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Stable West African democracy with growing economy
Region
AFRICA
Corporate Tax
25%
Setup Time
2 weeks
Currency
GHS
Ghana, among Africa's most stable democracies, offers access to West African markets with relatively developed institutions. The country's improving company registration framework supports business setup in an English-speaking African environment.
With a population of 33 million, Ghana provides diverse living with Accra as the modern capital. English is the official language, simplifying business communication. The tropical climate is warm year-round.
Healthcare varies significantly, with quality private facilities in Accra. Safety is generally good by regional standards. The cost of living is moderate, with Accra more expensive than regional cities.
The friendly culture and growing middle class create a welcoming environment.
Corporate tax rate stands at 25%, with lower rates for some sectors. Personal income tax reaches 35%. VAT applies at 15% on the standard rate. Free zone operations enjoy tax incentives.
The Ghanaian cedi has experienced inflation-driven depreciation. Ghana Investment Promotion Centre supports foreign investment. The country's resource wealth, particularly gold and cocoa, drives economic activity.
Company registration through the Registrar General's Department has improved. Private limited companies require minimum two shareholders and two directors. Foreign ownership is permitted but may require GIPC registration above certain thresholds.
Company formation takes approximately 2-4 weeks. Minimum capital requirements apply to foreign-owned companies. Annual compliance involves filing returns and tax obligations.
Ghana has not established a crypto license framework. The Bank of Ghana has issued statements about cryptocurrency risks. Digital asset businesses operate in regulatory uncertainty.
The Gaming Commission regulates gaming including sports betting. Online gambling regulation is developing. The gambling license framework is functional for land-based operations with online aspects emerging.
Infrastructure limitations, including power reliability, affect operations. The small formal economy limits certain opportunities. Doing business requires relationship building and local expertise.
Banking access is available through local and international banks. Professional services are developing in Accra. Ghana's stability makes it a relative haven in the region.
Ghana suits West African market entry, resource-related businesses, and companies comfortable with emerging market dynamics for their business setup.
Local: Ltd
Local: PLC
Local: External Company
| Corporate Tax Rate | 25% |
| Personal Income Tax Rate | 35% |
| VAT / Sales Tax | 20% |
| Capital Gains Tax | 25% |
| Withholding Tax | 8% |
| Reduced Corporate Tax Available | Yes |
| Non-Resident Withholding Exempt | No |
| Tax Treaty Network | Yes |
| Banking Access | MEDIUM |
| Financial Privacy | LOW |
| Currency Controls | SOME |
| Local Bank Account Required | Yes |
| Non-Resident Bank Account Allowed | No |
| Physical Presence for Banking | Yes |
| Banks Restrictive (High Risk) | No |
| AML Officer Required | Yes |
| MLRO Required | Yes |
| Compliance Officer Required | No |
| Data Protection Officer Required | Yes |
| Bookkeeping Frequency | Annual |
| Local Bookkeeping Required | Yes |
| Mandatory Audit | Yes |
| License Required | Yes |
| Local Director Required | Yes |
| Local AML Director Required | Yes |
| Local Legal Address Required | Yes |
| Local Physical Office Required | Yes |
| Capital Maintained in Account | No |
| Compliance Program Required | Yes |
| Travel Rule Compliance | FATF Travel Rule compliant under VASP Act 2025 |
| Business Plan Required | Comprehensive business plan, risk management framework, and compliance documentation required |
| Personnel Required | CEO, AML/CFT Officer, Compliance Officer, qualified management team |
| Insurance Required | No |
| Remote Incorporation Possible | No |
| 100% Foreign Ownership | No |
| Min. Shareholders | 1 |
| Min. Directors | 2 |
| Shareholder/Director Same Person | Yes |
| Registry Public | No |
| Registry Access | Bank of Ghana Virtual Assets Regulatory Office (VARO) and SEC maintain licensed operator lists |
| Renewal Period | Annual |
| Accounting Filing Required | Yes |
| Accounting Filing Frequency | Annual |
| Financial Statement Required | Yes |
| Financial Statement Frequency | Annual |
| Accounting Audit Mandatory | Yes |
| Compliance Audit Mandatory | Yes |
| Technical Audit Mandatory | No |
| Corporate Income Tax Applicable | Yes |
| Dividend Tax Applicable | Yes |
| Capital Gains Tax Applicable | Yes |
| Territorial Tax Regime | No |
| VAT Applicable | Yes |
| Regulators | Bank of Ghana (BoG) and Securities and Exchange Commission (SEC) - dual regulatory model under VASP Act 2025 |
| Licensing Fee Details | Detailed guidelines and fee schedules to be issued in Q1 2026. Licensing requirements implemented in phases during 2026. |
| Permitted Business Models | Exchange, Custody, Wallet Services, Token Issuance, Trading Platforms |
