Beyond Gold & Cocoa: Ghana’s next economic boom lies in Global Business Services

Imagine Ghana, a nation rich in vibrant culture, youth potential, and entrepreneurial spirit not just known globally for exporting cocoa, gold and oil, but also for exporting high-value, professional services to the world. This vision is not a fantasy; it is the rapidly emerging, very real, promise of the Global Business Services (GBS) sector. Ghana is now poised to significantly contribute to this global multi-million-dollar industry, showcasing a strategic path to economic diversification and job creation for its growing young population.

What is GBS and Why Does It Matter?

Global Business Services (GBS) refers to the integration and centralization of various support functions within a private enterprise or public institution, like finance, human resources (HR), information technology (IT), procurement, customer service, legal, and data analytics into a unified, high-performing structure. Unlike traditional outsourcing or fragmented shared services, GBS transcends departmental silos, delivering internal services across geographies and business lines with a relentless focus on standardization, automation, and strategic value.

To bring this concept home, let’s consider a familiar name – “MTN Ghana”. Beyond its core network services of providing calls and data, MTN has vast internal operations critical for its daily functioning and strategic growth. These include but are not limited to; HR & Payroll Management, Managing Finances, Maintaining IT systems, Procuring Office and Network Supplies, Customer Service etc.

Traditionally, each MTN department or regional office might have managed these tasks individually. But under a GBS model, MTN could strategically consolidate these functions into a single, massive, super-efficient department, perhaps located in Accra or Kumasi. This centralized GBS hub would then handle these services not just for MTN Ghana, but potentially for all MTN branches across Africa, or even globally. Staffed by highly skilled Ghanaian professionals, powered by smart technology, and operating under standardized, optimized processes, this GBS center would become the company’s internal “engine room,” driving efficiency, cost savings, and operational excellence across its entire enterprise.

Companies around the world are increasingly turning to the GBS model for its clear strategic benefits. It enables significant cost savings by leveraging economies of scale, reducing duplication, and optimizing internal processes. With dedicated teams focusing on specific functions, organizations achieve operational excellence through faster, more consistent, and higher-quality service delivery. GBS also enhances agility, allowing businesses to adapt quickly to market shifts and to scale efficiently. Most importantly, it frees up leadership and core teams to concentrate on strategic goals rather than more routine administrative tasks.

GBS vs. BPO: Understanding the Nuance for Ghana’s Advantage

Though often used interchangeably, GBS and Business Process Outsourcing (BPO) represent distinct strategic choices for companies:

Global Business Services (GBS) is an internal model where a company builds and manages its own integrated support center. This allows it to maintain full control over talent, processes, and technology fostering a strong organizational culture, encouraging innovation, and ensuring that support functions are strategically aligned with business goals.

In contrast, Business Process Outsourcing (BPO) is external. The company outsources specific functions to a third-party provider, which brings its own expertise, infrastructure and workforce to the task. BPO is typically driven by the need for cost savings, access to specialized skills, and the ability to scale quickly without heavy internal investment.

Using our MTN example again: if MTN establishes an internal customer service center in Ghana that serves all its continental operations, that is a GBS model. If, however, MTN decides to contract out its customer service function entirely to a specialized third-party firm like “Service Masters Ltd.” (which then handles the calls on MTN’s behalf), that’s BPO.

Most global firms use a hybrid model, setting up internal GBS centers for core, integrated functions, while outsourcing transactional or specialized tasks to BPO providers for cost and expertise benefits. Ghana is well-positioned to support both models.

Why Ghana Should Lead in GBS: Our Irresistible Advantages

This is not just about MTN or any single company’s internal optimization. Ghana has the immense potential to become a preferred GBS and BPO hub for multinational corporations across the globe looking to optimize their operations. Here is why the nation holds a unique and compelling competitive advantage:

• English Proficiency: As an official English-speaking country, Ghana possesses a significant linguistic advantage in serving global clients. Ghana was ranked 41st globally out of 116 countries in the 2022 EF English Proficiency Index, achieving a “moderate proficiency” score and notably placing 4th in Africa.
• Time Zone Alignment: Ghana’s GMT location enables real-time collaboration with key global markets. It offers full overlap with the UK and Europe and up to 8 hours with the US.  This minimizes delays and enhances productivity for international clients.
• Youthful, Educated, Cost Competitive and Adaptable Population: Ghana boasts a large, dynamic, and increasingly educated youth demographic. Over 70,000 graduates annually emerge from our universities and technical institutions, eager for meaningful employment opportunities. Our youth literacy rate (ages 15-24) stood at an impressive 85.86% in 2022, providing a strong foundation for a skilled workforce. This young workforce is increasingly digitally savvy, with internet penetration reaching a robust 70% as of January 2024.

