The WestPark is breaking new ground for companies to produce goods locally and do business more easily with West Africa’s growing markets. The new enclave, featuring industrial, commercial and residential zones, eliminates many of the challenges – including access to reliable power, water and transport – that often confront companies in Sub-Saharan Africa, so tenants can focus on increasing production, creating jobs and growing their revenues.
Ghana offers strong transport links to the region, serving as a gateway to the West African market for many global companies. The country is projected to be among the world’s fastest growing economies in 2017 and 2018 and has long enjoyed a stable, multi-party democratic government, low crime rates, the rule of law, and an open trade policy. The WestPark, with competitive costs of production, proximity to abundant natural resources and strategic location, offers a powerful platform for companies seeking to manufacture or distribute goods in West Africa.
FOOD & BEVERAGE PROCESSING
West Africa imported over US$16 billion of food and beverages in 2015. Ghana offers the agricultural ingredients – from rice, maize, cassava, tomatoes, citrus fruits and fish – and a stable, competitive operating environment to expand production to serve the growing regional food and beverage market. Rich in cocoa, shea nuts and cashews, Ghana is also positioned to attract more processing for its high-value agricultural exports.
West Africa imported US$23 billion of vehicles, equipment and machinery in 2015. With import duties ranging from 10-25% for these goods in West Africa, Ghana’s strong links to surrounding markets make it an attractive hub for local assembly to improve cost competitiveness. In Ghana, demand growth for vehicles, equipment and machinery is projected to be robust in the agricultural sector with increasing mechanization and in the mining and construction segment.
CONSTRUCTION & BUILDING MATERIALS
The construction market in West Africa was estimated at US$20 billion in 2016. Ghana’s construction industry is estimated at US$5 billion annually, expanding at more than 20% year-on-year over the last five years. The WestPark is favorably located given major ongoing projects in mining, transport and energy combined with the region’s advantages in gas, electricity, logistics and locally available raw materials.
West Africa imported US$5 billion of apparel and footwear products in 2015, despite having strong competitive advantages for manufacturing for local production and export. Ghana enjoys duty free access to the apparel markets of the U.S., the E.U. and the regional markets, and offers sourcing opportunities for companies looking for socially and environmentally responsible manufacturing.
West Africa consumed US$8 billion in imported electronics & appliances in 2015. With a 20% import duty on most items (compared to 5% for unassembled goods), high shipping costs and strong demand growth, this industry is positioned to grow as Ghana seeks to establish itself as an assembly hub for West Africa for everything from air conditioners and washing machines to televisions.
CHEMICALS & ALLIED PRODUCTS
The demand for chemicals and related products in West Africa is significant, with imports at US$10 billion in 2015. Growth in this sector is projected to be strong, driven by construction, crop protection and consumer goods. Ghana is leveraging its record of social and political stability and its domestic gas resources to grow the petrochemical industry. The WestPark’s proximity to the natural gas pipeline make it an attractive location.