour for Ghanas growing petroleum industry.

Energy production and transmission Demand for power is growing 10% annually.
Ghana has embarked on an expansion programme targeting state owned capacity but
also encouraging independent power producers. More than 1500 MW of new electricity
capacity is set to come on line over the next 5 years, with 952 MW overseen by the
VRA and the remainder by IPPs. For renewables the Government aims to reach 10%
of domestic demand by modern renewable technology by 2020.

Food & Drink There are opportunities for supply, packaging, processing and
manufacture with wider tastes and demands developing.

ICT Provision of ICT facilities and infrastructure on a broad scale across the nation,
extension of broadband/ fibre infrastructure and computer access to rural students.

Oil & Gas The Jubilee Field, Ghanas first oil discovery in commercial quantities, with
an estimated field reserve of up to 1 billion barrels, went into production on 15
December 2010. Several more large oil & gas fields will likely come into production in
the next 5 years. Further exploration continues and opportunities exist in virtually
every sector of the petroleum industry, both upstream and downstream. Opportunities
also exist in the development of the port town of Takoradi, the logistical centre for oil
& gas activity in Ghana, which is developing as a hub for oil & gas activity for West
Africa.

Ports & Logistics There are plans to develop both of Ghanas busy commercial
container ports in Tema and Takoradi to meet growing levels of international traffic.
Takoradi Port in particular is looking at a substantial development plan over 3 phases
to increase capacity and modernise its handling of bulk cargo, container traffic and oil
services. Lonrho are looking to build an oil services free port in Atuabo in the Western
Region.

Roads and transport Mass transportation opportunities include: railway
rehabilitation, lake transportation systems, airport expansion, air transport for
domestic and sub-regional services. Domestic air services have blossomed in the last
two years and there is heavy competition in this lucrative sector.

Tr ade bet w een UK and Ghana

In 2011 the value of UK export goods to Ghana was 426 million, an increase of 20% on
2010 figures. Ghana exports to the UK was 341 million, an increase of 51% on 2010
figures, the majority of these exports was cocoa.

In 2011, Ghana was the UKs 6
th
largest export market in Africa and 8
th
largest import
market in Africa.


Bilateral trade in goods: ( million)

UK Ex por t s 2008 2009 2010 2011
Goods 266 259 354 426
Services 137 331 203 n/a

UK I mpor t s 2008 2009 2010 2011
Goods 203 189 225 341
Services 107 95 90 n/a

Ec onomi c Over vi ew

For the entire year 2011 the Ghana Statistical Service (GSS) projects a GDP growth of
14.4%, while the International Monetary Fund (IMF) estimate from March 2012 puts the
growth figure at 13.5%. The non-oil GDP growth is estimated to have expanded by 8.2%.
In 2012 the IMF estimates a growth in the range of 8-9% GDP.

The March inflation figure announced by the GSS was 8.8% year-on-year, up from 8.6%
in February. The year 2011 ended with an inflation rate of 8.6%, below the projected
target of 9%. For 2012 the BoG aims to keep inflation broadly stable with the target band
moderately reduced to 8.7%. .

The Ghana cedi (GHS) depreciated by 4.9% against the US dollar (US$) in 2011,
compared to 3.1% in 2010. In the first quarter 2012 the cedi depreciated at a much
faster pace of 8.3% compared to 2% for the same period in 2011, mainly on account of
strong demand for foreign exchange and some speculative activities. The real effective
exchange rate was down by 4.1% in the first quarter of 2012.

Encountering stronger depreciation pressures in the foreign exchange market early this
year following a growing import demand, and judging the risks to inflation as elevated,
the BoG's Monetary Policy Committee on February 15, 2012, decided to increase the
Monetary Policy Rate by 100 basis points to 13.5% in order "to contain future inflation
pressures and realign interest rates in favor of domestic assets." This was the first
increase in Ghana's benchmark interest rate in three years. On April 13, 2012, the policy
rate was raised further to 14.5%.

Average base rates of commercial banks declined from 25.8% in 2010 to 22.5% in 2011;
the bank's range for base rates was between 16.8% and 25.9%. Average lending rates
also declined, albeit more modestly, from 27.6% to 25.9% in 2011, with Annual
Percentage Rates for enterprises ranging between 17.4% and 30.8%. Private sector
credit grew 31.6% in February 2012 with Services and Commerce & Finance capturing
the highest share.

