The last fiscal year was very gloomy for the people of Ghana as the market wasn’t in an ideal form and the GDP was dropping as a result of the different internal and external elements.
But last year, in 2019, the market revived and is currently growing at a rate of 2.7% based on the World Bank survey to attain its target increase of 3.5percent by the end of FY 2020-2021. It’s the perfect time to start your own company in Ghana, if you’re searching for a few profitable small business thoughts with low funding in Ghana then continue reading, I’ve crafted 20 best and profitable small business opportunities with low investment in Ghana that you start your own business venture.
The authorities of the country are working hard to keep the fiscal policies and expansion on track by several measures and among the most significant one being impacting the new minds in the industry to form new startup businesses to make the market grow by itself and develop further. The creation of new business won’t just increase the development of the country but will also decrease its reliance on foreign debts.
The next two significant sectors which contribute to the GDP are petroleum and energy industries.
So, if you’re planning to invest in the economy of Ghana, you can target these businesses in addition to other few sectors that are discussed below.
Here are 5 profitable business ideas for Ghana in 2020
- App-based knowledge platform for farmers:
As Ghana’s economy is largely dominated by agriculture, thus a knowledge platform for the rural farmers is necessary, isn’t it? It’s possible to create a program where farmers and people associated with agriculture and farming in Ghana can drop their queries regarding various aspects of agriculture and pros can answer those questions to make them farm economically.
There you can create communities as well where the members can discuss unique prospects of a solution and issues and problems and how to resolve them. Since the sector is dominated by agricultural goods; this program will certainly make a mark and earn you revenue in the long term.
- Fertilizers and Pesticides manufacturing companies:
For the same reason stated above, the nation’s key GDP comes from agricultural products, fertilizers play a pivotal role in farming and agriculture. As this is the era for bio-fertilizers and bio-pesticides for the sake of the human beings, it is possible to invest in businesses or construct one that is involved in the production of these things.
The market is huge for these products and if you’re getting into manufacturing bio-fertilizers then you can catch the industry readily as people in Ghana are searching for alternatives to chemical fertilizers to boost their agricultural production.
- Financial Institution for rural farmers:
The major baggage or the problem that each and every farmer in Ghana must confront is related to funds. Either they do not have enough to fund their need for the qualitative generation or they aren’t able to advertise their products correctly and thus they aren’t able to get the required amount they require.
You could begin with funding a section of farmers and let them grow good plants and advertise their products also besides funding so that they can repay your loan. After you start getting the confidence in the farmers, it is possible to literally grow large as funding in the agricultural industry has always turned out to be an excellent investment as long as you channelize the investment correctly.
- App-based delivery services:
Since Ghana is a marketplace that’s at its growing stage; the e-commerce market is hitting the nation during its high time. There’s a requirement for fast delivery services of meals, apparels, household things and a number of other items as we see in the other nations.
You have fewer competitors and more companies which can help you grow. It is possible to build an app and market it into the giant stores in the nation or the e-commerce companies and get revenue from it.
- Offline and Online Payments app:
Since the e-commerce marketplace is becoming developed in the country, there’s obviously a need growing for the online transactions too. Offline and online payments facilitate the majority of the consumers, so investing in this kind of app will be an excellent venture.
You may be wondering why an offline payment program or feature is required whenever there is online support, there are situations or places if you will need to transfer or get money but you have a bad internet connection or no online connection at that specific point in time, then the offline solutions can help a lot. Moreover, with the offline solutions, the range of your program and services can be wider.