Employing in
Ghana

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Expanding into
Ghana

Global expansion is a step to make for any business, regardless of what you wish to achieve. The opportunities that can come with an expansion can be both incredibly exciting as well as intimidating and confusing, especially when you consider all the registration procedures that need to be done and the documentation required.

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The Federal Republic of Ghana rebounded strongly from the economic constraints of the pandemic and growth through the latter half of 2022 was largely driven by increased oil production. Despite challenges posed by inflation and public debt, Ghana’s reserves of oil, gas, cocoa and gold provide the economy’s bedrock – although all are subject to fluctuations in global demand.

Ghana’s Gross Domestic Product (GDP) was expected to be around 76 billion US dollars in 2022, just outside the world’s top 70 but still the 10th strongest among Africa’s 54 nations. Ghana’s Atlantic coastline opens trading sea routes to the rest of Africa and beyond for exporting its leading commodities.

Each new markets bring new challenges, and these can be worked through more efficiently and cost-effectively with the support of a Professional Employer Organisation (PEO) such as Bradford Jacobs, especially through our Employer of Record (EOR) framework.

This can be best utilised when businesses are just beginning their expansion process and require more information before committing to incorporating an entity and fully establishing themselves in that market.

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Country EOR Guide - Bradford Jacobs

Download our Guide to Ghana

Learn all about expanding into Ghana and see what we can do to make your expansion easier.

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Download our Guide to Ghana

Learn all about expanding into Ghana and see what we can do to make your expansion easier.

Country EOR Guide - Bradford Jacobs
DOWNLOAD GUIDE

Hiring Staff
in Ghana

The Federal Republic of Ghana is relatively small compared with other African nations, but holds a strategic location on the Atlantic Ocean’s Gulf of Guinea, where it shares borders with Côte D’Ivoire, Burkina Faso and Togo in West Africa.

Gross Domestic Product (GDP) reached around 77.59 billion US dollars in 2021, ranked 72nd in the world according to the World Bank, with per capita GDP assessed at US$2,363. Predictions for 2022 put GDP at around 76 billion US dollars.

Ghana is on the fringe of Africa’s top 10 economies and rebounded in 2021, post-pandemic, with growth at 5.4% according to the World Bank, largely due to the services and agriculture sectors. However, growth slowed early in 2022 to 3.6% and is expected to remain at that level into 2024. The amount of public debt against GDP led to discussion with the International Monetary Fund regarding a possible loan programme, as inflation at over 31% reached an 18-year high.

Ghana is investing to make its Atlantic ports more efficient and competitive, enhancing its potential as a ‘gateway to Africa’ and the point of entry for goods to be re-exported to other West African nations. Ghana’s position is strengthened by hosting the Secretariat of the African Continental Free Trade Agreement (AfCFTA) and membership with the Economic Community of West African States (ECOWAS).

Ghana has drawn on its natural resources to become one of the continent’s leading economic lights and they are a major part of its economic profile and key elements to fuelling growth.

Out of Ghana’s wide range of natural resources, oil and gas are the major components and although Nigeria remains the hub for production and export, Ghana is attracting more companies and partners to the sector. On the minerals front, only gold, diamonds, manganese and bauxite are exploited. Ghana’s self-sufficiency in salt from the sea and lagoons add this commodity to its list of exports.

Agriculture, forestry and fisheries are a strong sector, accounting for one-fifth of GDP and employing over 40% of the workforce, with half the arable land used to cultivate cacao for its seeds and cocoa beans – a major export commodity.

The services sector has grown to become a significant driving force of Ghana’s economy, with many commercial, development and foreign banks in the financial sector. The services sector overall shows among the highest growth rates in sub-Saharan Africa, in computer and related operations, architectural and engineering support services, legal work and accountancy. Ghana has strong ties with the US and a significant number of American ICT providers are in the market.

