INVESTMENT POTENTIALS IN WESTERN REGION
The Western Region could be described as the region which holds the key to Ghana’s development in view of its substantial natural resources. The Region is one of the most well endowed in the country. It follows therefore that the Region has a lot of investment opportunities.
Investment And Business Potential
The Region is the third most important one in Ghana in terms of industrialization and contribution to economic activity. It thus provides some of the best investment opportunities available in the country for private, local and foreign investors to exploit. With a sea port at Takoradi and railway connections to other parts of the country (Ghana Railway Corporation is actually headquartered in the Metropolis), enterprises can easily bring in inputs and take out finished products.
Recent development in the oil and gas industry could also be considered. Various investment opportunities accompany oil and gas exploration; high capacity refinery, companies to manage oil exploration waste, storage facilities and human resource training centres for the industry, etc. There will also be the need for port expansion to accommodate bigger vessels. Potential investment will be in building of high capacity storage facilities, warehouse, refrigerators, the water-way of the harbor needs to be deepened to handle large container ships
The climatic conditions and soil types in the area support the cultivation of both tree and food crops. Oil palm, cocoa, cocoyam, plantain, cassava and rice are all cultivated on a small-scale. Vegetables such as pepper, tomatoes and garden-eggs are planted under rain-fed conditions. There are plenty of opportunities for new investors entering this sector to cultivate any of these crops. Other sector of agriculture that will require attention is irrigation, Heavy equipment hiring such as tractors, ploughs, harrows and combine harvesters; Production of inputs such as fertilisers, pesticides, and fungicides.
Establishment of manufacturing industries to add value to local agricultural and fishery products, especially cassava into industrial starch etc, cocoa beans into cocoa products, fruits into fruit juices, purees etc, rice into fragrant rice, flour etc. The scope for export of these products to regional and international markets is quite significant. Maize oil, maize flour, rice flour, fragrance rice, ground rice, dried cassava, cassava starch, cassava flour, cassava tapioca and finished food products such as macaroni, pasta, noodles and maize powder meals.
Identified as one of government’s priority areas to be developed under its medium term plan, transport services offer exciting opportunities in the region especially in mass transportation – scheduled bus system, rail upgrades, air transport operators for domestic and subregional services, as well as, upgrading of existing trunk roads. Entry into the public transportation field is unrestricted and it holds a high investment potential in the region. There are opportunities for investors who are into roads construction and maintenance. The cost of roads construction and maintenance are borne by the government while private contractors assume the task of implementation.
Major opportunities in the sector are in the form of contracts between the MRT and local and international engineering firms via competitive bidding. The exception is where emergency works are concerned, in which case selective tendering is employed. Eligibility for bidding on public road construction and rehabilitation projects requires the registration of prospective contractors with the Ministry.
Collaboration with the Local Government
The Sekondi-Takoradi Metropolitan Assembly has in its medium plan a number of Opportunities that could be taken up by an investor:
- Waste Management – Collaboration with private waste management companies to tackle the waste management issues of the Assembly
- To ensure convenience and safety, a transit terminal for haulage trucks is being constructed to cater for private companies/individuals in the haulage sector.
- Public-Private partnership for the construction of Transit terminal with motel, clinic, shops etc
Port and Harbour Expansion
Takoradi Port, which handles 62% of the nation’s export commodities & 20% of imports – ie 37% of Ghana’s seaborne traffic is undertaking various expansion projects to do better. The various challenges which include a Shallow / Limited number of berths - max. 11m at buoys is resulting into Low operational Productivity and makes the port unable to take advantage of its Strategic Location for Transit Activities. To this end, the Port will undertake the following projects and will need the participation of investors:
Port Dredging , Breakwater Extension, Bulk Handling Terminal, Container Handling Terminal, Oil Services Terminal, Ship Repair Facilities , Water front facilities - Hospitality
| Modern Handling Equipment
| Training Facilities
| Truck terminal
| Heliports near oil services terminal
| Access Roads Construction
| Cold stores
| Fish processing
| Cocoa processing
| Ice Making plant
Automobile Sales & Service
Another growth area is that of vehicle sales and after-sales service. In addition to car and truck sales, a number of firms are needed to deal in modern vehicle diagnostic systems. Hundreds of investment potential awaits dealers to serve the second-hand automobile market too.