During the first quarter of 2012, yields on 3-year and 2-year fixed bonds increased,
respectively, by 99 basis points (to 15%) and 120 basis points (to 13.6%), while the
average rates on the 1-year note went up by 160 basis points to 12.9%. The yield on
Ghanas US$ 750 million 10-year Eurobond (coupon interest rate of 8.5%) that matures
in October 2017 stood at 5.5% in March, down from around 6% a year ago, signaling
foreign investors' continued confidence in the long-term prospects for Ghana's economy.

Domestic debt now stands at GHS 12.6 billion, after increasing during 2011 by 43% over
the end-2010 level. The external debt rose in 2011 by 20% and stood at US$ 7.6 billion
at the end of February 2012. The total public debt now represents 43% of the country's
GDP.



Further information is available from the World Bank website:

Statement at the Conclusion of an IMF Staff Visit to Ghana in
September 2011

Ghanas economy has recovered strongly since the start of the IMF-supported program
in 2009. Economic growth is expected to exceed 13 percent this year, boosted by the
start of oil production as well as strong activity in other sectors of the economy. Inflation
is now firmly in single digits, and the cedi has remained broadly stable against the dollar,
underpinned by an improved external position.
A preliminary assessment of fiscal performance during the first half of the year shows
strong improvements in tax revenues over the same period in 2010. It suggests that full-
year fiscal targets are achievable with continued control over expenditures. The
government has also cleared a sizeable part of its previous arrears, which had
contributed to high non-performing loans in the banking sector. To avoid a re-emergence
of arrears, it will be important to continue strengthening public expenditure management
systems; ensure that energy and other regulated prices are set at cost-recovery levels;
and keep the overall spending envelope at a sustainable level.
Prospects of a major scaling up of infrastructure investment will place an even higher
premium on expenditure restraint in other areas. A large financing package has been
secured on non concessional terms, and it is important to assess carefully the costs and
benefits of the financial arrangement and underlying projects. IMF staff has offered to
work closely with the government on assessing the projects impact on macroeconomic
stability and the sustainability of public debt. This assessment will also hinge on the
governments policy commitments in other areas, both in the 2012 budget and the
medium term.
Discussions with the Bank of Ghana focused on the challenges of maintaining low
inflation, in the context of sizeable foreign currency inflows. The mission encouraged the
Bank of Ghana to further build up its foreign reserve buffer, while carefully managing the
impact on domestic liquidity and allowing some adjustments in the exchange rate in
response to market forces. Going forward, close coordination between fiscal and
monetary policy will remain important to avoid a re-emergence of high inflation and an
associated erosion of real incomes, which particularly harms the poor.

Popul at i on

Results for the 2010 national census by the Ghana Statistical Service (GSS) puts Ghanas
population at twenty four million, two hundred and twenty three thousand, four hundred
and thirty one showing an increase of 28.1%. (24,223,431)

The results indicate that, the female population in the country is over one million that of
the male populace. Women constitute 12,421,770 with men at 11,801,661.

