Ghana is one of the countries on the West Coast of Africa with great investment and export opportunities for Spanish companies. Thanks to its prime location, it is possible to use different means of transport to deliver all kinds of goods. Its progressive economic growth also makes it a potential destination for all those Spanish businesses that are considering exporting their products to the African continent.
Thanks to these opportunities, members of our team visited Ghana to understand the market more in-depth. Here they met with various representatives from the retail and distribution sector, as well as with delegates from the Spanish Embassy in Ghana, led by Alicia Rico Pérez del Pulgar. At this meeting we were able to discuss the opportunities the Ghanaian market has to offer Spanish companies. This as well as obtaining first-hand information about the specific requirements of the market and the changes brought about by the pandemic.
A window to the future
For years, Sub-Saharan Africa has gone largely unnoticed by the Spanish business community, with very limited investment and exports to the region. This was due to political instability, poverty, and difficult communication. Also a degree of naivety from the national business community about the possibilities the region has to offer. But in recent years, circumstances have changed, and since 2011 trade relations with Ghana have progressively gained importance, both in terms of investment and the export of Spanish goods and services.
Since 1984, Ghana has become an economic benchmark for the whole of Africa, as its growth has continued year after year, annually exceeding 5% growth. It also has an educated middle class, stable institutions, a democratic government and a low level of corruption compared to its neighbours. This does not mean that it has not suffered episodes of economic crisis during this time, but it is undoubtedly working towards stability that is very attractive to Spanish companies.
Even in the midst of the Covid-19 pandemic, Ghana is still growing, albeit not by more than 5% as in previous years, but an impressive 1.5% in the 2020 financial year. The question now is, what are Ghana’s needs?
In Ghana, as in other developing countries, the primary sector continues to be of considerable importance, accounting for over 20% of the country’s economy. The secondary sector has been growing in recent years also thanks to the exploitation of hydrocarbons, which has led to increased industrial investment and has become one of the country’s main economic drivers. Finally, there is the tertiary sector, essentially focused on transport and commerce. The Ghanaian middle class though is mainly involved in telecommunications and financial services. Given this situation, where are the opportunities for Spanish companies?
As a country with a growing middle class, there is no doubt that consumer goods such as textiles and footwear, hygiene and personal care products are some of the products most commonly exported. In addition to these, there is an opportunity with the construction of many infrastructure projects in a country looking to develop. From the improvement of cities to the creation of new commercial hubs.
Many other possibilities can be found in industry and the need for all types of machinery, whether for the agri-food industry, renewable energies or for the exploitation of hydrocarbons and mining. The healthcare sector is also an important market for Spanish exports as investment in this sector and the improvement of hospital equipment has been constant in recent decades.
Considering the wide possibilities that a country like Ghana represents for the Spanish market, at Logimarex International we want to help broaden your horizons and reach the West Coast of Africa in the easiest and most profitable way possible for you and your company.