Ghana is one of the West African countries leading economy. It might be argued that it is due to the fact that there are multinational companies in Ghana that have invested in the country and have helped grow the economy. It is therefore seen as a blessing to the economy in a developing country when Multinational Corporations choose to put resources into developing nations by investing in the country. In this article, we will look at the foreign companies found in Ghana including the new multinational companies in Ghana.
History of Multinational Corporations in Ghana
One of the financial expectation and goals that have been used to help tackle the problems which had tormented developing countries from the time immemorial was the initiative that countries are taking to draw in outside investments into their local economies.
As of now, there are more than 35,000 multinational companies operating in some developing and developed countries. They are considered by most people as important players of development when they chose to invest in developing countries. It is no surprise that they have been known to sometimes emerge as the main players in some of these developing countries’ economies. Some of them have a gross income that is more than the yearly budgets of certain countries they chose to invest in and therefore bring a flow of money in the economy of the country. The countries that benefit from the investment wave are the ones that have most of their corporations investing in foreign nations and they include Asian nations, for example, China, Singapore, Malaysia, Thailand and Latin American nations, for example, Mexico, Brazil, and Argentina. Africa gets about 4% of the total foreign investments.
Ghana is no exception. There are several foreign multinational corporations in Ghana that operate in the country. Some of them were local firms that went on to become multinational companies while some are international companies that came to Ghana as investors. Out of the top 25 multinational companies in Ghana, you will not fail to find Ghanaian companies that were originally started in Ghana.
Advantages of multinational corporations in Ghana
- The companies offer employment.
Governments in the developing nations are known to be very keen on attracting foreign investments for the benefits they bring one of the benefits being the offering of employment opportunities. There are several multinational companies offering employment to people all over Ghana. Jobs in multinational companies in Ghana are highly valued as the companies offer vast opportunities to their workers.
- The companies offer revenue through taxes
The countries offer revenues in terms of taxes. The corporations also help countries when it comes to several other activities including utilization of the countries natural resources and helping grow the economy. The more the number of multinational companies in Ghana the more the revenues that can be collected.
Below are the examples of multinational companies in Ghana. you will notice that the names of multinational companies in Ghana must have “Ghana” to show they are based in Ghana regardless of their parent country.
1. MTN Ghana
In Ghana, media transmission benefit is a huge business for early participants, particularly those that have possessed the capacity to improve to coordinate the changing patterns of clients and the business all in all. MTN Ghana is one such organization. It is the telecom organization with the biggest piece of the pie in the telecommunication industry in Ghana. MTN likewise takes part in more innovative activities like the incorporation of banking activities like the MTN Mobile Money services. There is growing rivalry in the market as it has seen more people enter the telecom business but MTN has still managed to be a market leader. It is arguably the best telecommunication companies in Ghana.
2. Olam Ghana Limited
This is one of the examples of multinational corporations in Ghana that deals in agriculture. This is the Ghana unit of the worldwide agribusiness giant, Olam. The organization began expanding in Ghana by now embarking on other agricultural products including Shea nuts, cotton, cashews and espresso. It has likewise included cocoa, sugar, and rice. In every one of these items, the organization appreciates an unbelievably high piece of the overall industry in Ghana. It is however not included on the Ghana Stock Exchange.
3. Total Petroleum Ghana Limited
Total petroleum isn't only a major organization in the global market it is also a pioneer in the coordinated oil and gas business all around the world. It is also one of the multinational oil and gas companies in Ghana. The organization is a power within the whole economy. Its yearly turnover is well more than 3 billion Ghana Cedis and it has amassed resources more than 300 million cedis as of December 2012. The organization, which is a branch of the Total Group, has been working in Ghana for as long as 50 years. It began tasks in the nation with the name Total Products in the 1950s but has since experienced a few mergers, name changes, and acquisitions. It now has more than 220 stations across the country. The organization is however facing competition from several other companies in the oil and gas business but has managed to still be a top company. The organization is recorded on the Ghana Stock Exchange with the exchange name Total
4. Ecobank Ghana Limited
The banking business in Ghana is exceptionally beneficial and that has reflected greatly in the yearly postings of banks in in the country including Ecobank Ghana. This is one of the top multinational companies in Ghana dominating the banking industry. The bank is the local unit of the Pan-African bank, Ecobank Group, which is headquartered in Lome, Togo, and works in other 33 nations in Africa. The bank began tasks in Ghana in 1990 and has since developed its branch arranges the nation over. In 2011, it effectively procured the then TTB (The Trust Bank) at about GHC 220 million, after the business controller, the Bank of Ghana, affirmed the deal. The purchase brought about several benefits to the bank in general including sending it to the main position in the banking business. It is at present recorded on the Ghana Stock Exchange and exchanges with the image EBG.