Pol i t i c al Over vi ew

The 1992 constitution introduced an executive presidential system, a 2-term limit to
presidential tenure and a 200-member unicameral legislature (since increased to 230 in
2004). Jerry Rawlings created his own party, the NDC, out of the former revolutionary
structures, and other parties were created or revived. In the subsequent presidential
election of November 1992, Rawlings won with 58% of the vote. Four years later, in
1996, Rawlings again won the Presidency with 57% of the vote but the NDC was reduced
to 133 seats.
Rawlings stepped down in 2000 and the government of President Kufuor, of the
opposition NPP, was elected, first in December 2000 (with 57% of second round votes)
and again in December 2004 (with 53% of second round votes). In both legislative
elections, the NPP won a majority of the seats leaving the NDC with a greatly reduced
presence in Parliament. In December 2006 the losing candidate of the NDC party in 2000
and 2004, John Atta Mills, was again nominated as the NDC presidential candidate for the
2008 elections. In December 2007 the NPP nominated former Foreign Minister Nana
Akuffo Addo as its candidate for the 2008 elections. The NDC narrowly won the 2008
elections and John Atta-Mills was elected President of Ghana in 2009. John Atta Mills
(NDC) will again compete with Nana Akuffo Addo (NPP) in the Presidential elections in
December 2012. SOURCE: FCO COUNTRY INFORMATION
Analysis
Ghana enjoys one of the more robust democracies in Sub-Saharan Africa, although
political tensions will continue to run high during the forecast period. The president, John
Atta Mills of the National Democratic Congress (NDC), has struggled to maintain party
unity in recent months. Although he faced down a leadership challenge at a party
congress, that will not end the NDCs internal troubles. In addition, the emergence of
evidence of financial impropriety is currently tarnishing some government ministers. This
is hurting the NDCs reputation given that it came to power promising accountability and
transparency. All of this will play into the hands of the opposition New Patriotic Party
(NPP) in the run up to the 2012 presidential and legislative elections. Following the
election period, the victor will face a challenging policy environment as he attempts to
manage the revenue and high expectations stemming from the start of production at the
Jubilee oilfield. Oil revenue could represent a boon for Ghana, but it needs to be managed
properly, and whoever takes power after the next election will be faced with weighing up
the merits of competing demands on revenue while also combating corruption. It is an
opportunity for Ghana to make great strides in reducing poverty and speeding up the
development agenda. However, political bickering and intra-party tensions have hindered
this development in the past, and could do so again. There will be two national elections
during the forecast period. The results of the ballots due in 2016 will depend heavily on
what happens in the presidential and legislative elections due in December 2012. The NPP
has selected Nana Akufo Addo as its presidential candidate for 2012 and is gearing up to
try to regain power after its ejection from government in 2008. With Mr Atta Mills
selected as the NDCs candidate, the 2012 presidential election will be a repeat of the
2008 contest, in which less than 1% of the vote separated the two in the final run-off.
The power of incumbency will give some advantage to the NDC especially in terms of
spending the early oil windfall although this advantage is less pronounced in Ghana than
in other African countries, given its history of voters evicting the ruling party in favour of
the opposition.

The NDC looks set to suffer from its internal rivalries and corruption allegations, but it
should benefit from the favourable economic picture of high growth and relatively low
inflation. The outcome of the 2012 presidential election could be just as close as that in
2008, but the Economist Intelligence Unit believes Mr Atta Mills to be the slight favourite.
One risk is that in an environment of greater global political tension, and with the
domestic stakes higher as oil revenue boosts government coffers, the losing side may be
less accepting of the result than in previous close-run elections. Although this would
greatly increase domestic tension and could lead to outbreaks of violence, the democratic
process is considered sufficiently well embedded in Ghana to ensure that post-election
unrest on the scale seen in Cte dIvoire during 2011 or in 2007-08 in Kenya would
probably be avoided. In 2016 Ghana could well be at a very different stage of
development from where it is now, providing that the oil boom is managed effectively. If
this is the case, then whoever wins in 2012 would have a strong chance of securing
re-election. The flip side to this is that if development has not been viewed by
the electorate as having improved enough, then another swap in power between the NDC
and NPP can be expected. If Mr Atta Mills and the NDC were to be victorious in 2012, then
he would have served his maximum two terms by 2016. Agreeing upon a successor would
probably cause tensions in the party upon which the NPP could well capitalise.

The government will maintain good relations with Ghanas major trading partners and
donors throughout the forecast period especially the US and the UK, both of which have a
large Ghanaian diaspora. However, the recent development of links with China, backed by
Chinese funding for infrastructure projects, has led to a shift in emphasis in Ghanas
international relations. The traditionally strong relationship with Nigeria will continue, with
Nigerian firms having a growing presence in Ghana, although frictions over the large and
increasing number of Nigerians working in the country may intensify. Meanwhile, focus
will tighten on Ghanas relations with the government of Cte dIvoire, as the countries
maritime border area contains significant hydrocarbon resources. This could be a source
of tension, but the most likely train of events is for a joint exploration zone to be agreed.
SOURCE: ECONOMIC INTELLIGENCE UNIT FEB 2012


2. Preparing to Export to Ghana


Most companies do business in Ghana through an agent or distributor, as an initial step to
establishment. Regular visits to the market are important, especially during the early
stages to establish links and networks.

The UKTI team in Ghana provides a wide range of services to British-based companies
wishing to grow their business in Ghana. Our services include the provision of market
information, validated and/or warmed up lists of agents, distributors or potential
partners, key market players or potential customers. We also establish the interest of
such contacts in working with the UK Company and arrange appointments where
necessary. In addition, UKTI can also organise and host events for UK companies so as to
network and/or promote products/services, such a as product launch.

Companies wishing to set up a local base may also benefit from support and advice by
the UKTI Section of the British High Commission in Ghana.