Country:
The Republic of Ghana
Local Currency:
Cedi
Time Zone:
GMT
Country Dial Code:
+233
Tax Year:
January 1 – December 31
VAT:
15%
National Minimum Wage:
€51, US$56
Taxpayer Identification Numbers:
15-character Ghanacard Personal Identification Number (Ghanacard Pin) acts as the Tax Identification Number (TIN)
Main trading partners:
China, Netherlands, US, India, UAE and Switzerland.

Hiring Staff
in Ghana

The Federal Republic of Ghana is relatively small compared with other African nations, but holds a strategic location on the Atlantic Ocean’s Gulf of Guinea, where it shares borders with Côte D’Ivoire, Burkina Faso and Togo in West Africa.

Gross Domestic Product (GDP) reached around 77.59 billion US dollars in 2021, ranked 72nd in the world according to the World Bank, with per capita GDP assessed at US$2,363. Predictions for 2022 put GDP at around 76 billion US dollars.

Ghana is on the fringe of Africa’s top 10 economies and rebounded in 2021, post-pandemic, with growth at 5.4% according to the World Bank, largely due to the services and agriculture sectors. However, growth slowed early in 2022 to 3.6% and is expected to remain at that level into 2024.  The amount of public debt against GDP led to discussion with the International Monetary Fund regarding a possible loan programme, as inflation at over 31% reached an 18-year high.

Ghana is investing to make its Atlantic ports more efficient and competitive, enhancing its potential as a ‘gateway to Africa’ and the point of entry for goods to be re-exported to other West African nations. Ghana’s position is strengthened by hosting the Secretariat of the African Continental Free Trade Agreement (AfCFTA) and membership with the Economic Community of West African States (ECOWAS).

Ghana has drawn on its natural resources to become one of the continent’s leading economic lights and they are a major part of its economic profile and key elements to fuelling growth.

Out of Ghana’s wide range of natural resources, oil and gas are the major components and although Nigeria remains the hub for production and export, Ghana is attracting more companies and partners to the sector. On the minerals front, only gold, diamonds, manganese and bauxite are exploited. Ghana’s self-sufficiency in salt from the sea and lagoons add this commodity to its list of exports.

Agriculture, forestry and fisheries are a strong sector, accounting for one-fifth of GDP and employing over 40% of the workforce, with half the arable land used to cultivate cacao for its seeds and cocoa beans – a major export commodity.

The services sector has grown to become a significant driving force of Ghana’s economy, with many commercial, development and foreign banks in the financial sector. The services sector overall shows among the highest growth rates in sub-Saharan Africa, in computer and related operations, architectural and engineering support services, legal work and accountancy. Ghana has strong ties with the US and a significant number of American ICT providers are in the market.

Country:
The Republic of Ghana
Local Currency:
Cedi
Time Zone:
GMT
Country Dial Code:
+233
Tax Year:
January 1 – December 31
VAT:
15%
National Minimum Wage:
€51, US$56
Taxpayer Identification Numbers:
15-character Ghanacard Personal Identification Number (Ghanacard Pin) acts as the Tax Identification Number (TIN)
Main trading partners:
China, Netherlands, US, India, UAE and Switzerland.

The Main Sectors of the Ghanaian Economy

The country focuses on the following key sectors, which all have a significant impact on the country’s economy:

Mining

Ghana, historically known as the ‘Gold Coast’, is now Africa’s largest producer of the precious metal after overtaking South Africa in 2019 and the commodity accounts for 95% of the country’s mining revenue. Ghana has a host of mineral deposits, but only manganese, bauxite and diamonds are exploited to any significant degree, alongside gold excavation.

Ghana was the world’s sixth-largest producer of manganese in 2020. Lithium was discovered in 2018, leading to international partnerships to develop mining and processing. International companies must be aware that minerals and mining legislation introduced in 2020 allows hiring only two expatriates in the management of a company, and the general manager must be Ghanaian

The Ghana National Petroleum Corporation (GNPC) has the authority to explore for oil and gas reserves, which are providing promising potential for the sector, despite operational shortcomings. In 2022, reserves were discovered stretching across Ghana’s Atlantic shoreline and the GNPC is likely to seek partners for both exploration and production. Local companies need technical support for both activities, while the gas sector lacks storage facilities. The need to fill these gaps makes Ghana’s oil and gas sector a prime target for foreign investment.