Construction of residential houses (low cost housing, high rise quality apartments, retirement villages); Industrial houses (light industrial parks, warehousing facilities) and Commercial houses (regional and local shopping centers/malls, office accommodation, storage etc.) as well as provision of construction equipment and building materials. The oil discovering is going to call in more people moving into the nearly over-populated region especially the twin regional capitals, Sekondi-Takoradi. The quest for affordable houses will soon be on the increase and need to be met.
Other opportunities include construction and renovation/rehabilitation of properties for office leasing, retail, shipping, storage and other enterprises in the region.
One of the fastest growing sectors in the economy, tourism holds a lot of attractions for investors. Opportunities include provision of hotel accommodation in the 3 – 5 star range in the regional capital and other town in the region; conversion of the forts and castles along the Coast into inns; Beach, lake and river resort development - Busua, Cape Three Points and Miamia (including water sport and game fishing); development of lodges and national parks; development of modern convention/event facilities for large social gatherings in main cities (Sekondi and Takoradi); provision of complete adventure/ecotour packages for domestic markets; and rest stops on key routes.
Appropriate Equipment and Technology
Industrial steel, agricultural implements like spades, shovel, forks, mattocks, pricks, hoes, shears scythes etc. are in great demand as well as construction/industrial tools like screwdrivers, hammers, anvils, handsaws, blades etc. Agricultural tools and implements are the most widely used in the region. In addition, there has been increasing demand for hand tools used in construction and industry. This has been driven by steady growth in constructional works and mining. The demand for mining machines and equipments holds an investment potential in the region. The demand for modern machines like caterpillars, bulldozers, graders etc can be looked into by investors. There is also high hope for constructional machines spare parts shops.
Furniture and Wood Processing
Ghanaian timber is highly valued for its durability and aesthetic appearance. It is used in the manufacture of products such as floorings, furniture, carvings, toys, mouldings, rafters, sea defense walls, wall cladding piers, and railway sleepers, among other items.
It is estimated that there are 400,000 hectares of land currently available within Ghana’s degraded forest reserves (in which the region also holds a greater percentage of the degraded reserve) that can be converted to commercial forest plantations. In addition, there exist a large number of exhausted cocoa farms and degraded areas outside the reserve areas that are also suitable for plantation development.
Opportunities for investment exist in the following product Areas:
- Finished and semi-finished furniture and components;
- Mouldings and machined wood;
- Floor and deck blanks, strips and blocks;
- Door, window, and cabinet frames and panels;
- Dowels and tool handles;
- Peeled and sliced veneers;
- Kiln dried rough or machined lumber.
Opportunities in the ceramics industry exist in the following product areas:
- Structural ceramics, including burnt bricks, tiles, and murals;
- Traditional ceramics such as flower vases, pots, candle holders and lamps;
- Crockery, including plates, tea and coffee pots, cups, mugs, etc.;
- Electrical products, including insulators, plugs, and capacitors;
- Sanitary items including sinks, baths, and wash basins;
- Clinical items, such as dental fixtures, fillers, and bone joints.
Custom and Fine Jewellery
With a tradition dating back to the 5th century B. C, Ghana has always had a vibrant goldsmithing and jewel-making industry. As a major producer of gold, vast opportunities exist in the production of fine jewellery, custom jewellery and accessories and services in the region. The region boasts of major gold mining centres and needs to be harnessed.
Investment opportunities exist in the following areas of the jewellery sector:
* Fine handcrafted jewellery production;
* Machine-made fine jewellery production;
* Machine-made chains;
* Findings and accessories;
* Gemstones production;
* Gold coins, medallions and souvenirs.
* Base metal jewellery production;
* Plastic jewellery production;
* Textiles and wood jewellery production;
* Electro-foray and gilding plants