| Permitted Activities | Cryptocurrency trading, custody services, wallet operations, stablecoin services, payment services, token issuance |
| Restricted Activities | Detailed restricted activities to be specified in upcoming regulatory instruments |
| Cross-Border Service Allowed | No |
| Physical Inspection Required | Yes |
| App Store Listing Allowed | Yes |
| Crypto Custody Allowed | Yes |
| License Required | Yes |
| Local Director Required | Yes |
| Local AML Director Required | Yes |
| Local Legal Address Required | Yes |
| Local Physical Office Required | Yes |
| Required Share Capital | $2,000,000 |
| Capital Maintained in Account | Yes |
| Compliance Program Required | Yes |
| Travel Rule Compliance | N/A for gambling |
| Business Plan Required | Business proposal, financial projections, marketing plan, 5-year financial projection required |
| Personnel Required | Directors with criminal clearance, company secretary, qualified management |
| Insurance Required | No |
| Remote Incorporation Possible | No |
| 100% Foreign Ownership | No |
| Min. Shareholders | 1 |
| Min. Directors | 2 |
| Shareholder/Director Same Person | Yes |
| Registry Public | No |
| Registry Access | Gaming Commission of Ghana maintains licensed operator records |
| Renewal Period | Annual |
| Accounting Filing Required | Yes |
| Accounting Filing Frequency | Annual |
| Financial Statement Required | Yes |
| Financial Statement Frequency | Annual |
| Accounting Audit Mandatory | Yes |
| Compliance Audit Mandatory | Yes |
| Technical Audit Mandatory | Yes |
| Corporate Income Tax Applicable | Yes |
| Dividend Tax Applicable | Yes |
| Capital Gains Tax Applicable | Yes |
| Territorial Tax Regime | No |
| VAT Applicable | No |
| Regulators | Gaming Commission of Ghana (for games of chance) and National Lottery Authority (NLA) (for lottery) |
| Licensing Fee Details | License fees vary by category: Casino (Class 1), Sports Betting (Class 2), Route Operation (Class 3), Promotional Gaming (Class 4), Mobile/Interactive Gaming (Class 5). Route operators require minimum USD 1,500,000 capital. |
| Permitted Business Models | B2C, B2B |
| Permitted Activities | Casino operations, sports betting (land-based and online), gaming machines, promotional gaming, mobile/interactive gaming |
| Restricted Activities | Lottery operations (regulated separately by NLA), casino access restricted for certain public servants and minors |
| Cross-Border Service Allowed | No |
| Physical Inspection Required | Yes |
| Player Fund Segregation | Yes |
| B2B/B2C Separate Requirements | Yes |
| License Required | Yes |
| Local Director Required | Yes |
| Local AML Director Required | Yes |
| Local Legal Address Required | Yes |
| Local Physical Office Required | Yes |
| Required Share Capital | $20,000,000 |
| Capital Maintained in Account | Yes |
| Compliance Program Required | Yes |
| Travel Rule Compliance | FATF compliant under Payment Systems and Services Act 2019 |
| Business Plan Required | Comprehensive business plan, 5-year financial projections, risk management framework, technology and security documentation |
| Personnel Required | CEO (resident in Ghana), qualified board members, AML/CFT compliance officer, experienced management team |
| Insurance Required | Yes |
| Insurance Details | Professional indemnity insurance requirements apply |
| Remote Incorporation Possible | No |
| 100% Foreign Ownership | No |
| Min. Shareholders | 1 |
| Min. Directors | 2 |
| Shareholder/Director Same Person | Yes |
| Registry Public | Yes |
| Registry Access | Bank of Ghana publishes list of licensed EMIs and PSPs - https://www.bog.gov.gh/ |
| Renewal Period | Annual |
| Accounting Filing Required | Yes |
| Accounting Filing Frequency | Annual |
| Financial Statement Required | Yes |
| Financial Statement Frequency | Annual |
| Accounting Audit Mandatory | Yes |
| Compliance Audit Mandatory | Yes |
| Technical Audit Mandatory | Yes |
| Corporate Income Tax Applicable | Yes |
| Dividend Tax Applicable | Yes |
| Capital Gains Tax Applicable | Yes |
| Territorial Tax Regime | No |
| VAT Applicable | Yes |
| Regulators | Bank of Ghana (BoG) - Fintech and Innovation Office (FIO) |
| Licensing Fee | $125,000 |
| Licensing Fee Details | Dedicated EMI: GHS 20 million minimum capital, GHS 25,000 processing fee, GHS 100,000 license fee, GHS 10,000 annual renewal. PSP Scheme: GHS 8 million capital. PSP Enhanced: GHS 2 million capital. PSP Medium: GHS 400,000 capital. PSP Standard: GHS 50,000 capital (Ghanaians only). |
| Permitted Business Models | Dedicated Electronic Money Issuer (DEMI), PSP Scheme, PSP Enhanced, PSP Medium, PSP Standard, Payment and Financial Technology Service Provider (PFTSP) |
| Permitted Activities | Electronic money issuance, mobile money services, payment processing, merchant acquiring, payment aggregation, wallet services, domestic money transfers, inward remittances |
| Restricted Activities | Banking activities require separate commercial bank license. PSP Standard category reserved for Ghanaian citizens/entities only. 30% Ghanaian ownership required for foreign-funded fintech businesses. |
| Cross-Border Service Allowed | Yes |
| Physical Inspection Required | Yes |