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FY 1999 Country Commercial Guide: GhanaReport prepared by U.S. Embassy Accra, released July 1998. |
TABLE OF CONTENTS
Chapter I Executive Summary
Chapter II Economic Trends and Outlook
1. Major Trends and Outlook
2. Principal Growth Sectors
3. Government Role in the Economy
4. Balance of Payments Situation
5. Infrastructure Situation
Chapter III Political Environment
1. Nature of Political Relationship with the United States
2. Major Political Issues Affecting Business Climate
3. Brief Synopsis of Political System, Schedule for Elections, and
Orientation of Major Political Parties
Chapter IV Marketing U.S. Products and Services
1. Distribution and Sales Channels
2. Use of Agents/Distributors; Finding a Partner
3. Franchising
4. Direct Marketing
5. Joint Ventures/Licensing
6. Steps to Establishing an Office
7. Selling Factors/Techniques
8. Advertising and Trade Promotion
9. Pricing Product
10. Sales Service/Customer Support
11. Selling to the Government
12. Protecting your Product from IPR Infringement
13. Need for a Local Attorney
14. Performing Due Diligence/Checking Bona Fides of
Banks/Agents/Customers
Chapter V Leading Sectors for U.S. Exports and Investment
1. Best Prospects for Non-Agricultural Goods and Services
2. Best Prospects for Agricultural Products
3. Significant Investment Opportunities
Chapter VI Trade Regulations and Standards
1. Trade Barriers, including Tariffs, Non-Tariff Barriers and
Import Taxes
2. Customs Valuation
3. Import Licenses
4. Export Controls
5. Import/Export Documentation Requirements
6. Temporary Entry
7. Labeling, Marking Requirements
8. Prohibited Imports
9. Standards
10. Free Trade Zones/Warehouses
11. Special Import Provisions
12. Membership in Free Trade Arrangements
Chapter VII Investment Climate
1. Openness to Foreign Investment
2. Right to Private Ownership and Establishment
3. Protection of Property Rights
4. Adequacy of Laws and Regulation Governing Commercial
Transactions
5. Foreign Trade Zones/Free Ports
6. Performance Requirements/Incentives
7. Transparency of the Regulatory System
8. Corruption
9. Labor
10. Efficient Capital Markets and Portfolio Investment
11. Conversion and Transfer Policies
12. Expropriation and Compensation
13. Dispute Settlement, including Enforcement of Foreign Arbitral
Awards
14. Political Violence (As it may affect Investment)
15. Bilateral Investment Agreements
16. OPIC and other Investment Insurance Programs
16. Capital Outflow Policy
17. Major Foreign Investors
Chapter VIII Trade and Project Financing
1. The Banking System
2. Foreign Exchange Controls Affecting Trade
3. General Availability of Financing
4. How to Finance Exports/Methods of Payment
5. Types of Export Financing and Insurance Available (Bilateral,
Multilateral and Local Sources)
6. Availability of Project Financing (OPIC and Eximbank
availability as well as Multilateral Facilities)
7. Types of Projects Receiving Financing Support
8. Ghanaian Banks and their Correspondent U.S. Banks
Chapter IX Business Travel
1. Business Customs
2. Travel Advisory and Visas
3. Holidays
4. Business Infrastructure
a. Entry Requirements
b. Currency Exchange
c. Labor Costs and Legislation
d. Transportation
e. Communications
f. Utilities
g. Taxes
h. Rents: Residential and Commercial
i. Business Services
j. Education
k. Security
l. Health Precautions
m. Insurance
n. International Mail and Long Distance Calling
o. Hotels
p. Dining Out
q. Embassy Assistance
5. Temporary Entry of Goods (Laptop Computers, Software, Exhibit
Materials etc.)
6. Information on Typical Product Pricing Structure (Percent Mark-
Up for Products.
Chapter X Economic and Trade Statistics
Appendices
A. Country Data
B. Domestic Economy
C. Trade
D. Investment Statistics
Chapter XI U.S. and Ghana Contacts
E. U.S. Embassy Trade Related Contacts
Chapter XII Market Research and Trade Events
F. Market Research
G. Trade Event Schedule
Chapter I. Executive Summary
Ghana is a small West African country about the size of Oregon with an
economy traditionally oriented toward agriculture and small scale
domestic trading. A former British colony, English is the language of
commerce and government, although some 75 other languages and dialects
are spoken. In the past Ghana has conducted most of its external trade
with Europe and North America and only a relatively small amount with
other African countries. Ghana's re-establishment of diplomatic and
trade ties with South Africa has contributed to a fairly significant
trade and investment flow with that country, with promises for even
greater commerce between the two nations following the June 1998 visit
of an important South African trade delegation to Ghana.
Traditional Ghanaian exports include cocoa, timber, and gold. While
cocoa production is highly dependent on weather conditions, the mining
sector has experienced vigorous growth in recent years as new mining
technology has permitted the profitable exploitation of lower grade
ores. Agriculture still dominates the economy (about 45 percent of
GDP) and sustained growth in the manufacturing sector has been elusive.
Until reform measures were adopted in the mid-1980s the economy was
dominated by public sector enterprises -- more than 300 in number. The
government of Ghana has now divested itself of more than 200 of these
firms and the divestiture program continues, albeit at a slower rate.
The Government of Ghana intends to re-institute a system of Value Added
Tax (VAT) in the last quarter of 1998 to bolster revenue collections
and rationalize the tax system.
The historic visit to Africa by President Bill Clinton in March of 1998
has meant renewed interest in the continent, and in particular Ghana.
The Clinton visit has reinvigorated the Ghanaian business community's
seriousness about becoming the Gateway to West Africa, and reinstilled
high expectations of business ties with the U.S. More and more people
are visiting Ghana, and tourism is now the country's third largest
foreign currency earner.
Until recently Ghana was a net exporter of surplus electricity produced
by the Akosombo dam. However, a long standing tariff policy, below
average rainfall over the past two years and a growing demand have
combined with the El Nino phenomenon to create an historic power
shortage for the country. In the first six months of 1998, the
Government of Ghana (GOG), external donors and local private sector
companies have worked together to put the country back on course. The
government has publicly stated that the energy crisis will be over
nationally by early 1999. According to local press statements, it is
anticipated that the capital Accra will be back on full city power by
the end of 1998. GOG plans to double generating capacity to 2600MW by
2001, primarily through gas-fired plants, and it is setting up the
regulatory framework and price reforms to attract independent power
producers, as well as encouraging alternate renewable sources of
energy. The government is expecting the private sector to finance the
majority of these new projects. Although this situation does
constitute a substantial impediment to domestic productivity, it also
offers opportunities for foreign vendors and investors.
The shortcomings in the telecommunications sector have been offset by
deregulation, providing further new opportunities for investment.
Progress has been made in the development of wireless services and in
the modernization of antiquated switching facilities but much remains
to be done. The generally poor quality of the Ghanaian road network has
had an adverse effect on economic development, but offers opportunities
for U.S. investment. Food processing and packaging equipment,
secondhand clothing and motor vehicles, computers and peripherals as
well as hotel and restaurant equipment also offer opportunities for
U.S. exports.
All the programs of the Export Import Bank of the United States
(Eximbank) for both public and private sector transactions are
available in Ghana, one of only a handful of countries on the continent
where this is the case.
Ghana's largest traditional trading partner has been the United
Kingdom, Nigeria is second, and the U.S is third. The last three years
have seen an increase in the U.S. share of Ghana's total imports (from
10 percent to over 18 percent), and that trend is expected to continue.
Ghana is now the U.S.'s third largest export market in sub-Saharan
Africa. It has become a site for conferences and gatherings of
potential business links with Africa. For example, the African African-
American Summit is scheduled to take place in May of 1999, bringing
over 2,000 U.S. leaders in business to Ghana.
The Commercial Service is represented in Accra, and it, the Foreign
Agricultural Service and other U.S. Embassy elements stand ready and
eager to assist U.S. businesses in their efforts to penetrate this
attractive West African market. The Commercial Service can provide the
U.S. company representative with a personalized program of local
appointments and insights into the Ghanaian marketplace. This "Gold Key
Service" includes up to four scheduled appointments per day with a
potential agent/distributor or contact, as well as the services of a
Commercial Specialist on all calls. For more details see Chapter IV, 2.
This Country Commercial Guide (CCG) presents a comprehensive look
at Ghana's commercial environment, using economic, political and market
analysis. The CCGs were established by recommendation of the Trade
Promotion Coordinating Committee (TPCC), a multi-agency task force, to
consolidate various reporting documents prepared for the U.S. business
community. Country Commercial Guides are prepared annually at U.S.
Embassies through the combined efforts of several U.S. government
agencies.
Chapter II. Economic Trends and Outlook
1. Major Trends and Outlook
Ghana achieved real economic growth of 5.1 percent in 1997, slightly
down from the 5.2 percent recorded in 1996. Agricultural growth was
3.3 percent, down slightly from the 4.0 percent in 1996 but still well
above the 1.9 percent average for 1990-94 and above Ghana's 3.0 percent
population growth rate. Inadequate rainfall, however, caused a decline
in the volume of cocoa production, leading to a fall of value by 2
percent. Growth in the industrial sector improved from 4.2 percent in
1996 to 5.7 percent in 1997. Manufacturing picked up, while there was
a slowdown in the mining subsector as a result of the fall in gold
prices. The services sector grew at a 6.2 percent annual rate,
outpacing both agriculture and industry.
The government remains under heavy pressure from international
financial institutions and donors to adhere to a policy of fiscal
discipline in order to set the stage for renewed growth. Reducing
inflation to tolerable levels (it is currently about 20 percent),
preventing depreciation of the cedi relative to the dollar and reducing
the present high level of domestic interest rates are key goals of
government economic policy.
2. Principal Growth Sectors
Gold mining remains the focus of growth in Ghana's industrial sector.
Exploration work by foreign mining companies continues at a high level
while production is also expanding. Cocoa production during the
1997/98 growing season is forecast to be about 350,000 metric tons.
However current figures available indicate that this target could be
exceeded. Weather and rainfall conditions are the principal
determinants of cocoa production. The liberalization of Ghana's
telecommunications sector, including operation of a second network
operator, should offer good opportunities for service and equipment
providers. Several major hotel projects in Accra and elsewhere are
indicators of increasing commercial interest in Ghana and a growing
tourism sector.
3. Government Role in the Economy
The Ghanaian government continues the process of divesting state-owned
enterprises and disengaging from a direct role in the economy. The
government has retained a minority stake in many divested enterprises
but does not intend to play an active management role. The government
does, however, play a major role in the air transport and cocoa
sectors. Ghana Airways remains wholly-owned by the government and the
government retains a monopoly on the export of cocoa.
4. Balance of Payments Situation
The government recorded a balance of payment surplus of USD 25 million
for 1997 as against a deficit of USD 19 million in 1996. This is
largely attributed to the improvement in the current accounts position.
Both imports and exports declined in 1997, resulting in the reduction
of the trade deficit USD 366 million in 1996 to 272 million in 1997.
Net capital inflows were USD 239 million.
The government projects a balance of payments surplus of USD 80 million
for 1998. This presumes an increase in exports of 9.7 percent with
cocoa regaining its dominance as the largest contributor to exports,
whilst gold export earnings are expected to continue their decline.
The share of non-traditional exports is expected to move up to 15.1
percent of total exports as against 12.7 in 1997. Imports are forecast
to grow by 12.1 percent.
The foreign exchange value of the cedi vis-a-vis the dollar declined by
22.7 percent in 1997. After adjustment for inflation, the cedi has
appreciated in real terms since 1995, which favors imports at the
expense of domestically-produced goods. In a bid to slow down the
cedi's decline, in the first half of 1997, the Bank of Ghana engaged in
significant foreign exchange sales, which ran down its foreign exchange
reserves. BOG has now resorted to strict supervision of the banks and
foreign exchange bureaus in order to ensure compliance with the law
regarding their operations. This is yielding some positive results
with the cedi being relatively stable over the first half of 1998.
5. Infrastructure Situation
In the past, infrastructure shortcomings have created substantial
impediments to domestic productivity and discouraged foreign direct
investment. However, improvements continue to be made at most levels,
especially in the telecommunications sector, as a result of the Ghana
Telecom's privatization and the granting of a second network operator
license. The availability of wireless services continues to expand and
much of the growth in voice traffic is taking place in these systems.
The government has committed substantial resources to road building
efforts, although the generally still poor quality of Ghanaian roads
slows down the delivery of goods, especially during the rainy season.
The government of Ghana is beginning to address the Year 2000 problem
by holding workshops and raising awareness through the media.
Chapter III. Political Environment
1. Nature of Political Relationship with the U.S.
The U.S. and Ghana enjoy a relationship best described as cordial and
constructive. There are no major obstacles disruptive of the bilateral
relationship, although the disproportion between the size and wealth of
the two countries contributes frequently to divergent perspectives
regarding global and regional political, military, economic and trade
issues. In the past Ghana has exercised a position of leadership
within the non-aligned movement and its voice in international fora is
most often heard in support of debt-relief and other issues that tend
to have a North-South orientation. Various African leaders have spent
time in their formative years in Ghana and this reinforces Ghanaian
support for pan-Africanism and a populist brand of African democracy.
Ghana has come to recognize the shift in the world power balance away
from the former "east bloc" and towards the western democracies.
Despite this trend, Ghana maintains close official relations with Libya
and Cuba, as well as apparently warm diplomatic ties with the
government of North Korea.