5. Benso Oil Palm Plantation Limited (BOPP)
BOPP is a traded on and open market organization that is into the creation and preparing of oil palm. The organization produces oil, for example, RBD palm oil and vegetable oil. In addition to its status as the leading palm oil manufacturing company in Ghana, BOPP controls a huge piece of the market in West Africa and it has a sizable measure of its product being sold in foreign markets including European Union, America, Asia and now China. BOPP is likewise engaged with oil refinery business and also the oil mixing. The organization is possessed by the Government of Ghana and one of the world leading companies that are also based in Ghana, Unilever Ghana
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6. Fan Milk Ghana Limited (FML)
Ghanaians like desserts and that is reflecting in the fortunes of the Ghana unit of natural product based items maker and wholesaler, Fan Milk Ghana Limited. The Dubai-based value financial specialist, Abraaj Capital obtained a 56.6 percent stake in Fan Milk Ghana after it had purchased Fan Milk International's worldwide activities. The takeover was seen as a direction towards the right direction and it was thought that it would help propel the company to meet the market requirements of the milk industries in Ghana. The organization's items are classified into two: drain based and natural product based. Its drain based items comprise of a scope of dessert and yogurts and incorporate brands, for example, Fan Maxx (yogurt), FanChoco (chocolate), and also FanIce and FanGold which are frozen yogurts. The natural product based items incorporate Tampico which is a citrus organic drink. In spite of the fact that Fan Milk is the market pioneer in its class of business in Ghana, there is increased competition emerging in the local market.
7. I-zone Ghana
There are arrangements of organizations that are becoming too commercialized than retaining their originality in Ghana. It might be argued that it is because of the changing market times. However, some organizations have stuck to their original status and are still considered top companies in Ghana. One such organization is I-zone Ghana, the sole wholesaler of MTN recharge cards in the provincial capital, Accra. The organization has the sole possession rights to appropriate cell phones in all MTN deals outlets in the nation and was at one time reported to be selling around 1,000 gadgets every week.
8. GCB Bank Limited (formerly known as Ghana Commercial Bank)
GCB follows its underlying foundations to Ghana's pre-colonial times when the nation was known as the Gold Coast. It was established in 1953, at that point it was known as Bank of the Gold Coast, yet later renamed Ghana Commercial Bank with and it was tasked with providing banking services to the people of Ghana at that moment. The Ghanaian government as of now holds around 21.36 percent stake in the bank. GCB presently has the biggest branch coordinate with more than 150 branches spread cross the whole nation. Its investors in May 2013 went through a rebranding and changed its name from Ghana Commercial Bank Limited to GCB Bank Limited. It also launched a new image for the bank in 2014.The name change denoted the festival of its 60th commemoration. It is recorded on the Ghana Stock Exchange and exchanges as GCB.
9. Guinness Ghana Breweries Limited (GGBL)
Ghanaians adore their social life and that is famous in the fortunes of the nation's drink industry. For this reason, the alcoholic beverage business is bound to flourish in Ghana. One such example is the Guinness breweries Ghana that is known for its production of both alcoholic and non-alcoholic drinks in Ghana
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10. Zoomlion Ghana Limited
Zoomlion is an affiliate company of the Jospong Group of organizations, possessed by Ghanaian business mogul, Dr Joseph Siaw Agyepong. Its one of the waste management and environment sanitation company in Ghana. The organization was created in the mid-2000s however; it has since picked up recognition all through the nation. Zoomlion is one of only a handful couple of Ghanaian-possessed organizations that are becoming popular in and outside Ghana. It has branches in five African nations and is presently working at turning into a giant organization across Africa. It has a workforce of more than 800 individuals in Ghana.