This is highlighted by the drop in production in the first half of 2022, 1.9 million barrels down from the same period in 2021, from the three main fields of Jubilee, TEN and SGN. Ghana’s Ministry of Energy highlighted various initiatives, including liquid natural gas projects, three new refineries, upgrading gas processing plants and constructing multiple-berth jetties.  In 2021 the oil and gas sector’s contribution to GDP was estimated at 1.83 billion US dollars and was predicted to grow to 2.76 billion by 2024

The African Development Bank identified that Ghana’s manufacturing and industrial sectors are major drivers of the economy. Cocoa, food and agro-product processing, textiles, garments and pharmaceuticals are part of the manufacturing matrix, along with aluminium products, chemicals, timber, palm oil and fish processing.

The District Industrialisation Programme is a private sector-led rural initiative to establish at least one medium or large-scale industry in each of Ghana’s administrative districts, producing goods that are in demand locally and globally. The government has highlighted particular natural resources that it wants to steer towards the export market, including aluminium smelting, oil refining, chemicals, cement, metals processing and manufacturing textiles and clothes

Despite having a significant agricultural sector, Ghana is a net importer of agriculture-related foodstuffs due to its under-developed food processing capacity, which restricts choice and availability for the growing middle class. The sector contributes around 20% to GDP and employs more than 40% of the workforce. Half of Ghana’s arable land is used for crops, with the cultivation of cacao for its seeds and cocoa the main ingredient of the agricultural mix. Other crops include palm oil, rubber and citrus fruits, maize, cassava, plantain, yams, rice, sorghum and millet.

Commercial forestry is concentrated in Ghana’s south, with harvesting rights granted by the Forestry Commission. India, China and the US are the leading markets for timber exports. The fisheries sub-sector provides employment for around two-and-a-half million Ghanaians and generally contributes less than 2% to GDP, as locals try to compete with the proliferation of Chinese trawlers in the Gulf.

Tourism

The Ministry of Tourism, Arts and Culture (MoTAC) assessed that one million tourists visited Ghana in 2022, as the sector continued to rebound from the effects of COVID, and added 2.3 billion US dollars to GDP. Ghana’s tourist attractions feature nearly 350 miles of coastline on the Atlantic’s Gulf of Guinea with spectacular beaches, plus game reserves and national parks.

The drive to attract more tourists will see the development of water sports, entertainment complexes, luxury hotels, water parks and ecotourism as part of the government’s Destination Ghana initiative

Despite having a significant agricultural sector, Ghana is a net importer of agriculture-related foodstuffs due to its under-developed food processing capacity, which restricts choice and availability for the growing middle class. The sector contributes around 20% to GDP and employs more than 40% of the workforce. Half of Ghana’s arable land is used for crops, with the cultivation of cacao for its seeds and cocoa the main ingredient of the agricultural mix.

Other crops include palm oil, rubber and citrus fruits, maize, cassava, plantain, yams, rice, sorghum and millet. Commercial forestry is concentrated in Ghana’s south, with harvesting rights granted by the Forestry Commission. India, China and the US are the leading markets for timber exports. The fisheries sub-sector provides employment for around two-and-a-half million Ghanaians and generally contributes less than 2% to GDP, as locals try to compete with the proliferation of Chinese trawlers in the Gulf.

The sector includes banking, financial institutions, capital markets and insurance services. Regulatory bodies include the Bank of Ghana (BoG); the National Pensions Regulatory Authority (NPRA), the National Insurance Commission (NIC) and the Security and Exchange Commission (SEC).

The growing demand for FinTech sees the BoG piloting a digital alternative to using cash, by creating a secure e-payment infrastructure as part of the Digital Ghana Agenda. It also aims to make payments possible without using a bank account to increase the use of digital services and financial inclusion across all demographic groups. There are more than 30 commercial banks with services covering conglomerates as well as MSMEs.