2. Major Political Issues Affecting the Business Climate
The attitude of the Ghanaian government could be described as pro-
business. While there are sometimes reports to the contrary, the
perceived government intolerance and hostility to private business and
entrepreneurial development is gradually being replaced with seemingly
genuine attempts at creating an enabling environment conducive to the
transaction of business. Since 1989, there has been a steady and
serious effort on the part of government to privatize over 300 state
owned enterprises which were not profitable.
Today, Ghana offers potential investors a stable, multiparty democratic
environment as well as a commitment to the philosophy and practice of
market liberalization. Ghana's divestiture program, its priority for
free enterprise and private sector initiative, as well as various tax
incentives to attract foreign capital all contribute towards making
Ghana an interesting place to invest.
3. Brief Synopsis of Political System, Schedule for Elections, and
Orientation of Major Political Parties
In December 1996, Ghana had its second experience in multiparty
elections since the inauguration of the 4th Republic.
The government is headed by President Jerry John Rawlings. In what is
considered a generally free, fair and peaceful election, Jerry John
Rawlings won a second four year term in December, 1996 with 58% of the
votes cast, while the opposition NPP/PCP Alliance and the PNC recorded
39.5% and 2.5% respectively. The NPP is the leading opposition party.
Next elections are scheduled for December 2000.
Out of a 200-member Parliament, the ruling party, the National
Democratic Congress (NDC), has 133 seats, the New Patriotic Party (NPP)
has 61 seats, the People's Convention Party (PCP) has 5 seats, while
the People's National Convention (PNC) has 1 seat. Debates are
gradually eroding government-opposition polarization, suspicion and
mistrust. Government and the Opposition fight out their differences in
Parliament and occasionally at the courts. Most bills introduced,
however, are proposed on the initiative of the Executive branch of
government. This notwithstanding, the committee system enables members
to subject issues to close and detailed study, debates and objective
criticism. Indeed, present political conditions have highlighted the
prospect for building and sustaining a democratic culture of governance
in Ghana.
A prominent feature of the present parliament is that a large
percentage of the minority is from the upper middle class, most of whom
are professionals in law, medicine, commerce and industry. In theory
and practice, Parliament sets its own agenda and determines how it
should be carried out.
The Constitution affords the media protection and insulates it from
state control and intimidation. Although Government controls a greater
share of media time , the media have become unofficial watchdogs to
ensure that policies are adhered to. While the state media is
generally staid, and only echoes official voice and propaganda, the
independent media is largely anti-government, or to be more accurate,
anti-Rawlings. Their personal attacks on Rawlings sometimes obscure
objective analyses and investigations, however.
Chapter IV. Marketing U.S. Products and Services
1. Distribution and Sales Channels
The channels of distribution available to U.S. suppliers of goods and
services in Ghana are wholesalers, retail outlets, and agents or
distributors. Some suppliers sell directly to the government while
others sell to indigenous associations. The most important trading
center for U.S. products and the most populous area of the country is
the Accra/Tema Metropolitan area (pop. 3m). Other large cities (in
order of size and importance for marketing U.S. products) are Kumasi
(pop. 700,000), Sekondi/Takoradi (pop. 300,000), Tamale (pop. 300,000),
Sunyani (pop. 160,000) and Cape Coast (pop. 110,000). Exporters are
advised to consider the requirements of the product and the potential
market before choosing a distribution channel.
2. Use of Agents/Distributors; Finding a Partner
While there are no laws requiring the retention of a local agent or
distributor for a foreign company exporting to Ghana, American
companies wishing to enter the Ghanaian market are strongly advised to
retain a business person or persons resident in Ghana to market their
products. An agent or distributor should possess a thorough
understanding of the economy. If the exported product requires
servicing, qualified personnel and a reasonable inventory of spare
parts must be considered. Exporters should be aware that agents and
distributors commonly represent several product lines.
While in the past Ghanaians had a preference for made-in-Britain goods
and Asian goods, there has been increased interest of late in American
products because of their perceived superior quality. While European
competitors market their geographic proximity as a competitive
advantage, on more than one occasion Ghanaian businessmen and women
have expressed their willingness to pay a higher cost (in price and
transportation costs) for an American product because American
companies enjoy the reputation in Ghana of providing excellent after-
sale service.
Prior to committing to a long-term relationship, exporters are advised
to visit Ghana to gain firsthand knowledge of the country. The
Commercial Service can help exporters locate agents and distributors
through the Agent Distributor Service (ADS) program. Information
regarding this program is available through the Commercial Service
district offices located in all 50 states and Washington, DC. The cost
of a report is USD 250.
Exporters may also wish to use the International Company profile (ICP),
a service for checking the reputation, reliability and financial status
of a prospective trading partner. The information is in the form of a
confidential report, along with a recommendation from commercial
officers at the U.S. embassy as to the suitability of the company as a
trading partner. A fee of USD 100 per company is charged.
The Commercial Service offers another unique facility for U.S. business
people - the Gold Key Service, a custom-tailored service for U.S. firms
planning to visit a country. It provides the following:
- up to four scheduled appointments per day with a potential
agent/distributor or contact
-services of a Commercial Specialist on all calls
-use of our offices in Accra's business center
-unlimited use of our phone and fax for local calls (use our
international lines at cost)
-basic secretarial and receptionist service
-in-depth business, economic and political briefing by an American
officer
Your one time low cost:
--USD 150 is required for the first day of the service and USD120.00
for each subsequent day.
--an additional USD 100 per day for a business escort to your meetings,
if requested.
Please inform the Commercial Service Accra at the address below at
least three weeks before your departure to Ghana in order to facilitate
this process.
The Commercial Service
The United States Embassy
P. O. Box 194
Accra, Ghana
Tel: (233-21) 235096
Fax: (233-21) 229882/776008
Email: comserv@ghana.com
3. Franchising
There is a growing interest in franchising in Ghana, an area which has
potential for development, especially by smaller U.S. businesses.
Under-capitalization of many companies discourages greater use of this
approach to business.
4. Direct Marketing
Wholesale establishments and many retail outlets are concentrated in
Accra. These include company headquarters, branch banking,
supermarkets and specialty shops. Several companies have opened
branches in Kumasi and Takoradi. Both within and outside of Accra,
most of the small-scale retail outlets are individual proprietorship
operations that lack specialization. U.S. companies will require some
presence in Ghana either through an agent, a distributor or a small
business.
5. Joint Ventures/Licensing
The Ghanaian Investment Code provides legislative encouragement for
joint venture activities. However, joint venture arrangements with
Ghanaian firms should spell out carefully areas of responsibility.
Some local entrepreneurs operate under the impression that all costs
will be borne by the foreign investor while expertise in selling to the
local market is all that is required of them. Many potential local
joint venture partners have little equity to offer and merely seek to
capitalize on their knowledge of the local business environment.
6. Steps to Establishing an Office
All investors intending to invest in Ghana should first contact the
Ghana Investment Promotion Center (GIPC). The GIPC is a government
agency with two primary objectives: (1) the encouragement and
promotion of investment in the Ghanaian economy and (2) the
coordination and monitoring of all investment activities.
One of the goals of GIPC is to guide an entrepreneur through the local
business registration process including handling the formalities to
register, incorporate, modify or dissolve a local company. The GIPC was
established under the Ghana Investment Promotion Center Act of 1994 as
a one-stop shop for economic, commercial and investment information for
entrepreneurs interested in starting a business or investing in Ghana.
GIPC utilizes databases, documentation, formal presentations,
investment missions, country-specific investment fora and basic
counseling services to carry out its activities. Under the GIPC Act of
1994, investment projects in all sectors of the economy, other than the
mining and petroleum sectors, are free to establish without prior
approval of GIPC. Mining and petroleum sector projects have to be
approved or licensed by the Minerals Commission and the Ghana National
Petroleum Corporation, respectively.
The first step in the incorporation of a company is normally to
ascertain from the Registrar of Companies whether the desired name is
available. When this is cleared, a copy of the proposed regulations of
the company must be delivered to the Registrar for registration. The
regulations must contain the following: (1) the name of the company,
(2) the nature of the business or the objects for which the business is
being established, (3) the names of the first directors, and (4) the
limits of the powers of the directors with regards to the provisions of
the Code. The Department has five working days to complete the
registration formalities if application documents are received in good
order. Upon registration of the regulations, the Registrar certifies
under his/her seal that the company is incorporated by awarding a
Certificate of Incorporation, which makes the company a body corporate
with legal identity. After registration of the business entity,
business enterprises are free to implement their projects, import
equipment and clear these through Customs, Excise and Preventive
Services (CEPS).
The principal forms of business organizations do not differ too much
from U.S. based companies. Apart from state-owned enterprises, there
are (1) companies, including branches of foreign firms (2) partnerships
and joint ventures and (3) sole proprietorships. Under the Companies
Code, a company can take any of the following forms: (1) limited
liability company or a company having the liability of its members
limited to the amount, if any, unpaid on the shares respectively held
by them (2) company limited by guarantee or a company having the
liability of its members limited to such amount as the members may
respectively undertake to contribute to the assets of the companies in
the event of its being liquidated (3) an unlimited company or a company
not having any limit on the liability of its members.
A company may be registered as a public or a private company. Every
company with limited liability must include the word "Limited" as the
last part of its name. All companies incorporated in Ghana must have
at least one shareholder and two directors. The Act also requires all
companies to file annual returns with the Registrar of Companies.
Prior to establishing a business entity in Ghana, it is advisable to
consult a local attorney. Cost for this should not exceed USD 200. The
Commercial service maintains an up-dated list of attorneys, several of
whom have worked and/or studied in the United States.
7. Selling Factors/Techniques
Ghana maintains strong historical, cultural and economic links with
Britain in particular, and Europe in general. However, there appears
to be a liking for things "American" in Ghana. Nonetheless, it is
important that U.S. companies establish and maintain a high level of
personal contact within Ghana; it is generally not possible to mount a
successful enterprise via telephone or fax contact alone.
Like its neighbor, Cote d'Ivoire, Ghanaian values are more traditional
than those of Americans. This tendency extends to business dealings as
well. People are extremely polite; it is customary to greet everyone
you meet. Even a long-term partner or business contact is usually
greeted with an exchange of pleasantries, followed by a handshake and
inquiries about one's health, family and relatives. Never walk into a
person's office or begin a conversation without a greeting. The few
newcomers who have made the mistake of beginning a conversation without
the necessary greeting report being told by their host(s), "but you
have not greeted me (us)". Ghanaians are often referred to as "the
friendliest people on the continent." They are warm and receptive of
outsiders, are very accommodating and will go the extra mile to be
helpful. Ghanaians like regular, face-to-face contact and personal
visits are warmly welcomed. While visits may not be the most efficient
or inexpensive method, it is generally regarded as the most effective
method of handling new trade initiatives.
Although many Ghanaian business people are well traveled and understand
the Western saying "time is money", it is advisable for the business
visitor to Ghana to adapt to a pace of business and life that is slower
than in the U.S.
The Lebanese and Asian (primarily Indian) communities play an important
role in business in Ghana. Many Lebanese business people are third and
fourth generation Ghanaian citizens, and while they may educate their
children in Lebanon (and Britain) and travel there for business and
recreation, they consider Ghana their home in a real sense.
8. Advertising And Trade Promotion
There are more than 10 advertising agencies in Accra. A few of the
larger companies offer the full range of publicity and sales promotion
services in the main population areas. Three of them, Lintas, Design &
Display Publicity, and Media Majique are affiliates of American
companies. While many of the smaller companies pass themselves off as
"advertising" companies, they are engaged primarily in designing and
printing. The Commercial Service can be of assistance in identifying
suitable companies for brand representation and the identification of
leading publications with general or specialized readership. There are
also several companies that offer market research.
The following is a list of major newspapers and business journals:
Ghanaian Times
Daily Graphic
Ghanaian Chronicle
Marketing Outlook
Business and Financial Times
Business Chronicle
High Street Journal
The first two publications are pro-government dailies, while the
"Chronicle" is an opposition paper. Ghanaians own more than 2 million
television sets and over 13 million radios, and are accustomed to
consumer-oriented commercials and advertising, as well as public
service announcements. With three television networks currently being
broadcast (G.T.V., TV3 and Metro T.V.), and six pay-per-view networks
rebroadcast by satellite, advertising through the media has taken a
quantum leap. There are now 23 FM and 6 AM radio stations throughout
Ghana (up from only one in 1994), and these all feature regular
advertisements. Suppliers of imported products are expected to provide
advertising and promotional support, particularly if it is a new
product or brand. As well as radio and television spots there are also
posters, point of sale displays and billboards. Trade fairs are an
increasingly popular means of reaching the Ghanaian buyer.
Packaging is important to the Ghanaian consumer. Eye-catching,
colorful designs appeal to the consumer. Extended shelf life in a warm
and humid environment is an important factor.
9. Pricing Product
Ghanaians tend to be very price conscious with respect to most
purchases. Increasing sophistication is leading some buyers away from
the low cost alternatives that result eventually in higher replacement
costs. Costs should be computed on a CIF basis.
Local sources of commercial credit are extremely limited. Also, until
recently, real interest rates on deposits have been negative, giving
individuals little incentive to hold savings in bank accounts. People
prefer to hold cash, so that currency in circulation is large when
compared with bank deposits. Bank lending to the private sector is
constrained by high interest rates and heavy borrowing by the
government in local markets. U.S. exporters are advised to utilize an
irrevocable, confirmed letter of credit, especially if they are non-
resident and new to the Ghanaian market.