OMIS - Overseas Market Introduction Service
UK Trade & I nvestment's Overseas Market Introduction Service (OMIS) is a flexible
business tool, letting you use the services of our trade teams, located in our embassies,
high commissions and consulates across the world, to benefit your business.
Our overseas staff are at the heart of the service because of their local language skills,
market knowledge and extensive political and commercial contacts.
Whether you're a first timer or a very experienced exporter, a broad range of elements
can be combined to suit your individual needs. OMIS can provide help at any stage - from
initial research, to arranging a market visit, to using our contacts and impressive facilities
to help close a major deal.
OMIS is a chargeable service, more information is available here


3. How to do business in Ghana


What c ompani es shoul d c onsi der w hen doi ng busi ness

Under the Ghana Investment Promotion Centre Act, 1994 (Act 478), investment in all
sectors of the economy, other than mining, petroleum, free zones and portfolio
investments, cannot be established without prior approval by GIPC. Mining and Petroleum
sector projects have to be approved or licensed by the Minerals Commission and the
Ministry of Mines and Energy, respectively. Industrial activities in the Export
Processing Zone are administered by the Ghana Free Zones Board while portfolio
investments are handled by the Ghana Stock Exchange.

Doc ument at i on

Companies need a number of documents to set up in Ghana including: Certificate of
Incorporation; Certificate to Commence Business. UKTI Ghana can advise on this. It is
also essential to obtain/issue receipts and invoices whenever transacting to avoid
potential disputes.



Label i ng and Pac k agi ng Regul at i ons

All imports to Ghana must comply with the Ghana Standards Board (GSB) requirements.
This is the national standards body which promotes standardization for the improvement
of the quality of goods, services and sound management practices in industries and public
institutions in Ghana. The GSB has a product-labelling specification comprising
regulations that cover a wide range of products. Details can be obtained from the GSB on
telephone number +233 302-500231, 500065/6, 506992-6

Get t i ng your Goods t o t he Mar k et

Road, airfreight, sea-freight and limited rail are available in Ghana. There are a number of
clearing and forwarding agents who have offices in the UK and Ghana. Please contact
UKTI Ghana for details of recommended freight forwarders.

Tr ade Mar k s

Ghana is a member of the Paris Convention for the protection of Industrial Property
1883(Stockholm Act of July 14 1967), Convention on establishing the World Intellectual
Property Organisation (WIPO) of July 14, 1967 and the World Trade Organisation -
TRIPS Agreement. In Ghana, Trademarks are registered by the Registrar of Trademarks
and the trademarks registry is located at the Registrar Generals office which is a
department of the Ministry of Justice. Service marks in Ghana are not registrable,
although the new Trade Mark Bill makes provision for the protection of service marks and
well known trade marks to comply with the provisions of the TRIPS agreement.

Registration of trademarks:

Applicable Law Trade marks Act, 2004 Act 664

Procedure:

Applicant may purchase form (T.M No.2) from the Trade mark registry
The application or request should be accompanied with five representation of the
mark or symbol or sign (Two hould be affixed on the application forms)
Applicant pays the prescribed fees
Application is examined and approved
Publication of Mark in the industrial and Commercial or Industrial bulletin
Registrar issues certificate to the applicant
Time frame: 3 months 1 year




Regi st r at i on of Pat ent s

Applicable law patent Act, 2003, Act 657

Procedure:
Applicant may purchase the prescribed Forms Nos-1&2 from the Patent registry
The application should be accompanied with the ff specifications
- Drawings
- Abstracts
- Claims
The applicant pays the prescribed fee
The application on receipt is accorded the date of receipt and stamped and marked
with the office stamp.
The applicant is notified of the receipt of the application by the office and the
allotted number by the office.
Office conducts formal examination
Registrar issues patent Certificate on approval
Time Frame: 3 months 1 year
Rec r ui t i ng and Ret ai ni ng St af f i ng

The Labour Act 651 of 2003 regulates employment and labour issues in Ghana. This Act
consolidates all laws relating to labour, employers, trade unions and industrial relations.
The result of a collaborative effort among the social partners Government, Employers
and Organized Labour the Act provides for the protection of employment, general
conditions of employment, unfair labour practices, trade unions and employers
organizations, occupational health, safety and environment, and labour inspection.
Currently, the daily minimum wage is GH3.11 (US$2.22). Another financial obligation of
the employer is the payment of a statutory monthly contribution of 12.5% of employees
basic salary to the Social Security and National Insurance Trust (SSNIT).