The Main Sectors of the Ghanaian Economy

The country focuses on the following key sectors, which all have a significant impact on the country’s economy:

Mining

Ghana, historically known as the ‘Gold Coast’, is now Africa’s largest producer of the precious metal after overtaking South Africa in 2019 and the commodity accounts for 95% of the country’s mining revenue. Ghana has a host of mineral deposits, but only manganese, bauxite and diamonds are exploited to any significant degree, alongside gold excavation.

Ghana was the world’s sixth-largest producer of manganese in 2020. Lithium was discovered in 2018, leading to international partnerships to develop mining and processing. International companies must be aware that minerals and mining legislation introduced in 2020 allows hiring only two expatriates in the management of a company, and the general manager must be Ghanaian

The Ghana National Petroleum Corporation (GNPC) has the authority to explore for oil and gas reserves, which are providing promising potential for the sector, despite operational shortcomings. In 2022, reserves were discovered stretching across Ghana’s Atlantic shoreline and the GNPC is likely to seek partners for both exploration and production. Local companies need technical support for both activities, while the gas sector lacks storage facilities. The need to fill these gaps makes Ghana’s oil and gas sector a prime target for foreign investment.

This is highlighted by the drop in production in the first half of 2022, 1.9 million barrels down from the same period in 2021, from the three main fields of Jubilee, TEN and SGN. Ghana’s Ministry of Energy highlighted various initiatives, including liquid natural gas projects, three new refineries, upgrading gas processing plants and constructing multiple-berth jetties.  In 2021 the oil and gas sector’s contribution to GDP was estimated at 1.83 billion US dollars and was predicted to grow to 2.76 billion by 2024

The African Development Bank identified that Ghana’s manufacturing and industrial sectors are major drivers of the economy. Cocoa, food and agro-product processing, textiles, garments and pharmaceuticals are part of the manufacturing matrix, along with aluminium products, chemicals, timber, palm oil and fish processing.

The District Industrialisation Programme is a private sector-led rural initiative to establish at least one medium or large-scale industry in each of Ghana’s administrative districts, producing goods that are in demand locally and globally. The government has highlighted particular natural resources that it wants to steer towards the export market, including aluminium smelting, oil refining, chemicals, cement, metals processing and manufacturing textiles and clothes

Despite having a significant agricultural sector, Ghana is a net importer of agriculture-related foodstuffs due to its under-developed food processing capacity, which restricts choice and availability for the growing middle class. The sector contributes around 20% to GDP and employs more than 40% of the workforce. Half of Ghana’s arable land is used for crops, with the cultivation of cacao for its seeds and cocoa the main ingredient of the agricultural mix. Other crops include palm oil, rubber and citrus fruits, maize, cassava, plantain, yams, rice, sorghum and millet.

Commercial forestry is concentrated in Ghana’s south, with harvesting rights granted by the Forestry Commission. India, China and the US are the leading markets for timber exports. The fisheries sub-sector provides employment for around two-and-a-half million Ghanaians and generally contributes less than 2% to GDP, as locals try to compete with the proliferation of Chinese trawlers in the Gulf.

Tourism

The Ministry of Tourism, Arts and Culture (MoTAC) assessed that one million tourists visited Ghana in 2022, as the sector continued to rebound from the effects of COVID, and added 2.3 billion US dollars to GDP. Ghana’s tourist attractions feature nearly 350 miles of coastline on the Atlantic’s Gulf of Guinea with spectacular beaches, plus game reserves and national parks.

The drive to attract more tourists will see the development of water sports, entertainment complexes, luxury hotels, water parks and ecotourism as part of the government’s Destination Ghana initiative

Despite having a significant agricultural sector, Ghana is a net importer of agriculture-related foodstuffs due to its under-developed food processing capacity, which restricts choice and availability for the growing middle class. The sector contributes around 20% to GDP and employs more than 40% of the workforce. Half of Ghana’s arable land is used for crops, with the cultivation of cacao for its seeds and cocoa the main ingredient of the agricultural mix.