The Commercial Service can help exporters formulate sound credit
policies applicable to local markets and credit information on
individual Ghanaian firms through the International Company Profile
(ICP)program (see Chapter IV, 2 for details). Information about ICP is
also available through the Commercial Service district offices located
in all 50 states and Washington, DC. Similar information can be
obtained from private agencies.
10. Sales Service/Customer Support
Goods sold in Ghana are frequently subjected to heavy use and often are
not maintained in accordance with the manufacturer's recommendations.
Service contracts, product recalls, and work performed under warranty
have not been widely familiar, but are becoming more and more
commonplace.
There is a genuine interest in Ghana in trading with the U.S.
Businessmen and women cite after-sales support and the high quality of
American goods as reasons for the interest. High-tech or heavy
industrial equipment such as computer hardware and software,
telecommunications equipment, photocopiers, automobiles, air
conditioning/refrigeration units and earth-moving equipment have all
enjoyed reasonable success in the Ghanaian economy of late. Readable
service manuals, frequent personnel training and an adequate inventory
of spare parts are important for success in the Ghanaian market.
11. Selling to the Government
The Ghana Supply Commission (GSC) is the government entity entrusted
with responsibility for procurement on behalf of the government and its
various instrumentalities. The GSC commonly provides a 45-day
tendering period on procurement contracts being let. The point of
contact for GSC is c/o the Chief Executive, P.O. Box M 35, Accra,
Telephone (233)(21) 228131 and fax (233)(21) 668452. The procurement
is typically financed by a multilateral lending institution such as the
World Bank, the African Development Bank or the International Finance
Corporation. There is usually a charge to purchase the bid documents.
12. Protecting Your Product from Intellectual Property Rights (IPR)
Infringement
The protection of intellectual property is an evolving area of law in
Ghana but strides have been made in recent years to afford protection
to a variety of intellectual property under both local and
international law. Ghana is a member of the World Intellectual
Property Organization (WIPO) and the English-speaking African Regional
Industrial Property Organization (ESARIPO).
13. Need for a Local Attorney
It is advisable to consult a local attorney to ensure that the company
is following all the appropriate laws and procedures with regards to
employment and other matters. There are a number of Labor Laws which
regulate employer-employee relations in Ghana. The Labor Decree of
1967 (NLCD 157) established Public Employment Centers to assist job
seekers find work. It also addresses workers' contracts and agreements
and regulates the employment of women, children and young persons.
The Industrial Relations Act of 1956 (Act 299) regulates industrial
disputes and the collective bargaining process. It also sets up the
Trades Union Congress which acts as the representative of the trade
union movement in Ghana.
There is no legal requirement for labor participation in management.
However, joint consultative committees where management and employees
meet to discuss issues affecting the productivity of the business are
common.
There are no statutory requirements for profit sharing. However,
fringe benefits in the form of year-end bonuses and retirement benefits
are generally included in collective bargaining agreements.
Again, consulting a local attorney with regard to labor issues is
recommended. The Commercial Service maintains a list of attorneys,
which is available upon request.
14. Performing Due Diligence/Checking Bona Fides of Banks, Agents and
Customers
Please refer to the information about our Gold Key Service, Chapter IV,
2.
Chapter V. Leading Sectors for U.S. Exports and Investment
1. Best Prospects for Non-Agricultural Goods and Services
1 - Electrical Power Systems
2 - Telecommunication Equipment
3 - Construction and Earth Moving Equipment
4 - Automobiles/Light Trucks/Vans
5 - Mining Industry Equipment
6 - Computers and Peripherals
7 - Food Processing and Packaging Equipment
8 - Hotel/Restaurant Equipment
9 - Travel and Tourism Services
The data below are estimates based on Ghana Statistical Service
figures. Estimates for 1997 and 1998 take into consideration the
direction of government policies, economic and political conditions and
the views of market participants. All data are in millions of U.S.
dollars.
1 - Electrical Power Systems (ELP)
Ghana, since the beginning of 1998, has been undergoing some energy
crisis as a result of the low level of water in the dam of its
hydroelectric plant that supplies 80 percent of the nation's electric
power. Present demand deficit is about 600MW. GOG plans to double
generating capacity to 2600MW by 2001, primarily through gas-fired
plants financed by independent power producers. Capital investment by
the utilities is expected to help stimulate the market for generation,
transmission, and distribution equipment.
The current power curtailment program had caused a sharp increase in
demand for electric generators for industries. Uncertainty about the
reliability of supply from the utilities would continue to spur the
demand for both new and used electric generators for households and
industries.
1996E 1997E 1998E
$M $M $M
a. Total Market Size 30 40 61
b. Total Local Production 0 0 0
c. Total Exports 5 6 8
d. Total Imports 35 46 69
e. Imports from the U.S. 13 20 28
The above statistics are unofficial estimates.
2 - Telecommunication Equipment (TEL)
Over the past four years, as a result of government's liberalization of
its telecommunications sector, annual growth has been significant.
Imports are mainly for landline projects and private mobile telephone
services. Major imports include switching and transmission equipment,
telephone, fax machines, radio and television equipment, and cellular
radio telephones.
The market for these products is expected to increase by 60 percent in
1998. An improving private business sector and the soon to come into
operation of a second national carrier will drive growth. The key
competing countries are Japan, Malaysia, Singapore, and the U.K.
1996E 1997E 1998E
$M $M $M
a. Total Market Size 22 44 70
b. Total Local Production 0 0 0
c. Total Exports 0 0 0
d. Total Imports 22 44 70
e. Imports from the U.S. 3 5 10
The above statistics are unofficial estimates.
3 - Construction and Earthmoving Equipment (CON)
In Ghana earthmoving equipment is in demand for use in road
construction, mining operations and in commercial and residential
property development. Price and financing terms are key considerations
for buyers where sales are not linked to external assistance programs.
Reconditioned equipment have very good prospects, especially those that
have parts that can be obtained easily. Non-U.S. producers of
construction and earthmoving equipment have been somewhat slow to enter
the Ghanaian market, but there are indications that they are becoming
more aggressive.
1996E 1997E 1998E
$M $M $M
a. Total Market Size 65 78 94
b. Total Local Production 0 0 0
c. Total Exports 0 0 0
d. Total Imports 65 78 94
e. Imports from the U.S. 20 23 28
The above statistics are unofficial estimates.
4 - Automobiles/Light Trucks/Vans (AUT)
Ghana has no domestic assembly of motor vehicles and thus relies
exclusively on imports of these products. Used vehicles (5-10 years
old) constitute about 70 percent of vehicles imported into Ghana.
Effective June 1998, government banned the import of motor cars and
commercial vehicles which are more than 10 years old. Hence, GOG
abolished the penalty on older vehicles.
Low income levels make older cars more attractive. The general trend
is toward vehicles with smaller engine (1600-1800cc) capacity and those
that can run on liquefied gas. Under the new rates of taxes, they
attract only import duty, at 10 percent.
In the new vehicles market, U.S. cars are becoming very popular, as it
is increasingly easier to obtain parts. Right-hand steering motor
vehicles are forbidden in Ghana.
1996E 1997E 1998E
$M $M $M
a. Total Market Size 263 275 285
b. Total Local Production 0 0 0
c. Total Exports 0 0 3
d. Total Imports 263 275 288
e. Imports from the U.S. 25 28 32
The above statistics are unofficial estimates.
5 - Mining Industry Equipment (MIN)
The mining sector continues to enjoy strong growth in Ghana. Gold
extraction is the focus of most activity, but bauxite, manganese, salt,
and diamonds are also being mined. Ghana now produces over one million
ounces of gold annually and is the second largest producer in Africa.
The industry leader, Ashanti Goldfields Corporation, was partially
privatized in 1994. American, Australian and South African firms are
also active in the Ghanaian gold mining industry.
U.S. suppliers face strong competition from Japanese, European and
South African manufacturers. U.S. products have, however, earned a
reputation for high quality, reliability and good value.
1996E 1997E 1998E
$M $M $M
a. Total Market Size 72 86 99
b. Total Local Production 0 0 0
c. Total Exports 0 0 0
d. Total Imports 72 86 99
e. Imports from the U.S. 7 13 16
The above statistics are unofficial estimates.
6 - Computers and Peripherals (CPT)
The market for computers continues to expand, as government and
businesses try to facilitate work and improve productivity. The main
imports are desk-top personal computers, floppy diskettes, printers,
and monitors. The U.S. remains the dominant supplier in the computer
equipment market in Ghana. Other suppliers are Japan, U.K. and lately,
South Korea.
A growing number of firms serve the Ghanaian hardware and software
markets. Demand is spurred by improved local servicing capacity
coupled with growth of offshoot activities including shareware,
software design, computer graphics, and systems consulting. There is a
rising demand for used pentium computers.
1996E 1997E 1998E
$M $M $M
a. Total Market Size 10 15 20
b. Total Local Production 0 0 0
c. Total Exports 2 2 3
d. Total Imports 12 17 23
e. Imports from the U.S. 4 6 10
The above statistics are unofficial estimates.
7 - Food Processing and Packaging Equipment (FPP)
New supermarkets and other food stores in the Accra/Tema and Kumasi
areas have increased the available outlets for processed foods and thus
increased demand for these items. There are numerous opportunities for
the supply of equipment to canners and bottlers of beer, stout, soft-
drinks and locally-produced fresh produce, particularly tomatoes and
pineapples. Companies are eager to produce more attractive packaging
for many consumer food products. The ability of local food processors
to produce quality packaging is very limited and there is much room for
improvement.
Major imports include fruit, vegetable, and beverage processing
equipment. Due to the relatively small market, small output capacity
equipment is preferable. Local engineering firms are also very good
outlets for the sale of components for assembling.
1996E 1997E 1998E
$M $M $M
a. Total Market Size 17.6 21.0 25.2
b. Total Local Production 0.1 0.1 0.2
b. Total Exports 0 0 0
d. Total Imports 17.5 20.9 25.0
e. Imports from the U.S. 5.0 7.6 9.1
The above statistics are unofficial estimates.
8. Hotel/Restaurant Equipment (HTL)/Household Consumer Goods
(HCG)/Consumer Electronics (CEL)
Segregation of data for these sectors under the Ghana Statistical
Service's HS-based Eurotrace program is not very distinct. There is an
overlap, hence the grouping of these sectors. However, industry
participants generally agree that the major contributor (about 50%) to
demand growth of the market is the hotel and restaurant industry.
Construction of new hotels and restaurants to cater for the growing
number of tourists and businessmen coming to Ghana is the main factor
driving demand. Currently, nine major hotels are under construction
and will add about 2000 rooms. This is expected to spur the demand for
commercial refrigerators, ovens, dishwashers and display cabinets.
1996E 1997E 1998E
$M $M $M
a. Total Market Size 93 106 122
b. Total Local Production 4 8 10
c. Total Exports 1 2 3
d. Total Imports 90 100 115
e. Imports from the U.S. 7 12 18
The above statistics are unofficial estimates.
9 - Travel and Tourism Services (TRA)
International travel and tourism is gradually emerging as a key
services sector in the Ghanaian economy. Foreign exchange earnings
from tourism increased from USD 81 million in 1990 to over USD 240
million in 1996. The number of tourists arriving in 1996 was about
300,000, and this is projected to rise to at least 400,000 by the year
2000. To respond to the growing traffic of business travellers and
holidaymakers to Ghana, there is the need for more travel and tourism-
related businesses, such as tour and travel operations and management
services, as well as investments in tourism infrastructure.
1996E 1997E 1998E
$M $M $M
a. Total Market Size 240 264 396
b. Total Local Production N/A N/A N/A
c. Total Exports N/A N/A N/A
d. Total Imports N/A N/A N/A
e. Imports from the U.S. N/A N/A N/A
N/A - Not Available
The above statistics are unofficial estimates.
2. Best Prospects for Agricultural Products
1 - Wheat
There is no cultivation of wheat in Ghana. All the wheat consumed in
Ghana is imported, with about 95% of the imports coming from the U.S.,
and the rest from Canada and the EU. Wheat (flour) is eaten in one
form or the other by almost every household in Ghana. However it is
eaten primarily as bread, which has now become more of a staple food
for Ghanaians. With population increases and a rising demand for wheat
bran by livestock and poultry, demand for the importation of wheat will
be sustained. However, the volume of wheat imports for 1998 may
decline due to power outages being experienced in the country.
Ghanaian officials estimate total wheat milling capacity in Ghana at
350,000 MT (the capacity is about 400,000 MT).
1996E 1997E 1998E
MT MT MT ('000)
a. Total Consumption 225 250 210
b. Total Local Production 0 0 0
c. Total Exports 0 0 0
d. Total Imports 225 250 270
e. Imports from the U.S. 190 220 250
Note: MT ('000) = Thousand Metric Tons
The above statistics are unofficial estimates.
2 - Rice
Rice is cultivated in all the agricultural regions in Ghana. However,
it is done mainly in the valley bottoms, employing traditional farming
practices. Modern scientific methods of rice cultivation under
mechanization and irrigation are increasing gradually, particularly in
the northern savanna zones and the Accra plains in the Greater Accra
Region. A US-based company, Quality Grain (GH) Limited, has acquired
about 25,000 acres of land on the Accra Plains to cultivate rice. In
spite of this, local rice cultivation does not meet local consumption.
Rice is therefore imported to augment local production for local
consumption from Pakistan, Korea, India, Thailand, Japan and the USA,
with imports from the USA accounting for about 65% of total imports.
Ghanaian banks usually are reluctant to issue Letters of Credit to
importers; hence it is difficult to operate the USDA/CCC GSM-102
program for the importation of rice and other U.S. agricultural
products from U.S., in Ghana.