Cust oms and Regul at i ons

There are Currently six different taxes/levies that constitute the Ghana import duty
payable on all imported goods at the port of entry: - airport, seaport and inland port.
Please visit the Customs & Excise website at www.ghanacustoms.gov.gh for information
on taxes and other related issues.



Respondi ng t o Tender s

All major tenders are mainly published in the major daily newspapers (Daily Graphic) or
on the website of the organisation issuing the tender. Government tenders may be issued
through an open tendering process or through pre-qualified tendering. You can contact
the UKTI team in Ghana for guidance on applying for a publicised tender.

Usef ul l i nk s on I nvest i ng i n Ghana

Ghana Investment Promotion Centre (GIPC)

Busi ness Et i quet t e, Language and Cul t ur e

It is through the observance of day-to-day local customs that many spot the
contradictions in modern Ghanaian life and society. These can come as a surprise to those
who have not previously served in a developing country or sub-Saharan Africa.

Ghanaians are a dignified people. Yet almost everyone is very hospitable and friendly,
especially in rural areas. Many traditional customs survive. Greeting is very important in
Ghanaian society. Going beyond the simple Hello, when meeting someone, asking How
are you? or Hows the family? all pay dividends.
Ghanaians are pleased when foreigners make an effort to learn about their country and
its culture.

Meet i ngs and Pr esent at i ons

For every occasion in Ghana, there are dress codes that are considered either acceptable
or not for both sexes.

Men

Short sleeved shirts are acceptable wear in the office and for calls in town. Most staff
wear trousers with shirt and tie in the office. Suits are the normal wear for official
occasions. Jackets are frequently taken off, so shirts with breast pockets are useful.
Dinner jackets are worn occasionally but a white jacket is not necessary. Casual clothes
are the rule for weekends and many evening parties.

WOMEN

Cotton clothes are worn all year round. In the office the dress code is casual smart with
dresses, skirts, trousers and tops or lightweight suits being customary. Dresses or
evening skirts and tops are standard wear for smarter cocktail and dinner parties; long
dresses (but not too formal) are occasionally worn.

Most entertaining is very informal and you can wear dresses or separates; in fact,
anything that you would be happy wearing in hot weather at home. A very light cardigan
or stole can be useful for functions in houses where the air-conditioning is fierce.

In general, Ghanaian women dress well and decorously, especially in the evening, in their
national dress of tight-waisted top with long or short sleeves and long skirt. If you
attend functions at which many Ghanaians will be present, it is better to avoid skimpy or
very short dresses and strapless or near strapless tops


Language

English is the official national language and is widely spoken. The main ethnic group is the
Akan (which includes the Asante and Fante) who speak Twi and Fante. Twi is the first
language to almost half the population, followed in diminishing numbers by Ewe, Ga and
Hausa. Knowledge of the local languages is not required for official purposes, although
many UK-based staff pick up a few words to exchange as pleasantries.

Meet i ngs and Pr esent at i ons

In Ghana, it is important to target the right person in your contacts. It is also preferable
to establish new business contacts via an introduction by mutual contact, someone the
company already knows and trusts. Face-to-face meetings are more often essential
following a phone or email introduction, to build approval. These meetings can be
conducted in the business premise of the local contact or during lunch/dinner. However,
we encourage British Companies to visit the venue of local contacts so as to obtain a full
picture and an idea of the capacity of the local contact.

The UKTI team at the British High Commission Ghana can handle these arrangements on
your behalf as part of its Overseas Market Introduction Services.


What ar e t he Chal l enges?

As an old trading partner of the UK, Ghana does not present major challenges to UK
companies wishing to develop trade. However, competition from China has made it
difficult for UK products to compete on price. All companies with operations in Ghana
experience problems and additional costs due to the unreliability of power supply. Other
challenges to business include:
Infrastructure limitations
Obstructive Bureaucracy
Corruption
Poor Social infrastructure; but improving
Cost of Energy


How t o I nvest i n Ghana

Foreign investors intending to invest in Ghana are by law to register with the Ghana
Investment Promotion Centre (GIPC) under the GIPC ACT 478. The registration will be
concluded only when the legal minimum equity contribution has been met. The amounts
involved are:

Joint Venture US$10,000.00
100% Foreign-owned US$50,000.00
All trading Enterprises US$300,000.00

To satisfy the minimum equity requirement, the investor must follow the following steps:

STEP 1 Registration with Registrar Generals Department

Incorporate a company at the Registrar General's Department. The department
has five (5) working days to complete formalities if all documents are in order.

