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Ghana is well positioned to develop its insurance sector. According to a 2021 survey conducted by the UN Development Programme, around 70% of Ghanaians do not have access to insurance of any kind, and many of the products available in the market do not respond to the needs of the population. Even so, the sector’s value grew 10-fold between 2011 and 2021. The market has been able to expand its breadth through the introduction of micro-insurance and the digitalisation of services. Moreover, the authorities have worked to overhaul insurance-related legislation through the Insurance Act 2021, which aims to modernise the sector and increase penetration. Much depends on the rollout of reforms implemented in recent years, as well as the sector’s ability to adapt to Ghanaians’ specific needs. This chapter contains an interview with Justice Yaw Ofori, Commissioner, National Insurance Commission.

In conjunction with PwC, this chapter explores the taxation system and Ghana’s efforts to build an investor-friendly environment. It also contains an interview with Vish Ashiagbor, Country Senior Partner, PwC Ghana.

Ghana’s health sector has made significant progress over the last two decades, with access and insurance coverage growing since the introduction of the National Health Insurance Scheme. The Covid-19 pandemic exposed some long-standing weaknesses in the system, most notably the lack of hospitals and larger medical centres outside big cities. But the pandemic also pushed Ghana to forge ahead with digitalisation efforts, improving online access to medical services and digitalising records. Digitalisation is also on the rise in the education sector, notably with the government’s Education Strategic Plan 2018-30, supported by high public spending on education. Greater oversight and reporting by new government institutions and accreditation boards are expected to improve the quality of schooling at all levels, as well as support crucial areas such as science, technology, engineering and mathematics. This chapter contains an interview with Delese Mimi Darko, CEO, Food and Drugs Authority.

As the third-largest contributor to GDP and a recipient of increasing levels of foreign investment each year, tourism is an important driver of economic growth in Ghana. International arrivals reached 411,000 in the first nine months of 2021, outpacing the 355,000 arrivals seen in 2020 – hinting at a recovery from the pandemic. The country also has the potential to boost its domestic tourism – as well as to develop niche tourism segments such as surfing and other water sports – by leveraging interest in its more well-known historical sites, national parks and wildlife reserves. Taken together, these efforts are expected to help the West African county attract a diverse demographic of visitors in the coming years. This chapter contains an interview with Akwasi Agyeman, CEO, Ghana Tourism Authority.

Ghana’s transport infrastructure has undergone significant upgrades over the course of recent years, boosting the country’s logistics, tourism and industrial capacity. Continued expansion of the industrial sector is a cornerstone of the government’s plans to revamp the economy to make it less dependent on commodities and tax revenue. Inadequate rural-urban connectivity and insufficient urban transport remain major hindrances to broader economic growth, but the government’s concerted efforts to remedy the underlying issues could see the transport sector become a key component in attracting greater inflows of foreign direct investment. Looking ahead, improved connectivity for rural areas is also high on the government’s transport agenda, as the authorities have identified the need for more bridges to connect rural villages and towns with the main arteries. This chapter contains an interview with Miishe Addy, Co-founder and CEO, Jetstream Africa.

The construction sector has the potential to drive Ghana’s GDP growth for years to come. Indeed, it contributed an annual average of 7.5% to GDP between 2013 and 2020. However, this could be impaired in the short term due to the pandemic’s negative impacts on already declining global commodity prices. Nonetheless, the country’s political stability and the activation of the African Continental Free Trade Area make construction projects in Ghana an attractive proposition for investors moving forwards. In a similar vein, the country’s real estate sector has also experienced robust growth since 2018, thanks to higher transaction volumes. While sector growth has been facilitated by initiatives to address serious social issues ¬¬such as a lack of accessible housing finance options, the Covid-19 pandemic underscored the need for more reactive government interventions. This chapter contains interviews with Joseph Aidoo, Executive Director, Devtraco Group; and Kiran Daswani, CEO, The Greens.