1996E 1997E 1998E
MT MT MT (Millions)
a. Total Consumption 260 300 350
b. Total Local Production 110 120 130
c. Total Exports 0 0 0
d. Total Imports 150 180 220
e. Imports from the U.S. 45 80 100
Note: MT ('000) = Thousand Metric Tons
The above statistics are unofficial estimates.
3 - Frozen Beef/Chicken/Turkey
The cattle industry in Ghana is based mainly on extensive pastoral or
free range systems among subsistence farmers. The northern savanna
zone accounts for the bulk of cattle production. Ineffective control
of cattle diseases and the unavailability of veterinary drugs are the
two major problems facing the cattle industry in Ghana. Poultry
production in Ghana (about 65 per cent) is mainly BackYard/Free Range,
with a high chick mortality rate. Large quantities of meat, meat
products and poultry parts are therefore imported into Ghana to satisfy
local consumption.
Available figures from the Ministry of Food and Agriculture (MOFA)
indicate that beef and dairy products account for about 68 per cent of
meat and animal products imported into Ghana. Chicken forms about 13
per cent of the imports. The U.S. accounts for about 9 per cent of
beef imports, and 11 per cent of dairy products imports after France
(22 per cent), Holland (21 per cent) and Poland (12 per cent). This is
mainly due to higher shipping costs from the U.S.
1996E 1997E 1998E
MT MT MT (Millions)
a. Total Consumption 80 91 100
b. Total Local Production 50 55 65
c. Total Exports 0 0 0
d. Total Imports 30 36 35
e. Imports from the U.S. 0.5 3 15
Note: MT ('000) = Thousand Metric Tons
The above statistics are unofficial estimates.
3. Significant Investment Opportunities
The Ghanaian government has divested itself of more than two thirds of
the more than 300 enterprises owned by the state. Although some of the
remaining companies have suffered from inadequate investment and their
assets are obsolete, there may be attractive opportunities in some
sectors for American firms interested in entering the Ghanaian market.
Cocoa and coffee plantations, poultry farms, fishing operations, mining
companies, hotels and timber companies are included among the
enterprises still to be sold. The Divestiture Implementation Committee
(DIC) was established by the government to implement the divestiture
policy.
The gold mining industry attracts significant foreign investment to
Ghana. American, Canadian, Australian and South African companies are
represented. The government of Ghana's Minerals Commission is
responsible for overseeing foreign investment in the mining sector.
Telecommunications and power generation are two additional sectors that
may be of particular interest to potential investors. The
liberalization of Ghana's telecommunications industry has created
opportunities for providers of a variety of communications services.
Ghana's current shortage of electricity and the government's
willingness to consider private sector solutions to this problem offers
opportunities to independent power producers. Several major American
companies are already active in this sector. Horticultural products, a
wide range of agricultural products, electronics, value-added wood
products and seafood could also offer significant investment
opportunities to the American business community.
The government of the United States acknowledges the contribution that
outward foreign direct investment makes to the U.S. economy. U.S.
foreign direct investment is increasingly viewed as a complement or
even a necessary component of trade. For example, roughly 60 percent
of U.S. exports are sold by American firms that have operations abroad.
Recognizing the benefits that U.S. outward investment brings to the
U.S. economy, the government of the United States undertakes
initiatives such as Overseas Private Investment Corporation (OPIC)
programs, investment treaty negotiations and business facilitation
programs that support U.S. investors.
Chapter VI. Trade Regulations and Standards
1. Trade Barriers, including Tariffs, Non-Tariff Barriers and
Import Taxes
Commercial Barriers
Traditional barriers to U.S. exports and investment include: (1)
limited Ghanaian purchasing power; (2) lack of U.S. interest due to the
relatively small market size; (3) limited and costly financing
resources for U.S. exporters and Ghanaian buyers; (4) stronger
attraction of other overseas markets; (5) more favorable credit terms
by European suppliers to local importers; (6) limited information; (7)
inadequate credit facilities for local importers; (8) perceived
British domination of the market due to traditional ties with Britain;
(9) high inflation rate; (10) inadequate business infrastructure,
particularly in the telecommunications and road sectors; (11) numerous
bureaucratic hurdles for approvals of investments (although this
situation is now improving).
Tariffs and Import Taxes
Ghana is currently using the Harmonized Commodity Coding System (HS) in
classifying goods. Taxes assessed on the basis of weight, value or
volume are subject to change annually. Goods arriving in country may
be subject to import duties, sales tax, special duties, and import
excise duty. Duties are imposed on certain categories of exports as
well.
Aside from a few items which are exempt from the payment of customs
duties, all imports are subject to import duty and sales tax. The
sales tax of 15 percent, which will be replaced by VAT of 10 percent in
the last quarter of 1998, is calculated on the duty-inclusive value of
the goods at rates contained in the HS manual. Generally, the import
rates imposed on various goods for the current year are as follows:
agricultural and educational materials - zero duty; other raw materials
and capital goods - 10 percent ad valorem; and all other goods - 25
percent ad valorem. Concessionary duty rates are available for
prescribed categories of manufactured goods while 16 categories of
manufactured products attract a heavier customs duty as the government
of Ghana seeks to protect certain domestic industries.
Imports into Ghana come under two main categories: (1) Import on
collection whereby any person may import into Ghana before paying for
the goods (prior approval from the Bank of Ghana is required) and (2)
Conventional importation in which the importer needs to go through the
banking system to establish a Letter of Credit (L.C.) or make provision
for foreign exchange.
2. Customs Valuation
In general, all imports are subject to customs duties. Exemptions for
government, privileged persons, organizations and institutions are
provided by law.
The valuation of imports for the purpose of assessing ad valorem tax is
currently done based on the Brussels Definition of Value (BDV)
assessment method. By the year 2000 Ghana will adopt the Customs
Valuation Code (CVC) value assessment method of the World Trade
Organization (WTO).
Price verification is undertaken by four Pre-shipment Inspection (PSI)
agencies contracted by the government of Ghana. Invoice prices are
normally compared to the export market price generally prevailing in
the country of origin or supply for identical or similar goods. All
commercial goods with a value of USD 5,000 or more FOB, with the
exception of pharmaceuticals, prepackaged and used or second-hand
items, must be covered by a clean report of findings (CRF). Items
valued below this threshold attract what is termed the Commissioner's
Value, which is subject to change without notice.
G.S.B.V. Company Limited is responsible for the inspection of all goods
exported from the U.S, Mexico and Canada.
Regulatory Agencies
Governmental agencies responsible for regulating business activities
include:
Taxation: Internal Revenue Service
P.O. Box 2202
Accra
Tel: 233-21-664961
Fax: 233-21-664938
Monetary Bank of Ghana
Transactions: P.O. Box 2674
Accra
Tel: 233-21-666902/666361
Fax: 233-21-662996
Labor Issues: Ministry of Employment & Social Welfare
P.O. Box M.84
Accra
Tel: 233-21-665421
Fax: 233-21-667251
Copyrights: Copyrights Office
Private Mail Bag
Ministries Post Office
Accra
Tel: 233-21-229190
Fax: 233-21-224282
Standards/ Ghana Standards Board
Labels P.O. Box M245
Accra - Ghana
Tel: 233-21-500065 or 500066
Fax: 233-21-776092
Company Registrar-General's Department
Registration: P.O. Box 118
Accra - Ghana
Tel: 233-21-662043/664691-3
3. Import Licenses
The import license system was abolished in 1989. However, for some
items a permit or certificate is still required. These include drugs,
all communication equipment, mercury, gambling machines, handcuffs,
arms and ammunition and live plants and animals.
Ghana has no quotas for imported items.
Agencies to which one must apply for permits/certificates to import
certain items are as follows:
Gold Coins, Uncut Ministry of Finance &
Diamonds, Goods Economic Planning
Bearing Designs in P.O. Box M.40
Imitation of money, Tel: 233-21-665421/665441
Handcuffs, Machines Fax: 233-21-667069
For Duplicating Keys:
Arms and Ammunition; Ministry of Interior
Gambling Machines: P.O. Box M.42
Accra
Tel: 233-21-665421/665198
Fax: 233-21-667450
Communication National Frequency &
Equipment: Registration Board
P.O. Box 1627
Castle Annex, Accra
Tel: 233-21-666932
Fax: 233-21-665347
Drugs: Ministry of Health
P.O. Box M.44
Accra
Tel: 233-21-665421/665323
Fax: 233-21-663810
4. Export Controls
With a few exceptions, there are no controls on exports. The main
categories of restricted exports include military hardware and antiques
and collector's items more than 50 years old, including works of art.
These items require special permits and certificates as a prerequisite
for their exportation. Other items that require permits are game and
wildlife, timber products, precious minerals and live plants. The
exportation of cocoa beans is monopolized by the government-owned Ghana
Cocoa Marketing Board (COCOBOD). Prohibited exports include items
specified by law, narcotics, parrots, and Ghanaian currency in excess
of 5,000 cedis (approximately USD 2.13). Agencies to which one must
apply for permits and certificates to export various items are:
Antiques Ghana Museums & Monuments Board
Head Office, Barnes Road
C/O P.O. Box M.40
Accra
Tel: 233-21-221633/221635/222401
Precious Minerals: Precious Minerals Marketing Corp.
P.O.Box 108
Accra
Tel: 233-21-773368
Wildlife: Department of Game & Wildlife
P.O.Box M.239
Accra
Tel: 233-21-664654/666129
Fax: 233-21-666476
Live Plants: Ministry of Agriculture
Plant/Animal Quarantine Dept.
Box M.37
Accra
Tel: 233-21-665421
Fax: 233-21-665363
Dangerous Weapons: Ministry of Interior
P.O. Box M.42
Accra
Tel: 233-21-665421/665198
Fax: 233-21-667450
5. Import Documentation
Most classes of goods imported into the country must be covered by an
Import Declaration Form. In order to clear the goods through customs,
the importer must complete a designated Customs Entry form and present
a bill of lading from the foreign exporter, a commercial invoice, an
Import Declaration Form (IDF), Bank of Ghana form (A1) and Preshipment
Inspection (PSI) Certificate. Other documents required are income tax
certificate, Shipper's Notification Form and a packing list.
6. Temporary Entry
The laws of Ghana provide for the entry of certain goods conditionally
relieved from payment of import duties and taxes. Such goods must be
imported for a specific purpose and must be intended for re-export
within three months, in the state of entry or after having undergone
further processing or repair. If goods brought into Ghana under
temporary entry permit are to be sold, the Customs Excise and
Preventive Service (CEPS) must be notified and appropriate taxes
settled in full before the sale.
7. Labeling, Marking Requirements
The GOG continues to enforce a product labeling law of general
applicability which took effect in 1992. By law, imports in virtually
all categories (notable exceptions include petroleum and fish) must
clearly identify the goods shipped (in English), the ingredients or
components, the point of origin, and establish a date of expiration for
perishables. Improperly identified food and drugs are held for testing
by the Ghana Standards Board (GSB) where approved goods are released
upon payment of a fine and unapproved goods are confiscated for
disposal.
8. Prohibited Imports
Import prohibitions include: narcotics, mercuric medicated soap, toxic
waste, contaminated goods, foreign cigarettes without a warning notice,
foreign soil, counterfeit notes and coins of any country and any goods
prohibited by local law.
9. Standards
The Ghana Standards Board (GSB) is the authority responsible for
developing and promulgating standards as well as ensuring the quality
of goods imported into Ghana. The GSB has promulgated approximately
160 Ghanaian standards and adopted over 300 foreign standards for
certification purposes. These standards cover a wide range of
products. Both manufacturers and importers are required to register
with the GSB.
The GSB has not yet adopted the ISO 9000 for Ghana. The ISO 9000 and
total quality management are being considered for introduction over a
four year period beginning in 1995 with emphasis on inputs for non-
traditional exports. Some multi-national private sector companies,
however, have adopted the ISO 9000 series.
Ghana uses 220V, 50 cycles for electricity and the metric system of
measurement. Operating standards usually follow the British or
European norm.
10. Free Trade Zones/Warehouses
A Ghana Free Zone Board (GFZB) was established under the Free Zone Act
504 in May 1996. The Free Zone consists of a parcel of land near the
Tema steelworks in the Greater Accra Region and two other sites located
at Mpintsin and Ashiem, near Takoradi. The seaports of Tema and
Takoradi, Kotoka International Airport and all lands related to these
areas also fall under the Free Zone Program. The law also permits the
establishment of single factory zones outside or within the areas
mentioned above. Under the law, a company qualifies to be a free zone
company if it exports more than 70 percent of its products. Among the
incentives for free zone companies are a ten year corporate tax holiday
and zero duty on its imports.
To make it easy for a potential Free Zone developer to acquire the
various licenses and permits to operate, the Ghana Free Zones Board
provides a "one-stop approval service" to assist in the completion of
all formalities. To further facilitate operations in the zones,
nationals of OECD countries, Canada, East Asian countries and the
Republic of South Africa do not require entry visas to Ghana. However,
all foreign employees of businesses established under the program will
require work and residence permits.
Contact address for the Secretariat is as follows:
Ghana Free Zones Board
Ministry of Trade & Industry Annex
P.O. Box M.47
Accra - Ghana
Tel: 233-21-780532/3/4/5/7
Fax: 233-21-780536
E-mail: freezone@africaonline.com.gh
Contact Person: Mr. George Aboagye - Executive Secretary
Most large Ghanaian banks, as well as a number of private sector
companies and individuals own bonded warehouses.
