Although the process of starting a
business is relatively challenging and requires some legal and economic
consideration this can be very rewarding in Ghana. Below are some simple
guidelines to assist you with the process they are as follows;
1.
Business Registration
The legal procedure to begin a
business in Ghana requires the business to be registered in the Registrar
General Department. Follow these steps:
- Choose a Business Structure: Choose whether to apply for registration for becoming
a sole trader, partnership or limited liability company.
- Name Your Business:
Visit the Registry of Companies to search for your desired business name
to confirm on its availability.
- Submit Required Documents: Complete some paperwork and submit documents like ID,
proof of business address, and LLC operating agreement (for LLC entities).
- Obtain a Tax Identification Number (TIN): This can be gotten from the GRA and every person
doing business in Ghana requires a TIN.
- Pay Registration Fees:
Depending on your business type you pay differently ranging from
membership fees to certain amount of money depending on your business
type.
- Get a Business Operating Permit: This is available from the Local Government Authority
of your local area of residence.
2.
Challenges for Startups
- Access to Finance:
One of the biggest challenges most business owners face is the challenge
of financing with most of the popular financial institutions demanding collateral.
- Bureaucracy:
Drawing permits and going through various regulations may take a long
time.
- Infrastructure:
The roads are poorly developed in most of the countries; electric power is
unpredictable or non-existent in many places; Internet connectivity is
similarly sparse in many areas, especially outside of urban centers.
3.
Opportunities for Startups
- Growing Middle Class:
That is the middle income population increases their purchasing power,
create market opportunities for startups in retail, technology and Health
sectors.
- Government Support:
Some examples are the National Entrepreneurship and Innovation Plan (NEIP)
which provide capital and coaching to young businesses.
- Tech and E-Commerce Boom: The new economy has opened opportunity for new
entrant entrepreneurs, such as web-based businesses, financial services,
and mobile applications.
Profiles
of Successful Ghanaian Entrepreneurs
Many people have come up to be locally
owned businesses, thereby being role models for many people starting
businesses. Some of the greatness’s of this world are:
1.
Dr. Kwabena Duffuor – Banking Pioneer
Kwabena Duffuor’s biography shows
that he established uniBank Ghana and served as governor for the Bank of Ghana. Kwabena Duffuor originally entered into business in the area of finance; he contributed
immensely towards the development of the banking industry in Ghana. Under his
leadership, uniBank became one of the biggest African owned banks before its
merger with CBG Dr. Duffuor builds on his knowledge of the economic environment
and the specific needs that are unmet in the market.
2.
Patricia Poku-Diaby – Cocoa Tycoon
Ms. Patricia Poku-Diaby is the Chief
Executive Officer of the Plot Enterprise Ghana limited, a cocoa processing
company. Born into a trading family she was initially in the business and
diversified into cocoa processing, an important sector in Ghana. During her
tenure, Plot Enterprise also divested and currently sells cocoa products in the
global market. This paper concludes that there is much that could be learned
from Patricia’s journey with regard to exploiting the potential of Ghana’s
natural resources for economic development.
3.
Fred Swaniker – Education Innovator
Fred Swaniker established the
African Leadership Academy and the African Leadership University that seek to
educate African leaders of the future. Born in Ghana, Swaniker has transformed
education in Africa by providing unique courses that are in leadership, entrepreneurship,
and making positive changes. Fred Swaniker's work is excellent evidence of how education
can be an effective weapon in the change of the economy.
Digital
Innovation in Ghana: Shaping the Future of Business
Ghana is now widely recognized as a
technology center where technology is changing the business of different
industries such as financial services, farming, health and education.
1.
Fintech Revolution
Mobile money and other financial
technology (fintech) sub-sectors such as agents banking, mobile payments and
transfers, have grown very rapidly in the country with the existence of MTN
Mobile Money and Vodafone Cash. These platforms have a played an important role
by providing banking services to several millions especially in areas where
there is little or no banking supporters. Other startups such as Hubtel and
ExpressPay are emulating mobile payments and e-commerce making it easier and
creating channels for business to open their markets and capture their markets.
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