STEP 2 Minimum Equity Contribution
Foreign investors should comply with the GIPC Act 478 regarding minimum equity
requirements either in cash or in kind as follows:

(a) Bank Account - Open two corporate accounts, (i.e. foreign and local) with a
local bank of your choice.

(b) By Bank Transfer - Effect a Bank to Bank transfer of minimum equity
requirement, which has to be converted into local currency (Cedis). This
transaction should be confirmed to the Bank of Ghana by the investor's local
authorised dealer bank. Bank of Ghana in turn, confirms this transaction to GIPC
for the company's registration purposes.

(c) By Physical Cash - Physical cash carried into Ghana by individuals for
investment purposes should be declared on Bank of Ghana Form T5 on arrival and
subsequently deposited in a bank account within the shortest possible time. This
transaction should be confirmed by your dealer Bank and the Bank of Ghana.

Importation of Plant, Machinery and Equipment
Enterprises are free to implement their projects by importing the relevant plant,
machinery and equipment. Zero-rated and concessionary duty items should be cleared
automatically and directly through CEPS. Essential plant, machinery and equipment,
which fall under Section 24 of Act 478 should be cleared with the GIPC.
(d) Equity in Kind In the case of equity in kind in the form of imported
machinery, equipment and goods, all documents covering such imports should be
in the name of the registered company and evidenced by the following which
should be submitted to GIPC for registration purposes:

i. Bill of Lading/Airway Bill (Originals)
ii. Destination (Ghana) Inspection certificate
iii. Customs bill of entry (Originals)
iv. Import Declaration Form (IDF)
v. Certified/final Invoices
vi. Evidence of Capitalisation Form 6 from the Registrar General Department


(e) Registration with relevant Agencies - Registration with the relevant
agencies as applicable to the sector of operation.

STEP 3 Registration with GIPC

The investor then registers with the GIPC (after paying the relevant fees), which
has five (5) statutory working days to complete the registration process, provided
the registration forms are in order.

STEP 4 - Wholly Ghanaian-owned Enterprises

Wholly Ghanaian-owned enterprises do not need to register with GIPC since the
minimum foreign capital requirement does not apply to such enterprises.

STEP 5 Immigration Quota

All wholly Ghanaian-owned enterprises and enterprises with foreign participation
seeking immigrant quota facilities in respect of expatriate personnel (experts) for
their businesses should satisfy the relevant minimum capital requirements
specified under Section 30 of Act 478. Immigrant quota request is by a letter to
GIPC.

STEP 6 Registration with IRS and VAT

All enterprises must register directly with the Internal Revenue Service (VAT)
Secretariat for purposes of statutory ta, e.g. taxes, rebates and exemptions
thereof.

STEP 7 Environmental Impact Assessment certificate

Enterprises must register and obtain an environmental permit from the
Environmental protection Agency (EPA).

SOURCE:

GIPC WEBSITE www.gipc.org.gh


7. Contacts

If you have a specific export enquiry about Ghana which is not answered by the
information on this report, you may contact:

Ghana Investment Promotion Centre (GIPC)
Investment House
1 Gulf Street
Airport West
PMB, Cantonments
Accra
Tel: +233 (0) 302 521 238-42
Fax: +233 (0) 302 506 205, 506 207
Web: www.gipcghana.com

Registrar General's Department
(Opposite Ghana News Agency)
P O Box 118
Accra
Tel: +233 (0) 302 664691-3
Fax: +233 (0) 302 666081
Web: www.rgd.gov.gh

Internal Revenue Service
P O Box 2202, Accra
Tel: +233 (0) 302 664961 / 664962 / 664166 / 664167
Web: www.irs.gov.gh

Ministry of Tourism
P.O. Box GP 4386
Accra, Ghana.
Tel: +233 (0) 302 66314 / 666426
Web: www.touringghana.com / www.ghana.travel


UK Trade & Investment can help you make the most of these opportunities and help you
plan your approach to the market. You may find out more about the range of services
available to UK companies trading internationally through your local International Trade
Team.

We hope that you have found this guide useful. For further information, please
contact your International Trade Adviser or one of the UKTI team in Ghana.