11. Special Import Provisions
12. Membership in Free Trade Arrangements
Ghana is a member of the World Trade Organization (WTO) and is a
signatory to the Lome Convention, a trade and aid agreement between the
European Union and 46 of Europe's former colonies and dependencies in
Africa, the Caribbean and the Pacific (the ACP group). Lome
arrangements guarantee duty free entry into EU member states for a
number of commodities and products produced in ACP countries. Ghana is
also a member of ECOWAS, the Economic Community of West African States.
ECOWAS, which groups both Anglophone and Francophone states of the
region, has as its goal a customs union which is to lead eventually to
a full common market and the free movement of labor. Original ECOWAS
arrangements called for full tariff exemptions for companies which are
at least 25 percent owned by citizens of member states and exemptions
for goods which are at least 40 percent manufactured within ECOWAS.
Implementation of ECOWAS initiatives has been slow.
Chapter VII. Investment Climate
1. Openness to Foreign Investment
Ghana's Investment Act of 1994 encourages foreign investment. Foreign
investors are not subject to differential treatment on taxes, prices,
or access to foreign exchange, imports, and credit. Steps have been
taken to remove a number of legal and administrative impediments to
foreign investment.
The minimum required equity for foreign investors is USD 10,000 (in
joint ventures) or USD 50,000 (for enterprises wholly-owned by a non-
Ghanaian). Trading companies either wholly or partly owned by non-
Ghanaians require minimum foreign equity of USD 300,000 and the firm
must employ at least 10 Ghanaians. The higher minimum investment
required in trading companies is meant to be a disincentive for
foreigners to engage in this kind of activity.
The Ghana Investment Promotion Center (GIPC) is responsible for the
promotion of direct investment in Ghana. Investment in mining and
petroleum exploration are regulated by the Minerals Commission and the
Ghana National Petroleum Corporation respectively. Portfolio
investment is overseen by the Ghana Stock Exchange. The categories of
business activity closed to foreign investment have been reduced to
four: petty trading and hawking, operation of taxi and car hire
services, lotteries and betting arrangements and the operation of
beauty salons and barber shops.
With respect to Ghana's privatization program, foreign investors
comprise most of the bidders for these enterprises. Few local
investors participate in this process except in partnership with
foreign firms. There is no evidence that American investors are at a
disadvantage in bidding for firms being privatized.
2. Right to Private Ownership and Establishment
The laws of Ghana recognize the right of foreign and domestic private
entities to own and operate business enterprises. The ability to
acquire and dispose of business interests is well established.
3. Protection of Property Rights
The Ghanaian constitution and established case law provide for
protection of property rights in Ghana. The protection of intellectual
property is an evolving area of law. Progress has been made in recent
years to afford protection under both local and international law.
Ghana is a member of the world Intellectual Property Organization
(WIPO) and the English-speaking African Regional Industrial Property
Organization (ESARIPO).
4. Foreign Trade Zones/Free Ports
A Free Trade Zone was established in May, 1996. The Free Zone consists
of a parcel of land near the Tema steelworks in the Greater Accra
Region and two other sites located at Mpintsin and Ashiem, near
Takoradi. The sea ports of Tema and Takoradi, as well as the Kotoka
International Airport, and all the lands related to these areas are a
part of the free zone. (Refer to item no. 10 under VI - Trade
Regulations and Standards).
5. Performance Requirements/Incentives
The Ghana Investment Promotion Center Act of 1994 does provide
incentives for foreign investors. These include tax holidays, capital
allowances (accelerated depreciation), locational incentives and other
inducements. They are specified in the statute and are not applied
capriciously. Ghana does not currently impose trade-related investment
measures. In general the Ghana Investment Promotion Center has played
a constructive role in attracting foreign investment and does not have
a mandate to employ performance requirements or other similar measures.
6. Transparency of the Regulatory System
The government of Ghana has been moving toward liberalization and
deregulation. The Ghana Investment Promotion Center (GIPC) Act of 1994
codified the government's desire to present foreign investors with a
liberal foreign investment regulatory regime. Screening of foreign
investment has been eliminated and the prerequisites for establishment
of a business in Ghana are now quite minimal. The GIPC has established
a one-stop-shop to eliminate the bureaucratic bottlenecks investors go
through.
7. Corruption
While corruption exists in Ghana, it is somewhat less prevalent than in
many countries. American businesses have reported being asked for
"favors" in the past (See Section IX. 1, "Business Customs").
Publicly the government is committed to ensuring that government
officials do not use their positions to enrich themselves. At the same
time, lower level officials dealing with issuing licenses, permits,
etc. are often poorly paid and see such payments as necessary parts of
their incomes.
The 1992 Constitution provides for the establishment of a Commission on
Human Rights and Administrative Justice (CHRAJ). Among other things,
the commission is charged with the responsibility to investigate all
instances of alleged and suspected corruption and the misappropriation
of public monies by officials, as well as take appropriate steps,
including reports to the Attorney General and the Auditor General,
resulting from such investigations. Some of the high-profile
corruption cases that have been investigated by the Commission have
involved senior-level officials. The commission, headed by a respected
jurist, has been given the mandate to prosecute alleged offenders if it
feels that it has enough evidence to institute legal proceedings. The
President himself has publicly discouraged the payment of bribes by
urging businessmen and women who are asked for such payments to report
the matter to the highest levels of government, including his office.
8. Labor
Ghana has a large pool of inexpensive, unskilled labor. Labor
regulations and policies are generally favorable to business. Labor-
management relations are fairly good.
9. Efficient Capital Markets and Portfolio Investment
Private sector growth in Ghana has been constrained by limited
financing opportunities for productive private investment. Ten years
after the beginning of financial sector reforms in 1988, much still
remains to be done. Confidence in the financial sector has suffered
because of policy interventions by the government, many of which have
not facilitated the free flow of financial resources in the product and
factor markets. The over 40 percent interest on bank loans at the
present time has been a serious impediment to raising capital on the
local market. Some recent developments have been encouraging, however.
Among the non-banking financial institutions, leasing companies,
building societies and savings and loan associations have been
innovative in serving savers and borrowers. In addition, the
formulation of new regulatory policies for the Ghana Stock Exchange
(which has 21 listed companies and 2 corporate bonds at the present
time, and oversees portfolio investment), has been promising.
The largest banks in the country, Ghana Commercial Bank and SSB Bank
(with net worth of approximately USD 30M and USD 80M respectively) were
state-controlled until the government divested most of its holdings
recently. These share sales are likely to be followed by others in the
banking sector in the coming months.
Although Ghana's informal financial sector is large, with an estimated
45 percent of all private sector financial savings mobilized initially
through informal channels, its capacity to intermediate between savers
and investors has been limited. This is due in part to people's
savings behavior (not using the formal banking system), and in part to
the absence of strong links with the formal sector.
The government of Ghana actively encourages foreign participation in
the private sector, and there are no efforts to restrict foreign
investments.
10. Conversion and Transfer Policies
Reliance on interbank and private foreign exchange bureaus is rising.
The Ghana foreign exchange auction was eliminated in 1992 to promote
use of these mechanisms. There are no restrictions on the conversion
and transfer of funds. Ghanaian cedis are easily exchanged for dollars
and most major European currencies. Ghana's hard currency needs are
met largely through gold and cocoa export revenues and donor
assistance.
11. Expropriation and Compensation
The 1994 Investment Code guarantees that foreign-owned enterprises
shall not be subject to expropriation or nationalization unless the
taking is in the national interest for a public purpose. Payment of
fair and adequate compensation in convertible currency is guaranteed
for enterprises so acquired by the state. There is no reason to
suspect that the Ghanaian government's constructive attitude toward
foreign investment is likely to change. American investors have not
been subject to differential or discriminatory treatment in Ghana.
12. Dispute Settlement
There have been no significant investment disputes in recent years
involving U.S. or other foreign investors. Ghana's legal system is
based on British common law. Lawsuits are allowed and usually begin in
high court. The 1994 Investment Act addresses dispute settlement
procedures and provides for arbitration when disputes cannot be settled
by other means. In 1996, the Ghana Arbitration Center was established
to strengthen the legal framework for protecting commercial and
economic interests, in order to bolster potential investors confidence
in Ghana. Ghana does not currently have a bankruptcy statute.
13. Political Violence
Overall, Ghana offers a relatively stable and predictable political
environment for American investors. There is no indication at the
present time that the level of political risk in Ghana will change
markedly over the near term.
14. Bilateral Investment Agreements
Bilateral investment agreements exist with the following countries: the
United Kingdom, Northern Ireland, the Republic of China, Romania,
Denmark, and Switzerland. These agreements normally run for ten years
and were signed and ratified between 1989 and 1992. Italy and France
are currently working on similar arrangements. The possibility of
agreements with the U.S., Germany, India, Pakistan, South Korea, North
Korea, and Belgium is being considered.
15. OPIC and Other Investment Insurance Programs
OPIC is active in Ghana and is interested in expanding its portfolio.
OPIC officers visit Ghana periodically and meet with representatives of
prominent American and Ghanaian businesses. In addition to OPIC, the
African Project Development Facility (APDF), the African Investment
Program of the International Finance Corporation, and the Africa Growth
Fund are sources of information for interested investors. Ghana is a
member of the Multilateral Investment Guarantee Agency (MIGA) as well.
16. Capital Outflow Policy
The Ghana Investment Promotion Center Act of 1994 guarantees the
unconditional transferability of capital, profits and dividends. Ghana
is a member of the International Center for the Settlement of
Investment Disputes (ICSID).
17. Major Foreign Investors
Major foreign investments in Ghana are mainly in mining and
manufacturing. Britain is Ghana's main foreign investor with direct
investment exceeding USD 750 million. Much of this is attributable to
Lonrho's 41% stake in Ashanti Goldfields Corporation.
Major U.S. investors are Volta Aluminum Co. (VALCO) Ltd., Teberebie
Goldfields Limited, Quality Grains Limited, CMS Generation, Regimanuel-
Gray Limited and Pioneer Foods (makers of Starkist Tuna). U.S.
investments are expected to rise as there have been expressions of
interest by American companies in the acquisition of state-owned
communications and manufacturing firms slated for divestiture.
There are significant investments by other foreign nationals made
through the GOG privatization program. Norwegian interests are in
partnership with GOG in Ghana Cement Works (GHACEM), the only cement
manufacturing plant in Ghana, Bau Nord AG (IBN), a Swiss company, and
the government of Ghana owned GAFCO. West Africa Mills is owned by
Walter Schroeder, a German company and GOG. Telecom Malaysia and the
GOG own Ghana Telecom. South African companies are active in the
mining sector.
Foreign Direct Investment Statistics
Foreign direct investment is viewed by the Ghanaian government as
crucial for development since donor assistance cannot be relied upon to
sustain economic growth and development. The Ghana Investment
Promotion Center provides the following statistics on private
investments, which exclude mining and petroleum investments, between
September, '94 and March, '97:
Foreign Direct Investment (FDI) (09/94 - 03/97)***
(USD Million)
1994 (Sept.-Dec.) - 9.6
1995 - 150.3
1996 - 192.8
1997 (Jan. - Mar.) - 258.4
*** Figures do not include investments in the mining and petroleum
industries. These are estimated to contribute about 60 percent of the
annual total FDI.
Chapter VIII. Trade and Project Financing
1. The Banking System
Ghana's formal banking sector is comprised of the central bank - the
Bank of Ghana - eleven commercial banks, five merchant banks and over
one hundred rural unit banks. Until recently the sector was dominated
by state-owned institutions and showed few signs of competition.
Within the last two years, however, two state-owned banks have been
privatized under the government's Divestiture Implementation Program,
and others are to follow suit in the near future. Non-bank financial
institutions (NBFIs) are comprised of a Stock Exchange, 21 insurance
companies, the Social Security and National Insurance Trust (SSNIT),
two discount houses, the Home Finance Company, numerous building
societies, a venture capital company, a unit trust and 5 leasing
companies. The Bank of Ghana is responsible for the overall regulation
and supervision of the banking and financial services market.
Commercial Banks
Ghana Commercial Bank Limited
Standard Chartered Bank Limited
Barclay's Bank Limited
The Trust Bank Limited
SSB Bank Limited
Agricultural Development Bank Limited
Bank for Housing and Construction Limited
National Investment Bank Limited
Cooperative Bank Limited
Prudential Bank Limited
International Commercial Bank Limited
Commercial banks offer services such as current and savings accounts,
telegraphic transfers, safe custody deposits, sale of travelers checks
and foreign transactions including the establishment of letters of
credit.
Merchant banks
Merchant Bank Ghana Limited
Ecobank Ghana Limited
CAL Merchant Bank Limited
First Atlantic Merchant Bank Limited
Metropolitan and Allied Bank Limited
Merchant banks offer services such as acceptances, new issues, private
placings and public offers of shares for sale, underwriting of new
issues and offers of shares for sale, corporate finance and consulting
services, registrar's services for public and private companies,
stockbroking services, management of investment portfolios and leasing
and hire purchase services.
2. Foreign Exchange Controls Affecting Trade
The government of Ghana has moved away from exchange controls and has
permitted the establishment of Foreign Exchange Bureaus. The cedi can
now be readily exchanged for foreign currency throughout Ghana.
3. General Financing Availability
The formal banking institutions have been unable to provide much
genuine intermediation between savers and investors. Demand deposits
are the main source of funds for banks, and loans and advances account
for a relatively small portion of their assets. High reserve
requirements have prevented banks from building up their loan
portfolios, preferring instead the attractive and relatively risk-free
returns from holding government securities.
