Ghana’s Thriving Industries and Potential Avenues For The Future
There have been some fascinating developments across Ghana in recent years: some major areas are really thriving and overall, the country has a great deal of potential in the years ahead. So, in which sectors is Ghana performing well and how can further advancements be made? Here we examine the current state of play and some fresh avenues that it could explore.
When it comes to discussing the most significant sectors in Ghana, the most crucial talking point, first and foremost, is agriculture. After all, according to the Food and Agriculture Organization of the United Nations, agriculture contributes to more than 50% of the country’s GDP. It also accounts for over 40% of export earnings, while 52% of the labour force is involved in the area.
Another industry that has risen in prominence over recent years is the financial services sector: PwC states that it has seen significant development across banking, insurance and capital markets over the last ten years. The area continues to attract plenty of attention too, with the Bank of Ghana recently outlining how it was looking to make amendments to modernise the regulatory frameworks of digital banking.
In addition, the technology sector within the country has also made major strides. As Disrupt Africa explains, the industry in Ghana has been developing and it was also given a major boost when Twitter confirmed that the country would be home to its African headquarters.
However, while Ghana is performing very well in these respects, there could be scope for improvement in certain areas of technology. Earlier this year, TechCrunch covered research by AppsFlyer related to the African app market. It placed an emphasis on Kenya, Nigeria and South Africa, describing them as three of the continent’s biggest app markets. So, could Ghana get in on the act in this area?
In addition, the country may also want to consider online entertainment. One element that is doing well elsewhere in Africa is iGaming, as countries like South Africa have embraced the concept of online casinos. For example, this page on the best online casinos in South Africa highlights how many brands are now operating in the country. The establishments are ranked by reviews from players, the range of payment methods available and the quality of their promotional offers, including spins on slots and deposit bonuses. Evidently, Ghana could aspire to replicate this level of success by considering the freebie model for their own online gaming products and utilising online directories to entice new players.
Another global issue at present is renewable energy. Ghana has been on a quest to rely upon cleaner, more renewable sources of energy over recent years and so too has the rest of the world. The BBC outlines how Morocco has especially embraced solar power and it has become clear that Ghana also wants to utilise this popular form of energy, moving forward. Afrik21 recently reported that Bui Power Authority intends to build eight solar plants, starting in early 2022, with sites in areas such as Buipe and Sawla in the Savannah, as well as Zebilla and Bolgatanga in Upper East Regions. Should this be successful, there’s every chance that this project will be further expanded and more solar power panels will be installed in other areas.
Ghana has been on a fascinating journey and it is interesting to reflect on the industries and areas where it thrives. Equally, it is also worth considering what could be on the horizon in the future.
The country is clearly full of potential and it will be intriguing to see how its major and growth industries continue to evolve in the years ahead.