8. Resources/ Useful Links

Country I nformation:

BBC Website:
http://news.bbc.co.uk/1/hi/country_profiles/default.stm

FCO Country Profile:
http://www.fco.gov.uk/en/travel-and-living-abroad/travel-advice-by-country/country-profile/

Culture and communications:

CILT National Centre for Languages - Regional Language Network in your area:
http://www.cilt.org.uk/workplace/employer_support/in_your_area.aspx

Kwintessential culture guides:
http://www.kwintessential.co.uk/

Customs & Regulations:

HM Revenue & Customs: www.hmrc.gov.uk

Economic Information:

Economist:
http://www.economist.com/countries/

Export Control

Export Control Organisation:
http://www.berr.gov.uk/whatwedo/europeandtrade/strategic-export-control/index.html/strategic-
export-control/index.html

Export Finance and I nsurance:

Export Finance : http://www.ukexportfinance.gov.uk/

I ntellectual Property

Intellectual Property Office:
www.ipo.gov.uk

Market Access

Market Access Database for Tariffs (for non-EU markets only):
http://mkaccdb.eu.int/mkaccdb2/indexPubli.htm

SOLVIT Overcoming Trade Barriers (EU Markets only)
www.bis.gov.uk/EUMarketAccessUnit

Standard and Technical Regulations:

British Standards Institution (BSI):
http://www.bsigroup.com/en/sectorsandservices/Disciplines/ImportExport/

National Physical Laboratory: http://www.npl.co.uk/
Intellectual Property - http://www.ipo.gov.uk/

Trade Statistics:

National Statistics Information: http://www.statistics.gov.uk/hub/index.html
UK Trade Info: https://www.uktradeinfo.co.uk/

Travel Advice:

FCO Travel: http://www.fco.gov.uk/en/travel-and-living-abroad/
NHS: http://www.nhs.uk/nhsengland/Healthcareabroad/
Travel health: http://www.travelhealth.co.uk/


RECOMMENDED RESTAURANTS/PUBS IN ACCRA
ITALIAN
MAMA MIAS
Pizza and pasta open air restaurant. Located on Ringway Estates, Osu. Closed on
Mondays. Tel: +233 (0)24 4264151

MICHELANGELO
A good Italian restaurant offering traditional food and wine. Located in Nortei Ababio
Street, Airport Residential Area. Tel: +233 (0)24 4233533

INDIAN
HERITAGE
An up market Indian restaurant above Nobel House Chinese in Osu. Tel: +233 (0)30
2785252

TANDOOR
A good Indian restaurant in Labone, take away available. Tel: +233 (0)24 3151417 or
+233 (0)26 8263667

CHINESE
IMPERIAL PEKING
Excellent Chinese cuisine next to Woolworths, Independence Avenue. Tel: +233 (0)30
2761299

NOBLE HOUSE
Popular Chinese restaurant located on Salem Road, Osu. Tel: +233 (0)30 2785151

FRENCH
LE TANDEM
Wide variety of dishes located off Burma Camp Road. Tel: +233 (0)30 2762959

LA CHAUMIERE
French restaurant that also includes some creative Algerian dishes. Located Opposite
Shangri La Hotel in Airport Residential Area. Tel: +233 (0)30 2772408

GHANAIAN/AFRICAN
HOMETOUCH
A variety of West African food in a courtyard. Located on Gifford Road. Tel: +233 (0)30
2777662

CONTINENTAL
MONSOON (Restaurant & Bar)
Seafood- grill restaurant located above Osu Food Court also serves Sushi. Tel: +233
(0)30 2782307

CAPTAIN HOOKS
Specialises in fish and seafood located with plenty of alternatives available
Cantonments. Tel: +233 (0)30 2762228

RYANS IRISH PUB
Irish pub with a variety of food located off Oxford Street, Osu. Tel: +233 (0)30 2762334

CHAMPS (Sports Bar)
Offers a variety of food including Tex Mex located in Paloma Arcade, Ring Road Central.
Tel: +233 (0)24 4386765

CAFES
CUPPA CAPUCINO
Located on 3
rd
Close off Volta Street, Airport Residential Area. Tel: +233 (0)30 2773412


SUNSHINE SALADS
Offers excellent salads and other dishes located in Labone and two in Osu. Takeaway
service available.

ACCRA MALL also has a variety of Cafes and Restaurants to offer from fast food to more
upmarket restaurants.

For more information about local restaurants, http://www.yellowpages.gh