Doing Business In A Foreign Country - idea not
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Long ago, taking advantage of market anomalies in distant parts of the globe usually involved sailing across oceans, battling storms and deadly illnesses, but these days, starting a business overseas might actually be much easier, less risky, and more economically sound than setting up a business in your home country. There are ample opportunities in emerging markets for entrepreneurs and small or large business owners with a skill set that is distinct from that of the local population. Following are six key elements to take into consideration when starting a business. You'll probably want to steer clear of those countries. Others have impeccable histories with solid property rights and full access for foreigners. Finding a jurisdiction with minimal political risk is crucial. Taking a look at an index of international property rights can be very helpful with this. A growing middle class, low inflation, and rising incomes are all positive signs. Doing Business In A Foreign CountryDaily Trust reports on the trend and how more info can be reversed. Ghana, and not Nigeria, has become the preferred destination for international firms hoping to invest and set up offices in Africa, findings have revealed.
Few days after micro-blogging site Twitter announced plans to establish its Africa headquarters in Ghana, the German Government said it has chosen the former Gold Coast country as the location for the West African Centre of Global Health. These announcements have generated reactions from Nigerians and re-echoed the claim that more firms are shifting base to Ghana. Doing Business In A Foreign Country wondered how Nigeria, which has more Twitter users than the entire population of Ghana, was ignored by the tech giant. Thank you Ghana and NakufoAddo. Ursula Owusu-Ekuful, also celebrated the announcement.
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Thumbs up for Digital Ghana! Great news Doing Business In A Foreign Country our local, vibrant tech community. Ghana also ranked as the 43rd most peaceful country in the world in the Global Peace Index, placing spots ahead of Nigeria — which is battling insurgency, banditry and periodic outbreaks of violence. A World Bank Enterprise survey reported that private firms closed down in Nigeria between and due to stifling business regulations, corruption, and political environment. In MarchGlaxoSmitheKline Consumer Nigeria Plc announced plans to shut down its production facility in Agbara by the third quarter ofand hand over production of its consumer health products, medicines, and vaccines to local contract manufacturers. A year later, the company announced plans to shut down the plant due to high cost of importing raw materials and unfriendly government regulations and policies.
Public commentator and researcher Babatope Babalobi in a publication noted that hundreds of Nigerian manufacturing companies have folded up over the years, the surviving ones are gasping for breath, and some planning to relocate to Ghana.
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Kano, once the hub of the textile industry, has lost the commercial glory. One month earlier, the Spanish carrier, Iberia, also ended its flights to Nigeria from Madrid due to foreign exchange policy and difficulty in repatriating profits. These airlines refuel and route their journey in Ghana after picking passengers in Nigeria. Reasons for their relocation are high cost and scarcity of aviation fuel, poor navigational and landing aids, high cost and epileptic supply of JetA1 aviation fuel; obsolete infrastructure and poor value of the naira. Recently, some Nigeria-bound flights were diverted to Ghana, causing a national embarrassment.
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Analysts contend that what this implies is that the landing and parking charges meant for Nigeria were paid to Ghana. The same goes for the money that could have been paid to fuel marketers in Nigeria. The aviation fuel value chain in Nigeria has been described as chaotic.
Not only that it is expensive, according to operators, it is also too difficult to get. As of the time of filing this report, aviation fuel in Nigeria sells for as high as N per litre while in Ghana, it is 2. This disparity makes a number of airlines prefer to go to Ghana to refuel and even pay landing and parking charges in Ghana. In AugustVolkswagen opened a vehicle assembly facility in Accra, Ghana. With the investment, Ghana became the fifth Volkswagen vehicle assembly location in Sub-Saharan Africa.
While the Nigerian plant remains idle, Volkswagen is shoving up production in Ghana, cashing on the recently approved Ghana Automotive Industry Development Plan which provides the legal framework for prospective investors in the country. Daily Trust reports that for the past six years, the auto stakeholders have grumbled over the non-passage of the National Automotive Industry Development Plan NAIDP which they see as a disincentive to investment. In the absence of the auto policy, auto firms, original equipment manufacturers OEMs like Volkswagen saw Ghana as a fertile ground to invest. Mamudu Luqman, said Nigeria would continue to lose out without the auto policy. Incidentally, Nigeria was the first stop for AAAM but their patience Doing Business In A Foreign Country out over the period especially as Nigeria passed an act which more or less truncated the Nigeria automotive policy six years into its 10 years tenure.
Muda Yusuf, who said that the country must be made conducive for investors to do business; added that if the environment is not conducive in terms of being friendly and ease of doing business, investors will leave.]
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