Should You Invest in Ghana?

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Ghana’s macroeconomic performance improved in 2017 after a difficult 2016. The country’s economy expanded for the fifth successive quarter in September 2017, at a rate almost double that of 2016. The external position has improved as the trade balance has shifted to a surplus. Ghana has made good progress in macro-stabilization in 2017, but it needs to sustain the fiscal consolidation efforts. According to the report, inflation is likely to fall within or be close to the Bank of Ghana’s medium-term target range of 6-10 percent in 2018.

Despite the positive outlook, challenges remain, including further containing inflation and strengthening and deepening the financial sector to lower interest rates. Ghana’s economic performance over the medium term will, to a large extent, depend on the success of the economic stabilization program. Ghana is also likely to face higher financing costs in both the domestic and external markets in the context of a strong U.S. dollar and rising global bond yields.

Political Stability Renews Investors’ Confidence

Ghana has continued to consolidate democratic rule, and enjoys an open society, with a vibrant media and strong public dialogue. Because of these and other political achievements, Ghana outperforms most countries in West Africa and in the continent on measures of civil liberty, political rights and political stability.

The country ranks 8th out of 54 countries on the 2016 Ibrahim Index of African Governance (IIAG) and 7th out of 48 countries in Africa on the Worldwide Governance Indicators (WGI). Ghana has a solid democratic tradition, completing its seventh consecutive peaceful democratic election in December 2016.

Oil Sector Rebound

After a prolonged period of serious economic deterioration due to excessive government intervention, hyperinflation and loose fiscal management, in 1983 Ghana launched an Economic Recovery Programme (ERP), as proposed by the IMF and the World Bank. Ghana is currently experiencing its second oil boom during a few years. The economic benefits are likely to be felt in 2018 as production increases and is expected to drive growth.

Though growth slowed from its peak in 2011, Ghana has outperformed the West African and sub-Saharan African (SSA) regional growth rates since.

Pro-Business reforms to boost trade

Ghana provides a relatively more competitive operating environment compared to other key economies in the region. Though it boasts a much smaller market than Nigeria, a lower likelihood of terrorism and much fewer incidences of violent assault are reported in Ghana. The country provides a more clearly regulated and open market system when compared to regional peers such as Nigeria, Côte d’Ivoire and Senegal. The country’s predictable operating environment sets it apart as a suitable point of entry for businesses looking to invest in West Africa.

Ghana ranked 13th in SSA, and among the most competitive business destinations in West Africa. Ghana outperformed the average Sub Saharan Africa countries score in all 12 competitiveness pillars.

Public Investment Opportunities

Currently, there are no formal privatization programs in Ghana. However, the government is has for objective to restructure and privatise non-performing state-owned enterprises. Back in 2014, Ghana’s Ministry of Finance and Economic Planning published a pipeline of project opportunities in which foreign and local investors can participate.

An Optimistic Future

According to the International Monetary Fund (IMF), Ghana’s economic growth for 2019 is forecasted at 7.6 percent. Inflation is also expected to go down to 8.0 percent. With better control over its domestic resources and expenditure, the country’s economy seems much more stable than before.

However, challenges remain, especially when it comes to diversifying Ghana’s economy. Heavy reliance on primary commodities, such as oil, gold and cocoa, are all prone to volatile international prices. To sustain the fiscal consolidation achieved so far, Ghana needs to ensure social and economic activities can thrive in an expanding and increasingly diverse economy.

Africa HR Solutions can help you mobilize your people and hire workers in a matter of weeks, without the need to register your entity locally. This solution can help you take advantage of the opportunities in Ghana and other African countries. Contact us to see how we can expand your footprint into Africa with our Professional Employer of record Services, Payroll Management, Expat Immigration and Compliance Services.

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Grant Geraghty is the longest-serving member of the Africa HR team. This resident subject matter expert and client champion is responsible for gaining a deep understanding of our clients’ unique HR needs in Africa and providing tailored solutions that align with their business objectives. Grant collaborates closely with our clients to ensure that their requirements are properly implemented, providing ongoing support and guidance throughout the process.

