Most Profitable Businesses In Ghana: There are over seven continents of the world with Africa being one of them. With natural endowments and mineral deposits, each continent is unique. Apart from the amazing people, trees, forests, beaches and ice in some parts of the continents, to really survive and live comfortably in such modern society, providing yourself with the basic necessaries of life, you need to be financially stable. Affording a financially stable life, you need to have money. Money is a generally accepted means of exchange. It is a commodity of value.
Money can also be said to be a thing of value, as ascribed to it, which is used to exchange other values. The value of money differs from region to region. This also affects the purchasing power it has beaded on the value it commands. Money is accepted worldwide and so it is popular. Fron our definition, we have been able to identify that money in itself is value because it has value. For this reason, to exchange money, one need value. To create value worthy of exchanging money, one either engage in proving goods or rendering quality services capable of attracting value.
The need to exchange other forms of value with money forms the basis or need to engage in meaningful employment or venture into business. Business entails the act of offering goods and services from a seller or producer to interested customers in exchange for money or monetary value. Business requires a level of commitment and expertise, in some cases. There are so many business that someone could engage himself in.
There are numerous business opportunities could be explored in different areas and ways and it is equally important to understand that some business opportunities has more lucrative tendency compared to others. Business ventures and running them can be very challenging however, it is more appealing and motivating to run a business that grows and is able to yield positive results. Some major reasons why it is good to run a business outfit that is very lucrative is that, it helps to satisfy your financial needs, thereby creating an enabling and conducive lifestyle where you can afford the basic necessities in life.
For a business to thrive seamlessly, some factors must be operational. First is a conducive environment for the business. A conducive environment is very crucial because, only few businesses manage to stay afloat when the environment is very hostile to businesses. With the world trend of insecurity as a global concern, a State with a very deplorable security system might prove to be very hosted to businesses, especially the new and upcoming businesses.
Another thing is enabling political environment. Politics revolves around the government of a particular State, where the political system is very hostile, it usually has a ripple effect on the existing businesses. For a business to survive and thrive, the political system must be favourable to businesses. Another very important factor is the enabling laws that concerns business. This factor is very vital because, a valid business establishment majorly rests on the enabling laws that would either encourage it’s establishment and growth or its’ winding down. Enabling laws are always very important. We can’t possibly skip economic peculiarities. The economic situation at the time and place where the business is set up is of great concern.
Where there’s high economic fluctuation, especially when it is tilting towards a downtrend, can really mar the business to a great extent. However, when and where there is a viable and stable economic situation, businesses tend to survive and grow. While all these factors has been succinctly considered, we would love to point out that while some states are quite favorable for business, some are not so favorable. At the same time, some businesses are more productive when situated in some part of a State or country per se.
It is also right to say that; based on continental peculiarities, some businesses are better of when situated in a particular continent or country than being established somewhere else. For instance, due to the weather condition in a continent like Africa, sachet water business tend to thrive more than it would if established in continent with a very cold climate condition.
To this end, we would be taking a look at some of the most profitable business to set up in Ghana.
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Top 12 Most Profitable/Lucrative Businesses To Start In Ghana 2023
1. Poultry Farming: Agriculture is one of the biggest industries in the world with export capacity.this accounts for the GDP of so many countries, especially African region. This has to do with the fact that Africa has one of the best weather conditions and environmental friendly temperature that enable agricultural activities to thrive very well.
Ghana is one of the big Countries situated in the heart of west Africa sub-region. Because of the protein consumption level in major cities like Accra and other remote places, protein production has gained more traction as one of the major thriving business that is very profitable as a result of the large market base. Poultry Farming is one of the most profitable businesses to in engage in Ghana.
2. Real Estate: It is not surprising how real estate hot to be on the list because, the rate at which affordable and decent accommodation is in demand, especially houses with modern basic facilities, real estate has become one of the most thriving industry in Ghana.
Ranging from the big shots in the industry down to agents, they all make good money in Ghana.
