Ghana is positioning itself as the entry point for Japanese businesses seeking to expand into Africa, unveiling a sweeping investment agenda anchored in agribusiness, energy, manufacturing, and infrastructure development.
Speaking at the Ghana Presidential Business Forum on the sidelines of TICAD9 in Yokohama, Simon Madjie, Executive Director of the Ghana Investment Promotion Centre (GIPC), said Africa presents a “$3 trillion investment opportunity,” and Ghana offers the most stable and business-friendly gateway. He pointed to Ghana’s democratic stability, skilled workforce, abundant natural resources, and access to regional markets, stressing that “Ghana is Africa for beginners.”
Investment climate and macroeconomic outlook
Madjie highlighted Ghana’s improving macroeconomic fundamentals, citing inflation now at 12.1% and a sovereign credit rating upgrade to B- with a stable outlook. He said both consumer and business confidence indices are rising, reflecting renewed investor optimism. Ghana’s GDP stood at $73.23 billion in 2024, with growth driven by mining and agribusiness.
The country, he added, is implementing reforms under a reviewed GIPC Act to lower barriers for foreign investors, with incentives covering sectors such as agriculture, pharmaceuticals, and renewable energy. Bilateral investment treaties, double taxation relief agreements, and AfCFTA protocols further strengthen Ghana’s appeal.
Key initiatives: 24-hour economy and infrastructure push
At the core of Ghana’s strategy is President John Mahama’s flagship 24-hour economy policy, designed to boost production, drive exports, and transform Ghana into a manufacturing and logistics hub. The initiative includes sub-programmes such as GROW24 for commercial agriculture, MAKE24 for manufacturing, and BUILD24 for infrastructure expansion.
Madjie singled out the “Volta Economic Corridor,” a mega-project to develop 2 million hectares of farmland along Lake Volta, supported by agro-industrial parks, water transport systems, and tourism clusters. The government plans to structure this through three special purpose vehicles open to private sector participation.
He also highlighted Ghana’s $10 billion National Infrastructure Development Program, which will prioritize PPPs in roads, ports, and logistics corridors to link food production zones with markets and export hubs.
Sector opportunities
- Agriculture & Agribusiness: Ghana is allocating 50,000 hectares for oil palm cultivation and plans to inject $100 million into palm oil processing. Opportunities also exist in mechanization centers, agri-logistics, greenhouse farming, and AI-driven smart agriculture.
- Manufacturing: With Toyota and Honda already assembling in Ghana, the government is pushing for component manufacturing to serve West Africa’s automotive sector. Cocoa processing, textiles, and pharmaceuticals also present strong prospects.
- Energy & Renewables: A $3.4 billion renewable energy program aims to transition schools, hospitals, and universities off the national grid within five years. Ghana is also developing a $60 billion petroleum hub and encouraging investment in off-grid solar, battery storage, and electric vehicles.
- Minerals & Critical Resources: Reserves of lithium, graphite, manganese, bauxite, and iron make Ghana a potential hub for battery and aluminum industries.
- Healthcare & Pharmaceuticals: Ghana’s pharmaceutical market, valued at $600 million, is projected to reach $900 million by 2030. The government is prioritizing vaccine and API manufacturing, backed by Mahama’s role as a global champion for Africa’s health sovereignty.
- Tourism & Services: With 6,700 tourism enterprises, Ghana is seeking investment in hotels, conference centers, and coastal developments, such as the Marine Drive project in Accra.
Ghana–Japan trade relations
Japan remains an important but underutilized partner, with $152 million in cumulative investment in Ghana since 1994. Ghana’s exports to Japan, mainly cocoa products, stood at $215 million in 2024, while imports from Japan reached $120 million. Madjie argued that this trade volume is below potential and urged Japanese firms to expand their footprint.
“Open for business”
Positioning Ghana as both a regional hub and a continental gateway, Madjie underscored the government’s pledge to protect investments through treaties and AfCFTA frameworks, adding that the country’s rising skilled workforce, projected to add 5 million workers in the next decade, will underpin long-term growth.
“Ghana is not just a market of 33 million people,” he said. “It is your platform to reach 400 million people in West Africa and 1.4 billion across the African continent.”
