The Ghanaian business environment is filled with businessmen and women who constantly engage in trial and error kind of business. Speculation in Ghana determines which business is a boom and which business does not make desired profits.
Most Ghanaian businessmen and women are either traders in our markets or into importation of foreign goods but the problem is they do not research to know the Ghanaian business sectors and what it requires to thrive in these business sectors. Below are four Ghanaian business sectors to invest.
The Trade Sector
This business sector is the most common business sector in Ghana. Ghanaians have a big taste for new things especially foreign goods. The trade sector is dominated by foreign goods and big time industry players end up in importation.
Advantages of this sector are Ghanaians buy a lot of foreign things they don’t need so there is always market for your products. Also the sector does not require lots of capital to start, people normally start small and grow the business with time.
Disadvantages are there are lots of competitors in this sector and big businesses always collapse smaller ones also the business thrives best on location.
The Service Sector
The service sector requires lots of capital and special skills, the most common examples are food joints, hotels, restaurants, schools and hospitals. The housing deficit in Ghana has made renting and leasing lucrative in this sector.
The advantage in this sector is that the sector makes long term returns that is after you build one of these facilities, you continue to make money as long as the facility exist. This sector performs well in Ghana compared with all the other business sectors also the profit margins in this business sector are very high.
The disadvantage with this sector is that it requires lots of capital to start.
The Manufacturing Sector
This sector requires lots of special skills and capital. The Ghanaian economy has been unfair to this sector because governments have failed to give the manufacturing sector the needed support and attention. Most Ghanaians often see made in Ghana products as inferior and unattractive. Also Ghanaians often complain of poor finishing of Ghanaian goods. The cost of production in Ghana is very high and the needed power to produce is not available in recent times.
The hard truth is that most people who enter into this sector fail because of cheaper alternatives from china. The manufacturing sector is Ghana’s ticket to glory so let’s not bother ourselves with the advantages and disadvantages of this sector and leave it to the government to figure it out.
The Agricultural Sector
This sector feeds the nation and has the brightest potential. The sector also has the capacity to employ the most in Ghana. The problem with this sector is it’s unattractive. This is because Ghanaians think of farming as a job for the lower class and the uneducated. Ghana lacks the technology and facilities to preserve foods in large quantities and this causes lots of food waste in this sector.
The agricultural sector is so unattractive that even the Agriculture graduates trained by Ghanaian universities end up in banks and other public institutions. The agricultural sector was the country’s largest employer in the past but needs transformational players to take it to the next level.
Now you have the 4 Ghanaian business sectors to invest. Go through these sectors carefully and choose where you want to put your money. I hope this information helped.
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