Stopping in Accra is one of my favorite things to do, never more so now than before. Landing in a country where immigration says “Welcome Home” (as a simple way to inform me of my supposed Ghanaian features) is always endearing. Seeing the booming economy can definitely make you want to call the place home. Economic growth of 14.5 percent in 2011 makes 2012’s 7.9 percent seem a disappointment. The International Monetary Fund (IMF) forecasts 7.8 percent for 2013.
Ghana’s oil boom has proven to be a great additive to one of Africa’s most active small and medium enterprise (SME) economies. Its reputation as one of the continent’s most stable democracies almost seems like an added bonus. For these reasons, Ghana has become increasingly attractive to foreign investors.
Here’s a look at some of the best opportunities the west African country has to offer:
Earlier this year the mobile penetration rate in Ghana surpassed 100 percent. This does not necessarily mean that every Ghanaian has a mobile phone. Accounting for multiple sim cards or ownership of multiple mobile phones, telecom insiders estimate that mobile phone ownership is just approaching 16 million. Opportunity for growing the voice market is hard to ignore. But tower managers and telecom investors alike will see the greatest growth in data services.
A booming oil and gas sector is pushing for better all-around service to support their growth while telecom companies continue to build infrastructure in order to improve quality and stability. Installations should also increase network capacity in order to cope with upcoming traffic increases. The introduction of more competitive service bundles and specialized data products can definitely add to profit margins.