TOP TEN BOOMING BUSINESSES IN GHANA
- April 12, 2022
- Posted by: Prince Kwame Twumasi
- Category: Business
Business is a person`s regular occupation, profession, or trade. Every human activity revolves around money, meaning any human-to-human interaction tends to be in a transaction and it involves money. Business has been in existence since our ancestors’ era when they transact business using the barter trade system. The motive behind any business setup or business transaction is to make money because money makes life perfect. In this article, I will discuss the top ten flourishing businesses in Ghana.
TOP TEN BOOMING BUSINESSES IN GHANA
1.Beauty products and Cosmetics.
The brainwashing of Ghanaian ladies who think having light skin is better than having a darker one means that there`s a real chance to make money in this business. It’s without a surprise one of the most profitable businesses in the country and those who`ve succeeded in it live large. Most importantly, you run no risk of loss in a cosmetic business as no matter what you offer, the ladies will buy.
2. Mobile phones and accessories.
These days, anyone who sells Smartphones accessories, computers, laptops, printers, photocopiers, and the likes is raking billions of cedis. With major advancements in technology in the country, more and more people either own or use these gadgets on a daily basis. In fact, children aged as little as 10 years own mobile phones while the majority of university students own computers and laptops and they all need accessories. Any aspiring entrepreneur would surely consider venturing into this kind of business.
3. Courier or delivery services.
Delivery services have come to stay since the eruption of Covid – 19 when people were not allowed to go out to perform their daily activities. Although Covid – 19 is a very dangerous virus and can kill easily, business must still go on, and here the courier or delivery services comes in, even though people already patronize the services of delivery. As more and more people shop online and e-commerce becomes a normal way to buy and sell in Ghana, delivery services have also become a very viable and profitable business offering. You just need to have multiple moto-cycles, town rider vehicles, or delivery trucks available to serve your customer needs. Take advantage of social media to advertise and promote your services to online business owners and shoppers.
4. Poultry farming.
The poultry industry in Ghana is booming as the demand for meat and eggs keeps increasing. There has been a rise in the number of schools established in the country ranging from daycare centers to high schools where all of these schools have canteens where they feed the students. Almost all the schools cook rice and stew with either chicken or egg so it appears that the demand for broilers and eggs from schools is very high. Restaurants, chop bars, and even roadside eatery also use meats (broilers) and eggs in their dishes. Last but not least is our homes where foods are being cooked with meats from birds because we all love chicken. People who indulge in this kind of business make a lot of returns during the Christmas season. In this period people make a feast and it is solely from fowls.
5. Vegetable farming.
The demand for basic vegetables never dips. In fact, the prices of vegetables in our local markets are known to always rise. What is lacking is always imported from neighboring countries. Do you have a sizeable farming area and access to a source of irrigation? Then you should definitely consider going into vegetable farming. Produce like onions, tomatoes, garden eggs, carrots, lettuce and the rest always have a ready market.
If you looking for a fast booming business, toiletries are definitely the one. The sales of toothpaste, shaving sticks, diapers, toilet rolls, sanitary towels, wipers, etc, have skyrocketed as these items have become a major necessity among Ghanaians. They are needed in weddings, dinner and festivities, and for newborn babies. Covid – 19 has also caused the rise in demand for toiletries where public centers, offices, and homes entries were fixed with water, soap, and wipes that you need to wash your hand before entering. This industry offers a big opportunity to make millions.
7. Drug store or Pharmacy.
Licensed chemical shops and pharmacies are such a vital part of every community, but they’re also surprisingly extremely lucrative. Have you noticed those tiny drug stores which have been operating for years and yet they have just a meagre stock of wares? Well, the reason they continue for years is because of the sheer profitability of this trade. Now, why are drug stores lucrative? First of all, people are continually needing medication, so you never run out of demand. Secondly, most people just walk into a drug store when they feel sick and report their symptoms to the seller or dispenser. The seller then offers them the kind of drugs they believe would best offer a cure. As a trade secret, common drugs like painkillers and anti-malaria drugs, are often added to the “prescriptions” just to be doubly sure that the patient gets well. How much money can you make if your customers almost always pay for your product offering without questioning? Thirdly, the profit margin on the drugs is almost ways over 100%.
8. Building materials retail outlet.
A truly fast-moving business you can do in Ghana is to sell building materials like cement, iron rods, and processed wood. These goods are highly in demand all over the country because of the rate at which the human population is increasing there should a shelter for them. You might need to put up your own store for such a business in order to cut down on rent on your store, then also, since your customers are in construction sites in the peri-urban and new residential areas, you don’t necessarily need a shop in the business district.
9. Restaurant and chop bars.
Everyone needs food to survive, so you can be sure of getting zero losses and high profit. Ghanaians over the years have developed a new trend of going to a fancy place to have dinner or brunch especially when they are on a date and ready to pay any amount. Workers (office, labors, hawkers, etc) to tends to patronize the services of restaurants and chop bars since most do not take breakfast when leaving for work hence they rely on these places.
So So there you have it guys, the above list is our top 10 businesses are what is booming in Ghana right now. Do you think we missed anything? Please let us know in the comment section below we will love to read them.