The NBFIs have yet to emerge as significant players in the financial
system. That could change in the medium term with the introduction of
new legislation for the sector. The contractual savings institutions,
too, have undertaken to "play it safe" by investing in short-term
government securities. Other than for real estate, NBFIs have provided
little medium and long-term finance to the economy.
4. Types of Export Financing and Insurance Available
Traditional trade finance instruments such as letters of credit,
collections, and funds transfer are available to the exporter. If a
letter of credit is chosen, the exporter should require an irrevocable,
confirmed letter of credit to ensure prompt, reliable payment.
The USDA's GSM-102 and GSM-103 Credit Guarantee Programs provide
access to financing for imports of wheat, rice, feed grains, vegetable
oil, protein meal, dairy products, as well as agricultural equipment.
The payment guarantee to the U.S. exporter is for a minimum of 90 days
and a maximum of one year.
Participating banks in the program are:
Agricultural Development Bank Limited
Barclay's Bank Limited
CAL Merchant Bank Limited
Ecobank Ghana Limited
First Atlantic Merchant Bank
Ghana Commercial Bank Limited
Merchant Bank Ghana Limited
Standard Chartered Bank Limited
SSB Bank Limited
The limit for the West Africa region is USD 50 million. The GSM-102
and GSM-103 programs are generally available only to high quality
importers with a good credit history and substantial assets with the
guarantor bank. To date support for the program on the part of
Ghanaian banks has been lukewarm at best.
5. Types of Project Financing Available
For private sector projects, the International Finance Corporation
(IFC) and the Overseas Private Investment Corporation (OPIC) offer the
U.S. exporter financing and insurance programs. OPIC's programs
include loans, loan guarantees and insurance products.
All the programs of the Export Import Bank of the United States
(Eximbank) for both public and private sector transactions are
available in Ghana, one of only a handful of countries on the continent
where this is the case. In addition to short and medium term loan
guarantees, Eximbank has a Direct Loan Program that offers foreign
buyers medium and long-term loans for up to 85 percent of the contract
price at fixed interest rates for the purchase of U.S. capital
equipment and services that face officially subsidized foreign
competition.
The U.S. Trade and Development Agency offers funds to finance
feasibility studies and loans to finance Ghanaian government-sponsored
procurement.
6. Ghanaian Banks and their Correspondent U.S. Banks
Barclay's Bank Ghana Ltd. Barclay's Bank P.L.C., New York
Ecobank Ghana Ltd. Citibank, New York
Bankers Trust, New York
Standard Chartered Bank Ltd. Standard Chartered Bank of America
Ghana Commercial Bank Ltd. Morgan Guaranty Trust, New York
Citibank, New York
Chemical Bank, New York
SSB Bank Ltd. Citibank, New York
Chemical Bank, New York
Agricultural Development Bank Ltd. Citibank, New York
ABN-AMRO Bank, New York
Bankers Trust, New York
CAL Merchant Bank Ltd. Chemical Bank, New York
First Union National Bank, New
Jersey
Merchant Bank Ghana Ltd. Citibank, New York
Union Bank of Switzerland, New York
Swiss Bank Corporation, New York
National Investment Bank Ltd. Chemical Bank, New York
Citibank, New York
IX. Business Travel
1. Business Customs
Generally, Ghanaian business customs are similar to those of the U.S.,
but are a bit more formal. English is the official language and it is
used in most business transactions. Most urban Ghanaians speak some
English. Most Ghanaian businessmen wear business suits during working
hours, but resort to traditional attire for social functions. A few
men may be found in traditional attire during business hours. Many
business women often wear African attire during business hours and for
social functions as well. Lightweight summer clothing is appropriate
year round and the use of an umbrella is essential during the June to
August rainy season, although Accra gets less rain than most parts of
the country.
Through some favors, which may seem normal in Ghana, it is quite easy
to make friends in Ghana who could facilitate business transactions.
This behavior in some cases goes beyond proper business ethics and may
amount to bribery. U.S. business visitors have to be wary of these
demands, and make it clear to any person that the U.S. government not
only frowns upon such acts but considers them illegal.
With the exception of high-ranking officials such as government
ministers, it is relatively easy to arrange calls on local businessmen
and government officials. Through its Gold Key Service the FCS can
arrange appointments upon request.
Business cards are widely used. They range from the simple: black and
white, standard 2" x 3.5" cards, to colorful: oversized, multi-colored
cards with fancy logos.
2. Travel Advisory and Visas
A valid U.S. passport and international health certificate showing
current yellow fever and cholera immunizations are required for entry
into Ghana. Inoculation against typhoid, tetanus, diphtheria and
typhus is also recommended. Malaria prophylaxis is strongly advised.
All visitors (except ECOWAS nationals who are allowed to use travel
certificates in lieu of passports) are required to possess a valid
passport and visa.
Visas are issued at all Ghanaian diplomatic missions abroad. Esquires
could be made at the Embassy of Ghana, 3512 International Drive, N.W.,
Washington D.C. 20008, Telephone: (202) 686-4520; or the Ghanaian
Consulate General at East 47th Street, New York, NY 10017, telephone
(212) 832 1300. In places where Ghana does not have diplomatic
representation, applications should be made to the Director, Ghana
Immigration Service, Private Mail Bag, Ministries Post Office, Accra.
Two types of visas are issued. A single entry visa, is normally issued
for one month duration or three months for "short term resident visa"
and multiple entry visas for one year or five years are available for
U.S. business visitors, currently at $20 and $50 respectively.
Visitors desiring an extension of their stay must apply to the Chief
Immigration Officer before the visa expires.
Getting to Ghana: Several international airlines operate regular
scheduled flights to Ghana from major cities in North America, Europe,
Africa and Middle East. Currently only Ghana Airways and Air Afrique
fly directly from New York to Accra, which on the average can take nine
(9) hours. Alternatively, one could transit through London via British
Airways and Ghana Airways, Frankfurt or Dusseldorf via Lufthansa,
Zurich or Geneva via Swissair, Amsterdam via KLM or Rome via Alitalia.
Work and Residence Permits: Work and residence permits are issued to
expatriates employed by companies in Ghana against immigration quotas,
that is, the number of non-Ghanaians a business may employ.
Investment-related automatic work permits are granted when specified
levels of capital is invested. For information and applications in
this regard, (with the exception of projects in the mining and
petroleum sectors, esquires for which are handled by the Minerals
Commission and the Ghana National Petroleum Corporation respectively),
contact the Chief Executive, Ghana Investment Promotion Center.
Questions regarding all other permits should be directed to the
Minister of Interior.
Permits should be obtained prior to arrival in the country. The Ghana
Immigration Service does not consider work permits for visitors.
All American visitors and residents are strongly advised to register
with the Consular Section of the U.S. Embassy at the Embassy Annex,
10th and 11th Lanes, near Danquah Circle, Osu, telephone 776601/2.
3. Holidays
New Year's Day January 1
Eid-Ul Fitr** January**
Independence Day March 6
Good Friday April 2
Easter Monday April 5
Eid-Ul-Adha** April**
Labor Day May 1
Republic Day July 1
Farmers' Day December 4
Christmas Day December 25
Boxing Day December 26
**Business travelers should verify the dates of these holidays prior to
undertaking their trip. These holidays vary from country to country
and depend on the sighting of the moon. Business establishments are
normally closed during public holidays in Ghana.
4. Business Infrastructure
a. Entry Requirements: Personal/Professional Goods
The personal baggage of a visitor is admitted free of duty. Those
items, which should be for personal use, include clothes, household
items, and electrical goods, as well as instruments and tools for
professional use. Unaccompanied bona fide personal/household effects
sent in advance of or left behind must be entered on a Passenger
Unaccompanied Baggage Declaration (PUBD) form at the time of arrival.
Vehicles for personal use and goods intended as samples may be relieved
of payment of import duties provided that they are re-exported within
three months. A refundable cash deposit or a bond to cover the
potential duty is, however, required.
b. Currency Exchange
The unit of currency is the cedi (¢), which is divided into 100 pesewas
(p). With the decline in the value of the cedi, use of the pesewa has
ceased. Major international currencies can be sold or purchased in
numerous private forex bureaus in the main cities in Ghana. Daily
rates, which are determined by the market, are displayed by the forex
bureaus. There are no government restrictions on the amount of money
exchanged.
The foreign exchange value of the cedi has declined steadily in recent
years. In 1997, the cedi depreciated against the US dollar by about
22.7 percent. The cedi has however been relatively stable in the first
half of 1998. The exchange rate as of July 1, 1998 is 2,350 cedis to 1
USD.
There are no restrictions on the import and export of foreign
currencies provided they are declared at the point of entry and
exchanged for local currency only through banks and forex bureaus.
c. Labor Costs and Legislation
The government-set legal minimum daily wage in 1998 is 2,000 cedis
(about USD 0.85). It is illegal to pay anything less than this figure
to any employee. Employers normally provide transportation, rent and
meal allowances as part of the compensation package, the total amount
of which is taxable.
Outside of the civil service, the range of monthly salaries, including
allowances is as follows:
unskilled labor - USD 50 - 100
skilled labor - USD 200 - 600
professionals - USD 900 - 1,200
Consultants charge internationally competitive consultancy rates.
Employers with more than five workers are obliged to make social
security contributions on behalf of their workers to the state-owned
Social Security and National Insurance Trust (SSNIT). Employers add
12.5 percent of an employee's basic salary per month to the employee's
5 percent contribution deducted from salary. A month consists of 27
working days and a working day is eight (8) hours. Workers are
entitled to 14-21 days of annual vacation for unskilled laborers and
21-36 days for skilled and managerial workers. Employees are also
obliged to give their employees time off from work on all Ghanaian
statutory holidays.
Despite confrontations between management and labor in some industries,
industrial relations in Ghana have been generally amicable.
d. Transportation
General: Ghana has about 40,000 km of main roads (one-fourth of which
are paved), one international airport in Accra and three other domestic
airports. There are two main ports (Tema and Sekondi-Takoradi) and a
triangular 953-km rail system linking Kumasi, Takoradi and Accra-Tema.
International air transportation to Accra is currently offered by Ghana
Airways and more than 15 other international airlines. These include
British Airways, KLM, Swissair, Alitalia, Lufthansa, Air Afrique,
Middle East Airlines, Aeroflot, and South African Airways. They
provide service to Accra from Europe, other parts of Africa and the
Middle East. Ghana Airways currently offers direct flights from Accra
to New York. Air Link, Fanair and Muk Airways, all private companies,
operate internal flights to Tamale and Kumasi. The third domestic
airport in Ghana, Sunyani, is not served at the present time. Major
shipping lines with offices/agencies in Ghana are Maersk, Delmas, Liner
Agencies, RoRo Services, and Torm Lines (represented in Ghana by
Maritime Agencies West Africa Limited).
Also available are public and private buses as well as car rental
companies.
Transportation in Accra: Roads in Accra are relatively narrow and
poorly maintained, with rather daunting open gutters. Traffic at peak
hours in Accra is congested. Major expansion and improvement projects
are in progress and should make a big difference to the congestion.
Buses operate in Accra, but for security, convenience and reliability,
their use is not recommended. Tro-tros are another form of popular
public transportation, again not recommended for the business
traveller. Taxis are plentiful but many are in poor condition. Be sure
to negotiate the fare before you embark.
Car Rentals: Both chauffeur and self-driven cars are available for
renting. Charges are approximately USD 50 per day, excluding fuel
expenses, for chauffeur-driven cars. For self-driven cars, there is an
additional charge for insurance of approximately USD 85 per week.
Fuel prices: Diesel and local premium, which is the same as leaded
regular in the U.S., can be purchased at fuel stations in the city.
Currently the local premium and diesel sell at USD 0.32 per liter and
0.31 per liter respectively. These prices do not remain fixed
throughout the year but are revised as crude prices fluctuate.
e. Communications
Ghana has about 100,000 telephone lines. Currently, services are
provided by Ghana Telecom Limited and three mobile cellular phone
operators. Several privately-owned communication centers that provide
pay phone services are found in all major cities. Prepaid calling
cards for both local and international calls can be purchased from
travel agents,post offices, and gas stations.
Ghana is now on line. Three internet service providers (ISPs) offer a
full range of on-line services. NCS (Network Computer Systems -
, tel. 238218,225472); AfricaOnline
(, tel. 226802); and Internet Ghana
(, tel. 227654, 232881).
Presently, the Ghana Telecom tariffs are 200 cedis (about 9 cents) per
minute for local calls depending on the distance and calls to the U.S.
and Europe are subject to a charge of 2,600 cedis (about USD 1.11) per
minute.
Depending on the availability of overland lines, connections can take a
week to two months. Although there has been significant improvement
over the past year in communication services, more needs to be done.
Airport departure tax is currently USD 20 and must be paid in dollars.
Most airlines and travel agencies automatically include the departure
tax in the cost of the ticket.
f. Utilities
Electricity: Over 80 percent of Ghana's electricity is supplied from
the hydro-electric power dams at Akosombo and Kpong, and the rest is
thermally produced. With the exception of the Northern areas (where a
subsidiary of the Volta River Authority is the supplier), the
Electricity Corporation of Ghana (ECG), is responsible for the
distribution of electricity. The electric current is 230 volts, 50
cycles. Electric equipment used is 220v/240v.
Normally for all residential accommodation there is no deposit paid
against consumption. Prepaid meters are, however, being introduced.
The average electricity bill for an Embassy house is approximately USD
500 per month. Average price per kwh is USD 0.40, this is however
under review for upward adjustment.
Cost of installation at a commercial or industrial site varies from USD
5,200 to USD 5,500 for overhead lines. Underground cable connections
may, however, cost about three times that of overhead cables.