Other crops include palm oil, rubber and citrus fruits, maize, cassava, plantain, yams, rice, sorghum and millet. Commercial forestry is concentrated in Ghana’s south, with harvesting rights granted by the Forestry Commission. India, China and the US are the leading markets for timber exports. The fisheries sub-sector provides employment for around two-and-a-half million Ghanaians and generally contributes less than 2% to GDP, as locals try to compete with the proliferation of Chinese trawlers in the Gulf.

The sector includes banking, financial institutions, capital markets and insurance services. Regulatory bodies include the Bank of Ghana (BoG); the National Pensions Regulatory Authority (NPRA), the National Insurance Commission (NIC) and the Security and Exchange Commission (SEC).

The growing demand for FinTech sees the BoG piloting a digital alternative to using cash, by creating a secure e-payment infrastructure as part of the Digital Ghana Agenda. It also aims to make payments possible without using a bank account to increase the use of digital services and financial inclusion across all demographic groups. There are more than 30 commercial banks with services covering conglomerates as well as MSMEs.

Commercial Laws in
Ghana

Tax and Labour Authorities

The Ghana Revenue Authority (GRA):  The federal revenue authority is responsible for administering assessment and collection. The GRA was created in 2009 by merging the Customs, Excise and Preventive Service; the Internal Revenue Service; the Value Added Tax Service and the Revenue Agencies Governing Board. The GRA comes under the Ministry of Finance and Economic Planning.

Ministry of Employment and Labour Relations (MELR):  Founded in 2017, the MELR formulates policies and deals with labour issues; promotes workplace safety; monitors and evaluates implementation of policies.

The Ghana Federation of Labour:  Comprises nine affiliated unions, covering such sectors as textiles, food production, manufacturing and metalworkers, private security companies, teamsters, finance and business services, private education, media, ICT.

Operating payroll in Ghana is a major commitment for international companies moving into one of Africa’s up-and-coming economies. Revenues from oil, natural gas, gold and cocoa lay the foundation for Ghana’s economy, while its strategic location on West Africa’s Atlantic coast provides a gateway for further expansion throughout the region.

Ghana’s potential is clear, but expert knowledge is essential to handle the paperwork and avoid the red tape that jeopardises implementing your business plan swiftly and successfully… this is why you need Bradford Jacobs on your team. We have total understanding of all the issues surrounding Ghana’s payroll regulations, contracts, taxes, labour laws and every aspect of employment compliance.

Commercial Laws in
Ghana

Tax and Labour Authorities

The Ghana Revenue Authority (GRA):  The federal revenue authority is responsible for administering assessment and collection. The GRA was created in 2009 by merging the Customs, Excise and Preventive Service; the Internal Revenue Service; the Value Added Tax Service and the Revenue Agencies Governing Board. The GRA comes under the Ministry of Finance and Economic Planning.

Ministry of Employment and Labour Relations (MELR):  Founded in 2017, the MELR formulates policies and deals with labour issues; promotes workplace safety; monitors and evaluates implementation of policies.

The Ghana Federation of Labour:  Comprises nine affiliated unions, covering such sectors as textiles, food production, manufacturing and metalworkers, private security companies, teamsters, finance and business services, private education, media, ICT.

Operating payroll in Ghana is a major commitment for international companies moving into one of Africa’s up-and-coming economies. Revenues from oil, natural gas, gold and cocoa lay the foundation for Ghana’s economy, while its strategic location on West Africa’s Atlantic coast provides a gateway for further expansion throughout the region.

Ghana’s potential is clear, but expert knowledge is essential to handle the paperwork and avoid the red tape that jeopardises implementing your business plan swiftly and successfully… this is why you need Bradford Jacobs on your team. We have total understanding of all the issues surrounding Ghana’s payroll regulations, contracts, taxes, labour laws and every aspect of employment compliance.

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