– Femi Falodun
Director, BlackHouse Media (BHM)
When it comes to business in Africa, Ghana is a market that can’t be ignored. With a population of over 31 million, English as official language and a GDP growth rate that’s consistently outpaced the continent’s average, the West African nation is a promising destination for British firms seeking new opportunities.
And now, with the latest World Economics Governance Index ranking, the case for investing in Ghana just got even stronger.
Governance matters, and Ghana’s got it.
The World Economics Governance Index ranks Ghana as the top performer in West Africa and 5th overall in Africa. For British firms and foreign investors, this translates to political stability, rule of law, and effective institutions – key ingredients for a promising market.
Ghanaians are engaged citizens.
The World Economics Governance Index highlights Ghanaians’ healthy participation in democratic processes. Engaged consumers means opportunities for building brand loyalty and advocacy. This is useful insight for businesses deploying brand marketing and communications.
Transparency is trending.
Ghana’s anti-corruption efforts and accountability mechanisms are earning global praise. In Transparency International’s 2023 Corruption Perceptions Index, Ghana ranked 70th out of 180 countries – not perfect, but shows progress. This means foreign businesses can operate with a greater level of confidence.
Ghana-UK trade ties are strong.
In 2023, Ghana was the UK’s 3rd largest export market in Sub-Saharan Africa – coming behind South Africa and Nigeria. According to the UK Office of National Statistics (ONS) and the Department for International Trade, bilateral trade between the UK and Ghana reached £2.3 billion in the year ending Q3 2023, with UK exports to Ghana accounting for £1.0 billion and imports from Ghana totalling £1.2 billion. The UK’s foreign direct investment (FDI) stock in Ghana stood at £2.6 billion in 2021, underlining the strong economic ties between the two countries.
The UK-Ghana trade partnership agreement post-Brexit also offers tariff-free access. This means British businesses have a head start.
Comms can make or break.
However, to succeed in Ghana, British firms must engage stakeholders – consumers, government, media, civil society, and local communities. The key here is to tailor corporate messaging to Ghanaian cultural context. For example, it is crucial to highlight sustainability investments and social impact such as job creation, skills transfer and local content.
Successful communications become possible through partnerships with reputable local consultancies and experts like BHM who can help British firms navigate local nuances.
The verdict? Ghana’s governance gains makes it an attractive bet for British business. But investing in understanding, engaging and partnering with Ghanaians will be the ultimate key to unlocking this market’s potential.
Time to get on a flight to Accra!
Sources:
– World Economics Governance Index 2023
– Transparency International Corruption Perceptions Index 2022
– UK Department for International Trade: Ghana trade and investment factsheet, 2022