Grant brings a wealth of experience to his role, having served as Africa HR’s longest-serving employee. He holds a Bachelor of Commerce degree, with a major in Economics and Business Finance, from the University of Natal in South Africa. Additionally, he has completed a certification program in Payroll and Tax Administration from the University of Cape Town, further enhancing his expertise in HR operations and compliance.

His commitment to delivering exceptional service and his extensive knowledge of HR in Africa make him an invaluable member of the Africa HR team.




Kevina Takoordyal has a BA Hons Business Management from the University of Glamorgan, UK, with MBA in leadership and Innovation, MBA General, PMP Certified, and Agile Scrum Master. She currently works as the Head of Operations at Africa HR Solutions Ltd with more than 20 years of proven leadership capabilities in Operations, Business Development, People Management, Process Optimization, and Project Management in the Financial Services, BPO, Banking Industry, and Heath Care Industry. In Senior leadership roles with an international footprint across Europe working and extensive Pan- African experience from a compliance, finance, and operations angle, Kevina comes across with a panoply of cross-functional skills. Kevina also serves on a few Boards, Non-Independent Executive at MioD and for NGOs on a voluntary basis, a coach and mentor to aspiring female leaders across Africa and Mauritius.

Kevina is a firm believer in Servant Leadership with a strong focus and commitment to uplifting others, with the ability to deliver through a highly engaged – diverse team, and works towards consistently synergistic value creation. While being a focused and adaptive thinker and Kevina is actively participating in panel discussions on Innovation, CX, Digital transformation.

Kevina serves as Project Assessor for the National Youth upskilling program. She has been recognized as Global Talent in a few companies, Ceridian, and International SOS Ltd whereby she has been awarded a few scholarships and had the opportunity to be mentored by Senior Vice President in the US. Award Winner in various fields and at a national level and recognized including Super Achiever Leader Award in Africa in 2016, Awarded Africa Women Leader 2018.



Head of Finance & Business Support

Viloshna is an experienced finance professional with 18 years of expertise in strategic financial planning, financial analysis, cash flow management, systems and controls implementation, financial reporting, and continuous process improvements. She currently serves as Head of Finance & Business Support, where she has successfully automated and leveraged the financial reporting system capabilities to ensure efficient company operations.

Viloshna’s background includes senior roles in a multinational pharmaceutical company and a large listed Mauritian conglomerate. Her meticulous attention to detail and strategic thinking have streamlined financial processes, making her a valuable addition to any finance team. Viloshna is a qualified finance professional with an FCCA qualification and an MBA, bringing valuable expertise to any organization.

In her current role, Viloshna leads the company’s Treasury and Payments function, including the fulfillment of the company’s cross-border payments into Africa. With her strong educational background and extensive experience, Viloshna consistently demonstrates her ability to optimize financial operations, minimize risks, and improve profitability. Her expertise in financial reporting and process improvements make her a valuable asset to any organization.



Head of Legal & Compliance

A qualified lawyer who joined Africa HR Solutions in July 2020, Mark Du Preez has experience working in private practice for a reputable law firm in South Africa. He also played commercially focused roles at a leading private bank, wealth management company, and outsourcing firm in South Africa and Mauritius.

Mark has played a pivotal role in Africa HR Solution’s risk mitigation strategy, which positively impacted P&L performance over the years.

He currently leads the Partnerships function of the company including relationships and oversight with in-country partners (ICPs) across Africa.

Alex Daruty - Africa HR Team


Head of Commercial

Alex has more than 15 years of experience in the global, strategic development of both enterprise and consumer brands in categories including technology, transport, enterprise software, entertainment, and travel.

With experience in roles on both agency and corporate side, he has worked across international brands and has led the development and execution of multi-discipline campaigns across EMEA, NORAM and Asia Pacific.

His focus is on driving meaningful business impact through brand differentiation and building high-functioning, digitally oriented, and analytically driven capabilities. He is motivated by working with, and developing dynamic people, teams, and organizations.

He leads, manages, develops and mentors the Key Account Management department, including line management responsibility for the team of Key Account Managers and Key Account Administrator who represent the Company as the primary communication link between all relevant stakeholders, including clients, third party in-country partners and internal functions.

Originally from Mauritius, he holds bachelor’s degrees in International Business, Finance and Management from the University of Nevada, Reno.