Ghana: 10 Viable Business Ideas to Venture into in 2023

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By Blossom Charity Ukoha
Establishing a powerful business empire that yields billions in revenue every year begins with the conception of an idea that needs to be followed through. To succeed in a business, one must come out with an ingenious idea, win the hearts of the masses, and then make millions in return.

Ghana is a comfortable place to settle and build a business because the economy is open to investors and available for the taking.

Ghana has been rated a peaceful and thriving economy for growing businesses. One of the famous exports of this West African country is pure cocoa.

Looking into the future, the Trading Economics global macro models and analysis state that the GDP Annual Growth Rate in Ghana is expected to be 3.70 per cent by the end of 2022 and is projected to trend around 4.10 per cent in 2023 and 5.00 per cent in 2024.
So, there’s no need to sit around and let these opportunities pass you by. You need to look out for profitable business ideas in Ghana to invest in 2023.

A business idea is a starting point for any current or future entrepreneur. It is essential because it is the beginning of a new life – the life of a business and an entrepreneur.

A business idea drives everything about a company, from what products and services are offered to how these products are marketed. This idea doesn’t need to be unique, but it must have the potential to capture part of its target market. Put another way, it must offer something different from companies already working in the marketplace; otherwise, their credentials and head start will make it practically impossible for you to compete.

African Leadership Magazine takes a glance at the 10 profit-making business ideas you would like to consider in 2023;

Digital Marketing

In today’s world, every business needs digital marketing. It is important because it connects a business with its customers when they are online and is effective in all industries. It connects companies with ideal customers on Google through SEO & PPC, social media with ‘social media marketing, and email with email marketing.

Therefore, you can look out for the know-how and start up a digital marketing agency. You can do a freelance business, or launch a start-up to promote different products through digital marketing and make money.

E-Commerce And Drop-Shipping

These involve selling products on the internet. These are two high-demand fields that have a good profit margin too.

To be successful in drop shipping or e-commerce, you must research. You can research top-selling and high-demand products that the customers are looking for and then profit from them. Then, you need to start your online store and promote it to get the orders coming.

This business idea is profitable in Ghana. You can start your own e-commerce business without any big investment and without stocking any product.

The great thing about dropshipping is that you don’t need to purchase any product unless you get an order from a customer.

Below are the steps you need to start a dropshipping business-

 Find a supplier like AliExpress, Konga Jumia, and many more and tie up with them.
 Create an e-commerce website and list what you want to sell from these suppliers.
 Promote your website through Facebook and other online marketing channels.
 Receive orders.
 Place an order with the supplier and ask them to deliver the product to the customer’s address.
 Make profits. Your profit will be the margin between the supplier and selling prices. You can sell as high as 3 times the price of the supplier.
Gaining wealth in business is a gradual process that the investor or entrepreneur must master to make the most out of it.

Real Estate

Real Estate has remained one of the most extraordinary businesses with the probability of appreciating over time. Real estate property includes land, buildings, fixtures, structures, and utility systems. As a result, you can create a real estate management venture to sell and manage properties.

You can enter the real estate venture as a brokerage, property management, sales and marketing, lending, or professional service provider. Figure out what works for you and progressively build it into a lucrative business in Ghana.

Poultry Farming

According to government statistics, agriculture accounts for 19.7% of Ghana’s GDP and over 40% of export revenues. Despite Ghana’s numerous poultry farms, the demand for poultry products is rising. Poultry farming is a profitable enterprise. In the country, poultry products such as chicken and eggs are in high demand.

Agriculture is the backbone of Ghana’s economy, and poultry farming accounts for a major portion of the country’s GDP. In addition, poultry farming is one of Ghana’s most well-known and profitable commercial ventures.

With how Ghanaians enjoy their meat, you will make good money from keeping poultry. There is always a party going on that will require the meat.

Chicken rearing and other poultry farming require little effort to run and are one of the best businesses to start in Ghana. Eggs are also a favourite among Ghanaians.

The best thing about this type of farming is that you do not need much money or chicken to start. You can sell the meat, eggs, or even the chicks.

Event planning

Starting may be a bit of a challenge, but once you are on your feet, you are set to be one of the wealthiest entrepreneurs in Ghana. Event planning is an exciting venture and amongst the top business ideas in Ghana that will never have you broke. There is always a birthday somewhere, a baby shower, a graduation party, and all types of celebrations throughout the year. Learn a few things about planning and making your events distinct. The better you make your events, the more client referrals you get.

Taxi Business

People never stop moving around. As long as you can drive, you are assured to ferry clients from point A to point B throughout the week and even at weekends. With apps like Uber and Bolt, all you need to do is register as a Taxi driver and run a good business. You only need a little capital to buy a car or rent one, and you are good to go. The best thing about using these apps is that they can help build your rating as a driver. The higher you are rated, the more people want to use your vehicle.

Courier/Delivery Service

Courier and delivery services have become a significant source of income and employment in Ghana.

With the increase in online shopping, people in Ghana require a reliable courier service that can safely deliver their packages to their homes. That is why a courier/delivery business is one of the best business ideas in Ghana.

People continually look for ways to deliver items from one point to another without any damage in transit. You will get a lot of patronage if your services are efficient. You can send items within the region or outside it. If well managed, it’s a very lucrative business

Beauty Products Retail Makeup Centre

Every woman’s world needs beautification. They want to look good and, in their quest to make their hair and apply make-up, they also buy beauty products.

According to reliable reports, Ghana’s female population is approximately 15.65 million and 90% buy and wear make-up.

A beauty products retail centre is among Ghana’s most profitable business ideas. And guess from whose store they are going to the source? Yours, if you capitalize on this idea, it doesn’t matter your gender, you can expand to reach every corner of Ghana.

All you need to do is to look out for quality make-up companies and register as a distributor and make more profits.

In addition, if you are a make-up artist, you can turn it into a money maker. Set up training classes for students ready to learn; your lessons could be physical or online.

Chocolate Processing

Ghana is the second-largest producer and exporter of cocoa in the world. In addition, the country has beautiful beaches, tourist attractions, and natural resources.

Ghana is a dominant cocoa producer, meaning chocolate is quite affordable. People will pay good money for a quality product, especially one that is from a legitimate source.

So, you can venture into chocolate production in Ghana.

Car Dealership Business

Car dealing is an excellent business opportunity in Ghana. In this business, you sell and buy new and fairly used cars.

Some aspects you can venture into online used cars dealership, locally produced car dealerships, imported car dealerships, luxury car businesses and multi-branded as well as multi–maker car dealerships. There is high demand for automobiles in Ghana, primarily used cars because they are mostly affordable.

According to Seth Godin, “there’s no shortage of remarkable ideas, what’s missing is the will to execute them.”

So, don’t hold back. Take your time to check out which of these businesses can benefit you. All businesses have stress, pains and gain if well monitored. Invest now and start counting your profits.

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