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3. Snail Farming: Snail is one of the most loved kind of protein in most African Countries like Nigeria and Ghana so, it is in high demand in these Countries.
It is very lucrative because it already has a big market with willing customer base to patronize the goods. It is one of the profitable business in Ghana.
4. Vegetable: The farming and cultivation of vegetable crops has gained economicomentum in Ghana because of the level of consumption of vegetables in both remote and urban cities.
With eatries and semi-urban food outlets constantly demanding for big supplies, it is one of the most profitable businesses in Ghana.
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5. Uber: Transportation has always been a major industry that drive economies. This no different in Ghana as the commercial transport system has continued to thrive over time.
With the high cost of cars making it uneasy and unaffordable, coupled with the fact that most people find it convenient to move around with the private commercial transport system, Uber transport operators are really making good turnovers and that makes the business one of the most profitable in Ghana.
6. Day Care and Basic Schools: Education is key and very pivotal for the proper growth and development of every child. It is also believed that every single child should be able to gain basic education.
While most parents are very active with their jobs, they employ the services of day care centers and basic schools to take care of their children while they are away at work for the day for proper care and basic education for the children at the same time. This made the business of daycares to become one of the most profitable businesses in Ghana.
7. Photography: Is surely right to be in the list. People loves to make memories that have them preserved for the future.
The rate of events, ceremonies and public functions going on in Ghana on a daily basis has helped the photograph industry or business to thrive because, what better ways to make and preserve memories better than having them in pictures? Photography Is surely one if the profitable businesses in Ghana.
8. Barbing: The population of Ghana is huge and that accounts for more male folks. Majority of the Ghanaian men prefer to have a hair cut instead and that accounts for high patronage of barbing salons on a regular basis and has upgraded it as one of the most profitable businesses in Ghana.
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9. Gym and Fitness: Creating or opening a gym and fitness center that is well equipped with modern day exercising facilities is a very good venture because, health is life and to preserve life, one needs regular exercise to keep the body fit and healthy.
This accounts for the high patronage of gym and recreational centers and qualifies it as one of the most profitable businesses in Ghana since the citizens are always busy, they make out time to relax and rejuvenate the body through thorough exercise.
10. Food and drinks: Food is a basic life necessity, it is something everyone need to survive and so, it is quite apt for it to be on the list. The provision of food and drinks for public consumption on a commercial basis has always been a very good venture in Ghana because the customer base for the business is quite huge and there is always demand for the services because of its prominence.
It is certainly one of the most profitable businesses in Ghana.
11. Carwash: The business of providing car washes is a fantastic one because it requires little initial investment and can grow into a larger enterprise. Either you or someone else can get the job done. Those that need their automobiles cleaned constantly need the service, which is profitable, scalable, and in demand.
You only need a fantastic site, the right equipment, and an effective marketing strategy for your car wash business. Another thing to think about is how you want to finance the business. While still offering top-notch service, work to keep operating costs as low as you can. Always respect every car as if it were your own!
12. Fish Farming: Fish is one of the proteins that is prepared most frequently in Ghana. The majority of Ghanaians enjoy eating fish. Some individuals even prefer fish to meat. Fish farming is one of Ghana’s lucrative industries. Fish farms don’t cost as much to run as most people think.
A pond in the backyard of your garden and a small plot of land is all you need to get started. Fish farming is a successful business venture, it’s a low-risk investment, and you can start making money right now. Finding the ideal equipment for your farm is the first step in beginning a fish farm. You must decide how much money you want to put into this project and what kind of fish will thrive in your region and your climate.
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In conclusion, running a business in Ghana has it many advantagous. The country is one of the best places to open and run a successful business outfit and with the enabling environment, businesses thrive faster there.
Edeh Samuel Chukwuemeka ACMC, is a Law Student and a Certified Mediator/Conciliator in Nigeria. He is also a Developer with knowledge in HTML, CSS, JS, PHP and React Native. Samuel is bent on changing the legal profession by building Web and Mobile Apps that will make legal research a lot easier.