With the current shortage of electricity in Ghana, power rationing has
been in effect since February 1998, and the use of a stand-by generator
is strongly recommended. These vary greatly in capacity, price and
efficiency, and are in great demand at the time of writing.
Water: Water supply in the Accra metropolis is generally reliable.
Areas on the outskirts may, however, need to store some water. No
prepaid payments are made. Bills are issued every two months. The
average water bill for an Embassy residence is approximately $30
monthly.
g. Taxes
Direct Taxes
Corporate: The tax rate on all businesses is 35%, except for income
from non-traditional exports (8%) and hotels (25%). There are,
however, tax incentives which can significantly lessen the effective
tax burden.
There is a 10 year tax holiday for enterprises in the export processing
zones and agriculture. Enterprises in real estate and agro-processing
activities enjoy a tax holiday of 5 years.
Personal: For foreign nationals, a flat tax of 35 percent is exacted,
irrespective of income level. Ghanaians earning incomes above
16,000,000 cedis (about USD 6,810) per year also attract the same rate.
Anything below this is subject to tax at progressive rates.
The U.S. has no double-taxation agreement with Ghana. Ghana, however,
has signed treaties with the U.K., France, Gambia, Nigeria, Sweden, and
Sierra Leone.
Indirect taxes
Customs Tariff: Generally duty rates are 0% for raw materials and
capital goods; 10% for intermediate goods; and 25% for consumer goods.
Sales Tax: A flat tax of 15 percent is imposed on all imported and
locally manufactured commodities. For imported items the tax is
calculated on the duty inclusive value of the item while on the selling
price for locally produced goods.
There is also an excise tax on certain commodities, including
cigarettes and alcohol.
The Value Added Tax (VAT) system will replace the Sales and Service tax
in the last quarter of 1998.
Service Tax: There is a tax of 15 percent on accommodation in hotels
and guest houses, food in restaurants, hotels and snack bars, as well
as advertising, betting and entertainment.
Wealth Tax: A commercial or industrial business is subjected to a
property tax of 0.05 percent on assessed value. This tax is levied by
the local government.
h. Rents: Residential and Commercial
Accra has a fair number of adequate, Western-standard rental
residential properties. Houses range in size from small one-bedroom
dwellings to large five bedroom structures with two-car garages. Some
residences have detached servant quarters and large gardens as well as
covered patios. Rents are usually quoted in US dollars. Advances of
one to three years' rent is common. Average rent in the areas of the
city patronized by the expatriate community is USD 1700 per month.
Commercial premises are limited in the Accra metropolis. New buildings
are, however, under construction and old ones are being renovated.
Rents are generally between USD 5 and 16 per square foot per month.
Land for development may be obtained from the state, traditional or
individual owners . For traditional and private owners a careful check
of ownership records is necessary to avoid litigation and fraud.
i. Business Services
Several business centers in the major cities provide communication and
document preparation services at a nominal fee. The services of well-
qualified professionals like accountants, attorneys, consultants,
architects, advertisers and managers are easily obtainable in Accra.
The FCS can assist in the recommendation of such persons.
j. Education
Accra has three international schools of high standards that are
usually used by the expatriate community. The Lincoln Community
School, a U.S. Department of State-supported school has an American-
based curriculum and teachers that are all certified to teach in the
U.S. The others are the Ghana International School, with a British-
based curriculum, and the Kokrobitey School which has a U.S. high
school year-abroad program.
k. Security
There has been an increase in violent crime in Ghana during the last
year, although in general it is considered a safe place if normal
precautions are taken. Areas which are not well illuminated at night
should be avoided. Do not leave valuables in your car, and be sure to
lock your car at all times. Do not walk alone on the beaches. Crimes
against property, i.e., burglaries and theft, are common and
precautions should be taken.
l. Health Precautions
Malaria prophylaxis is strongly recommended while in Ghana. Mefloquine
or Lariam are preferable. Ghana is a chloroquine-resistant area.
Treatment should be started two weeks before arrival and should be
continued for six weeks after departure from Ghana.
Vaccination against typhoid, paratyphoid, tetanus, cholera, hepatitis,
meningitis and polio are also recommended before arrival in Ghana.
Business visitors to Ghana will find the climate hot and humid. It is
advisable to SLOW DOWN - you'll last longer! Increase your non-
alcoholic liquid intake - water and juices. Add extra salt to your
food to replace what your body loses in perspiration. Keep your diet
light - the more you eat, the more heat you generate in digesting it.
The looser and lighter your clothing, the better. Avoid excessive
exposure to the sun unless you are accustomed to it.
Care should be taken with the consumption of food and drinks,
particularly water and uncooked vegetables (salads).
While the salt water at the ocean beaches near Accra is relatively
clean, the strong surf and treacherous undertow are extremely
dangerous. The pools at the large hotels are filtered and cleaned
regularly. Sexually transmitted diseases, including AIDS, exist in
Ghana and are becoming widespread.
Skin infections are very common because of the humid weather. All
minor cuts should be thoroughly cleaned with antiseptic. It is unsafe
to swim in freshwater streams and lagoons. They may be infested with
organisms that cause schistosomiasis, a parasitic disease transmitted
through the skin.
m. Insurance
Visitors are advised to examine their insurance needs prior to their
departure from the United States. Several U.S.-based companies provide
very reasonably priced accident, sickness, liability, and medical
evacuation insurance world-wide.
n. International Mail and Long Distance Telephone Calls
International Postage Rates to U.S.: An ordinary airmail letter to the
U.S. requires ¢1,100 postage and an airmail letter weighing up to 20
gms. requires ¢2500. A letter weighing 40 gms. requires ¢5000. Post
cards cost ¢550. The big hotels sell stamps and accept mail from
guests.
Long Distance Calls: For long distance calls to the U.S., use an AT&T
calling card if you have one, especially when calling from your hotel.
The access code is 0191. You may also use an AT&T card from Ghana to
access a number of countries using AT&T's World Connect Service.
Sprint also provides service to Ghana. The Sprint access code is
01900.
o. Hotels
Hotels in Accra range from 1-star to 5-star. The quality of hotel
accommodations in other cities also varies widely. The hotels most
used by the American business community include the following:
Accra
Novotel Hotel, Independence Road, Tel: 667546, Fax: 667533, E-mail:
novotel@ghana.com
Labadi Beach Hotel, Labadi Road, Tel: 772501/772507/774502, Fax:
772520, E-mail: labadi@ghana.com
Shangri-La, Liberation Road, Tel: 777500/776993/4, Fax: 774873, E-mail:
shangri.com.gh
Wangara Hotel, Labone, Tel: 772723/772525/779250-2/772585/6, Fax:
772438, E-mail: wangara@africaonline.com.gh
Other less expensive hotels in Accra that are also used by the American
business community are:
The American Club, Tel: 777824, Fax: 779727
Secaps Hotel, East Legon, Tel/Fax: 500206/500654,
North Ridge Hotel, 53 Examination Loop, Tel: 225809/230935, Fax: 221417
Sunrise Hotel, North Ridge, Tel: 222201, Fax: 227656
SSNIT Guest House, Osu, Tel: 226228/225366, Fax: 225879
Sharita Lodge, Tesano, Tel: 773445/773862, Fax: 772619
Kumasi
City Hotel, Ridge, Tel. 051-23293
Hotel Georgia, Tel. 051-23915/24154/24312, Fax: 24299
Stadium Hotel, Tel. 051-23647/26374, Fax: 23731
Cicero Guest House, Tel: 051-24473/24870, Fax: 24870
Cozylodge Guest House, Tel. 051-27030,
Takoradi
Atlantic Hotel, Tel. 031-23301/22091
Hillcrest Hotel, Tel. 031-22277/22773, Fax: 24381
Hotel Alrose, Tel. 031-24230
Obuasi
Anyinam Lodge, Tel. 0582 478/439, Fax: 0582 367
Cape Coast
Coconut Grove Hotel, Elmina Tel: 042-33650/33648/33637. Fax:042-33646
Savoy, Cape Coast, Tel: 22805/32868
Elmina Motel, Elmina Beach, Elmina
CNN and Multichoice (M-Net, Supersport and 24-hr. BBC) television
programs are available locally.
p. Dining Out
There are many good restaurants in Accra which offer European, Asian
and Ghanaian dishes. Restaurants frequented by Embassy personnel
include the following:
Afrikiko
Ghanaian and Continental cuisine as well as an ice cream parlor and
good espresso. Outdoors, on Independence Road, between 37th Military
Hospital and Sankara Circle. Tel: 229997/027-55-2389.
American Club
Serves mainly American food. Happy Hour on Wednesdays and Fridays. 37th
Military Hospital Circle. Open to members and their guests. Daily
specials. Tel: 778382/777824,
Fax: 779727, E-mail: aeaclub@ghana.com
Aquarius
Nyaniba Estate, near American Embassy, Chancery. German pub serving a
variety of German food and other Continental dishes and snacks. Tel:
774970, Fax: 779340, E-mail: aqu1@ghana.com
Bella Napoli
Italian cuisine. Corner Akosombo and Volta Streets in Airport
Residential Area. Tel: 778077.
Canadian High Commission Restaurant
Good place to have a business lunch and meet people. Open to the public
for lunch only Mondays through Fridays. Independence Avenue just 30
meters southwest of Sankara Circle, within the High Canadian
Commission. Tel: 228555, ext. 3318.
Champs
Good Tex-Mex cuisine and sports bar. They also do a business lunch.
Paloma Shopping Arcade, Ring Road. Tel: 228937,
champs@africaonline.com
Chez Lien
Vietnamese, Chinese and French cuisine. Senchi Street, Airport
Residential Area. Tel: 775356/7, Fax: 775357
Chick 'n Lick 'n
Good place if you want takeaway roast chicken. Osu, behind Le Bouquet,
off Ring Road, not far from Danquah Circle. Tel: 778314, Fax:761458
Country Kitchen
Some of the best Ghanaian cuisine in town, and a popular spot with
expats and Ghanaians alike. Ringway Estate, across from Accra Fitness
Center, Osu. Tel/Fax: 229107
Dynasty
Best Chinese cuisine in town, and they cater to the business crowd.
Cantonments Road, Osu. Tel/Fax: 775496.
Four Aces
Pleasant outdoor surroundings. Good pizzas, Lebanese dishes,
Continental and Ghanaian cuisine. Off Ring Road, near Sankara Circle.
Haveli
Good Indian cuisine - high end. Cantonments Rd., Osu. Tel: 774714,
Fax: 772307
Hinlone Restaurant
Chinese Cuisine. Labone Crescent, Labone, next to SDA Church and
School. Tel: 772782.
Home Touch
Good Ghanaian cuisine and "drinking spot". Giffard Road, southeast of
37th Military Hospital roundabout, between the circle and the Trade
Fair Center.
Labadi Beach Hotel.
The Akwaaba Restaurant has fine Continental dishes, and the Primavera
offers upscale Italian cuisine. Their Sunday brunch on the pleasant
terrace overlooking the swimming pool features live jazz. Tel: 772501,
Fax: 772520.
La Chaumiere
Fancy French cuisine. Liberation Road, Airport Residential Area,
across from Polo Club, near Granada and Shangri-La hotels. Tel: 772408,
Fax: 772970.
La Pergola
Downscale but good Ghanaian, Togolese and Ivorian cuisine. Located
behind the car park of the Elf Station, on Liberation Road, near 37th
Military Hospital circle and next to the Golden Tulip Hotel.
Landing Restaurant
Good Continental and Ghanaian cuisine - great for a meal while you are
waiting for your plane to take off or land. At the airport, next to
the Shell Gas Station. Tel: 773747/760775.
Le Bouquet
Excellent Lebanese and Continental cuisine, popular with the business
community. Ring Road, Osu. Tel: 772417
Life Westward of Eden
Best vegetarian food in Accra. Paloma Shopping Arcade, Ring Road.
Makaira
Very fancy French cuisine, cozy atmosphere. North Labone Estate,
Orphan's Crescent, Labone. Tel: 778266.
Manna Korean
Superb Korean cuisine and well worth the drive to Tema. Villa Koreana,
Community 12, Tema. Tel: (022) 306244/306265/028-212204, Fax: 027-
542188
Manhattan Center
This is the spot for American fast food and good milkshakes. Opposite
Labone Coffee Shop, Labone.
New Club 400
Good Lebanese cuisine. Located across from SSNIT Guest House, just off
Ring Road. Tel: 223723.
Novotel Hotel
La Terrasse by the pool. Grills and pizza. Continental cuisine and
superb buffet available at the main restaurant in the hotel. Barnes
Road, North of Kinbu Road. Tel: 667546, Fax: 667533, E-mail:
novotel@ghana.com
Paloma Fast Food
Pizza, Continental, Lebanese and Ghanaian. Paloma Shopping Arcade,
Ring Road. Tel: 228142.
Papaye Fast Foods
Very popular for fast foods, chicken, burgers. Cantonments Road, Osu.
Tel: 773754, Fax: 761829
Regal Restaurant
Decent Chinese cuisine. 5th Lane, off Cantonments Road, Osu. Tel:
773386.
Roots
Lebanese and Continental cuisine in an outdoor cafˇ setting.
Cantonments Road in Osu, near Afridom Supermarket.
Royal Orchid
Good Thai cuisine. Osu, around the corner from Regal, and 3 blocks
from Dynasty. Tel: 662993.
Ryan's Pub
Great Irish Pub and very popular with Ghanaians and expats alike.