Furthermore because of exchange rate considerations skilled digital sector professionals can be secured cheaper, in international currency terms than many other potential competitor nations around the world.

• Political Stability and Maturing Democracy: Ghana consistently ranks as one of Africa’s most democratic and peaceful nations, offering a secure and predictable socio-political environment. This stability is paramount for attracting and retaining long-term foreign investment, providing a low-risk operational base for global companies.

Ghana’s Rising GBS Profile: The Numbers Don’t Lie

While still in its formative stages compared to established hubs like India or the Philippines, Ghana’s GBS and BPO footprint is expanding impressively, signaling a strong growth trajectory and a clear economic shift:

• The number of GBS companies operating in Ghana has grown significantly from just two in 2019 to 38 in 2024, demonstrating rapid industry uptake and investor confidence.
• When including both GBS and BPO operations, some industry estimates suggest the total employment in Ghana’s digital services sector is already around 19,000 jobs, contributing significantly to addressing youth unemployment.
• Ghana’s BPO market alone is projected to generate US$212.7 million in 2024, with some forecasts suggesting it could reach US$275 million by 2029, indicating strong local and international demand for these services.

This impressive growth is not just about employment figures; it delivers tangible benefits that support Ghana’s broader socio-economic development. It has led to the creation of sustainable, professional jobs for thousands of young graduates and technical professionals. It is also accelerating economic diversification by reducing the country’s dependence on raw material exports and helping to build a knowledge-based, service-driven economy. As evidence, the services sector accounted for 49.2% of Ghana’s GDP in Q4 2024, highlighting its rising importance. Furthermore, Ghana is attracting increasing levels of foreign direct investment (FDI), with the services sector receiving US$226.29 million in 2023 which was second only to manufacturing. This reflects growing international confidence in Ghana’s service capabilities, as shown by the presence of global GBS and BPO firms such as Concentrix, Webhelp, Majorel, and Ison Xperiences, which are already operating successfully in the country. Additionally, the rising demand for skilled talent in this space is driving improvements in education and training, particularly in areas like IT, data analytics, and business operations. Initiatives such as the German GIZ’s “Invest for Jobs” program are playing a key role in equipping graduates with the skills needed to thrive in global service roles. The burgeoning demand for a skilled workforce for GBS and BPO operations drives improvements in education and training. This pushes for more relevant curricula in IT, data analytics, digital transformation, and advanced business operations. Partnerships, such as those supported by the German GIZ’s “Invest for Jobs” initiative, are actively training graduates to be work-ready for these global roles, bridging the skills gap.

The Global Opportunity Awaits  

The global business software and services market, which includes many Global Business Services (GBS) functions, was valued at US$584.03 billion in 2024 and is projected to reach US$1.15 trillion by 2030. With a projected Compound Annual Growth Rate (CAGR) of 12.1% from 2025 to 2030, it is one of the world’s fastest-growing industries. Ghana, with its strategic location, youthful, skilled and cost competitive talent, English proficiency, and improving digital infrastructure, is well-positioned to tap into this opportunity.

To secure its place, Ghana needs a focused national strategy—one that strengthens digital infrastructure – especially in underserved areas – and aligns education with GBS needs by emphasizing digital literacy, analytics, and communication skills. Programs like “Accra to Paga Coding Caravan” and “One Million Coders” are steps in the right direction. Ghana must also market itself globally through targeted campaigns and international engagements, while deepening support for industry bodies like Business Outsourcing Services Association Ghana (BOSAG), Ghana Digital Centres, and GIPC to attract investment and unify the sector.

A Nation on the Cusp

Ghana stands at a unique and promising crossroads. The GBS and BPO opportunity is more than just economic; it is profoundly transformational. It promises to redefine how the world perceives us, not just as exporters of valuable raw materials, but increasingly as exporters of high-value knowledge, sophisticated services, and unparalleled human capital.

Ghana can become a leading pan-African powerhouse for Global Business Services with strategic investments in infrastructure and human capital, empowering young people to lead its charge towards a prosperous future.

The time is now. The world is watching and Ghana is ready.

Written BY Dzifa Gunu CEO Ghana Digital Centres