Snacks. They also have a fancy restaurant upstairs with Continental
specialities and Irish beef. Troas Street, Osu. Tel/Fax: 762334
Shangri-La Restaurant
Shangri-La Hotel, Liberation Road, Airport Residential Area. Pizzas,
Continental, Lebanese, Ghanaian cuisine. Tel: 777500/776993.
Sunrise Hotel Restaurant
Continental and English cuisine, also a good Happy Hour with live music
on Fridays. Sunrise Hotel, North Ridge. Tel: 222201/224575.
Tandoor Restaurant
Good Indian cuisine - ask for their Frankies. Off Cantonments Road in
Osu, next to M&J Travel. Tel: 778760, Fax: 779675, E-mail:
harryinu@ighmail.com
q. Embassy Assistance
Prior to their trip to Ghana, U.S. business visitors are encouraged to
contact the State Econ/Commercial Office, the Foreign Agricultural
Service or the Commercial Service. The former two are located at the
U.S. Embassy, Chancery, Ring Road East, near Danquah Circle. The
latter is located on the grounds of the United States Information
Service (USIS), at the corner of Independence and Castle Roads. Refer
to Appendix, Section E for specific phone and fax numbers and section
IX 2, Travel Advisory and Visas for the phone and fax numbers of the
Ghanaian Embassy in Washington, DC and the Ghanaian Mission to the UN
in New York.
Following are useful guides for the business traveler:
"GUIDE FOR BUSINESS REPRESENTATIVES"
"KEY OFFICERS OF FOREIGN SERVICE POSTS"
Both are available for sale by the Superintendent of Documents, U.S.
Government Printing Office, Washington, D.C. 20402; Tel. (202) 512-
1800; Fax (202) 512-2250.
Appendix A: Country Data
-Area: 238,305 sq. km. (slightly smaller than Oregon)
-Population: 18.8 Million (1998 est.)
-Population 3.0%
Growth Rate:
-Religion: Freedom of religion is guaranteed in Ghana.
Population of Ghana comprises 43% Christians, 38% followers of
traditional African religions and 12% Muslims.
-Government
System: Government is organized along the lines of the U.S.
system but has a single legislative arm. President is elected by
universal suffrage for a four year term. There is a Vice President and
a legislative branch (parliament) made up of 200 members elected by
universal suffrage. Next election will be held in December, 2000.
-Head of
State: Jerry John Rawlings. The President is the Chief
Executive and The Commander-in-Chief of the Armed Forces.
-Cabinet: Appointed by President subject to Parliamentary
approval.
-Languages: English is the official national language, but
approximately 75 other languages and dialects are spoken.
-Workweek: Monday through Friday; Business Hours: 8.00-12.00
and 13.00-17.00. Banks, however, open to the public from 8.30-1400
(Mondays - Thursdays) and 8.30-1500 on Fridays. Foreign exchange
bureaus open from 8.00-19.00 from Monday through Friday and 8.00-12.00
on Saturdays. Some shops open on Saturdays. Many close at 2:00 p.m.
-Time: Time throughout Ghana is 0 GMT (Greenwich Mean Time),
five hours ahead of Washington, D.C. - four hours during daylight
saving time.
Appendix B: Domestic Economy
1996 1997E 1998E
-GDP(In USD Millions
at current prices) 6,342 6,891 7,305
-Real GDP Growth
rate (percent) 5.2 5.1 2.9
-GDP per capita 356 365 378
-Government Spending as
percent of GDP 23.2 21.9 23.0
-Inflation (percent) 32.7 20.8 18.0
end-of-period
-Unemployment 22 20 20
-Foreign Exchange Reserves 48.3 N/A N/A
-Average Exchange Rate
(Cedis/1 US Dollar) 1,637 2,050 2,417
-Debt Service Ratio 24.0 25.3 31.5
US Economic/Military
Assistance (Millions/USD) 43.8 51.9 57.5
Appendix C: Merchandise Trade Data (Millions of US dollars)
-Total Country Exports: 1996 - 1,571
1997E - 1,481
1998E - 1,625
-Total Country Imports: 1996 - 1,937
1997E - 1,753
1998E - 1,979
-U.S. Exports to Ghana: 1996 - 295.4
1997 - 314.3
1998E - 461.4
-U.S. Imports from Ghana: 1996 - 171.4
1997 - 154.1
1998E - 161.3
Sources:
Ministry of Finance
Statistical Service Department
Ministry of Trade and Industry
Bank of Ghana
U.S. Mission estimates
U.S Dept. Of Commerce
Appendix D: Investment Statistics
(Please see Section VII Investment Climate, item 17)
Appendix E: Key Country Contacts
Ministry of Trade and Industry
P.O. Box M47, Accra
Hon. Dr. John Abu, Minister
Tel: 233-21-665421/663327
Fax: 233-21-668263
Ministry of Finance & Economic Planning
P.O. Box M.40, Accra
Hon. Kwame Peprah, Minister
Tel: 233-21-665421/665441
Fax: 233-21-667069
Ghana Investment Promotion Center
P.O. Box M193, Accra
Mr. Kwesi Ahwoi - Executive Director
Tel: 233-21-665125/9
Fax: 233-21-663801
E-mail: gipc@ghastinet.gn.apc.org
Customs, Excise and Preventive Service
P.O. Box 68, Accra
Dr. Charles Asembri, Commissioner
Tel: 233-21-666841/2/662123
Fax: 233-21-660019
Divestiture Implementation Committee
P.O. Box C102, Cantonments, Accra
Mr. Emmanuel A. Agbodo, Executive Secretary
Tel: 233-21-772049/773119/760281
Fax: 233-21-773126
E-mail: dicgh@ncs.com.gh
Ministry of Tourism
P.O. Box 3106, Accra
Hon. Mike Gizo, Minister
Tel: 233-21-666049/666314/666426
Fax: 233-21-662375
Ghana Supply Commission
P.O. Box M 35, Accra
The Chief Executive
Tel: 233-21-228131
Fax: 233-21-668452
The West African Enterprise Network
West Africa Headquarters
P.M.B., Ministries Post Office
Accra
Tel: 233-21-234007
Fax: 233-21-234007
E-Mail: ababio@ncs.com.gh
Private Enterprise Foundation
P.O. Box C1671, Cantonments - Accra
Mr. Kwesi Abeasi, Director General
Tel: 233-21-222313/231488
Fax: 233-21-231487
Minerals Commission
P.O. Box M.248, Accra
Mr. Kofi Ansah, Chief Executive
Tel: 233-21-772786/779823/4
Fax: 233-21-773324
Ghana National Petroleum Corporation
Private Mail Bag
Tema
Mr. Tsatsu Tsikata, Chairman
Tel: 233-22-206020/204654/202823
233-21-774234 (Accra)
Fax: 233-21-232039
E-Mail: gnpc@ncs.com.gh
Ghana Stock Exchange
P. O. Box 1849
Accra
Mr. Yeboa Amoa, Managing Director
Tel: 233-21-669908/669914/669935
Fax: 233-21-669913
E-Mail: stockex@ncs.com.gh
Association of Ghana Industries (AGI)
Trade Fair Center
P.O. Box 8624, Accra-North
Dr. J. A. Addison, President
Tel: 233-21-777-283/775-311, ext. 697/723
Fax: 233-21-773143
Ghana Export Promotion Council
P.O. Box 146, Accra
Mr. Tawia Akyea, Executive Director
Tel: 233-21-228-813/30
Fax: 233-21-668-263
Ghana National Chamber of Commerce
65 Kojo Thompson
P.O. Box 2325, Accra
Mr. Ato Ampiah, President
Tel: 233-21-662-427
Fax: 233-21-662-210
U.S. Embassy Trade Personnel
Ms. Sharon Lavorel-Rutherford, Chargˇ d'Affaires
Mr. Robert Merrigan, Economic/Commercial Officer
Ms. Chrish Kresge, Commercial Specialist (U.S. Dept. of Commerce)
Mr. Eric K. Adotey, Economic/Commercial Specialist
Ms. Abena Aidoo, Commercial Assistant/Librarian
Mr. Yaw Asante-Kwabiah, Agricultural Specialist
The local mailing address is:
Embassy of the United States of America
Ring Road East
P. O. Box 194
Accra, Ghana
Tel: (233-21) 775348/775297/775298
Fax: (233-21) 776008
OR:
The Commercial Service
c\o The United States Information Service (USIS)
Liberation and Castle Roads
P. O. Box 2288
Accra, Ghana
Tel: (233-21) 235096 (Direct)/229829/230571/230572/231218
(Switchboard)
Fax: (233-21) 235096/776008
E-mail: comserv@ghana.com
The Foreign Agricultural Service
Ring Road East
Embassy of the United States
P. O. Box 194
Accra, Ghana
Tel: (233-21) 775348/775297/775298
Fax: (233-21) 773308
E-mail: fasaccra@ncs.com.gh
The Pouch Address is:
Embassy of the United States of America
Accra - Department of State
Washington, DC 20521-2020
Print Media
Ghanaian Times
New Times Corporation
P.O. Box 2638
Accra
Tel: 233-21-228282 (6 lines)
Fax: 233-21-229398/220733 (MD)
E-mail: newtimes@ghana.com
Daily Graphic
The Graphic Corporation
P.O. Box 742
Accra
Tel: 233-21-228911/228938/228927
Fax: 233-21-234754
E-mail: graphic@ghana.com
Ghanaian Chronicle
The Ghanaian Chronicle
Private Mail Bag
Accra-North
Tel: 233-21-232713/227789
Fax: 233-21-774722
E-mail: chronicl@africaonline.com.gh
Business Chronicle
Private Mail Bag
Accra-North
Tel: 233-21-232713/227789
Fax: 233-21-774722
E-mail: chroncl@africaonline.com.gh
Business & Financial Times
Development Associates
P.O. Box 2157
Accra
Tel: 233-21-223334/233-27-540404
Fax: 233-21-223334
E-mail: bnft@ighmail.com
Website: www.internetghana.com/prnt
The Statesman
Kinesic Communications
P. O. Box 846
Accra
Tel: 233-21-661092/233242
Fax: 233-21-233242
High Street Journal
Sheik Investments Ghana Ltd
P.O. Box 588
Achimota
Tel/Fax: 233-21-500125
E-mail: hsjaccra@ghana.com
Contact Information for Advertising in Radio and TV
TV/Radio
Ghana Broadcasting Corporation
P.O. Box 1633
Accra
Tel: 233-21-221107/221161
Fax: 233-21-221153 (Radio)/233-21-221149 (TV)
Metro TV
P.O. Box C1609
Cantonments, Accra.
Tel: 233-21-238590/1
Fax: 233-21-234797
E-mail: metrotv@ighmail.com
TV3 Network
P.O. Box M. 83
Accra.
Tel: 233-21-228697/263457/8/62
Fax: 233-21-228629
Radio
Radio GAR (95.7 FM)
Ghana Broadcasting Corporation
P. O. Box 1633
Accra
Tel: 233-21-221163/47/97
Fax: 233-21-221165
E-mail: gar@ighmail.com
Radio Gold (90.5 FM)
Network Broadcasting Company Limited
P. O. Box 17298
Accra
Tel: 233-21-231976/300281/2/3
Fax: 233-21-300284
E-mail: radiogold@africaonline.com.gh
Radio Joy (99.7 FM)
Multimedia Broadcasting Company Limited
P.O. Box 17202
Accra
Tel: 233-21-233558/233559/233560
Fax: 233-21-224405
E-mail: joyfm@ghana.com
Website: www.joy997fm.com.gh
Billboards
Lintas Ghana Limited
Osu - Ako Adjei Park
P. O. Box 1262
Accra
Tel: 233-21-772321/772324/772481
Fax: 233-21-772498
E-mail: aplintas@ighmail.com
Dapeg Limited
P.O. Box 7398
Accra.
Tel: 233-21-224677/227401
Fax: 233-21-302663
E-mail: dapeg@africaonline.com.gh
Icon Communications
P.O. Box C878
Cantonments, Accra.
Tel: 233-21-232371/2
Multilateral Financial Institutions
World Bank Field Office
69 Dr. Isert Road
North Ridge Residential Area
Accra
Tel: 233-21-229681, Fax: 233-21-227887
E-mail: dadoteye@worldbank.org@internet
IFC Liaison Office
Roman Ridge
Accra
Tel: 233-21-776245/779804/5,
Fax: 233-21-774961
E-mail: ifcghana@ghana.com
Africa Project Development Facility Satellite Office
Roman Ridge
Accra
Tel: 233-21-776245/779804/5,
Fax: 233-21-774961
E-mail: apdf@ghana.com
Market Research Firms
Boulders Advisors Limited
No.5, 2nd Dade Walk - Labone
P. O. Box C3664
Cantonments - Accra
Mr. Reginald N. France
Tel: 233-21-775516/771248
Fax: 233-21-771249
E-mail: boulders@ghana.com
CME Consulting Services
P. O. Box 9789
Airport - Accra
Mr. Y. Osafo Marfo
Tel: 233-21-773217/776013
Fax: 233-21-773740
E-mail:
Databank Financial Services Ltd.
5th Floor SSNIT Tower Block
P.M.B., Ministries, Accra
Mr. Ken Ofori-Atta, Chairman
Tel: 233-21-669417/669421/669110/665124
Fax: 233-21-669100
E-Mail: databank@africaonline.com.gh
Deloitte, Haskins & Sells
4 Liberation Rd
P.O. Box 453, Accra
Mr. Joe Forson, Managing Partner
Tel: 233-21-775355/774169/773761
Fax: 233-21-7