1. Introduction 7
1.1. What is this Report About? 7
1.2. Definitions 7
1.3. Summary Methodology 9
1.4. About Strategic Defence Intelligence 10

2. Executive Summary 11

3. Market Attractiveness and Emerging Opportunities 13
3.1. Current Market Scenario 14
3.1.1. Primary Threat Perception 14
3.1.2. Military Doctrine & Strategy 15
3.1.3. Military Fleet Size 16
3.1.4. Procurement Programs 19
3.1.5. Social, Political and Economic Environment & Support for Defense Projects 20
3.1.6. Political and Strategic Alliances 21
3.2. Defense Market Size Historical and Forecast 22
3.2.1. Ghanaian defense expenditure is projected to grow at a CAGR of 11.96% during the forecast period 22
3.2.2. Insurgency, piracy, oil smuggling, and peacekeeping operations are expected to drive defense expenditure 25
3.2.3. Defense budget as a percentage of GDP expected to average 0.5% over the forecast period 27
3.3. Analysis of Defense Budget Allocation 29
3.3.1. Allocation for capital expenditure expected to average at 14% over the forecast period 29
3.3.2. Capital expenditure budget expected to increase over the forecast period 31
3.3.3. Per-capita defense expenditure expected to increase during the forecast period 33
3.4. Homeland Security Market Size and Forecast 34
3.4.1. Homeland security budget projected to increase during the forecast period 34
3.4.2. The threat from Boko Haram, drug trafficking, cybercrime, and money laundering to drive the homeland security market 37
3.4.3. Ghana falls under the ?some risk category’ by terrorist attack 38
3.4.4. Ghana has rank of 106 in terrorism index 39
3.4.5. Ghana has a terrorism index score of 0.3 41
3.5. Benchmarking with Key Global Markets 42
3.5.1. The country’s defense budget is expected to increase during the forecast period 42
3.5.2. Ghanaian military expenditure is limited compared to countries with the largest defense expenditure 44
3.5.3. The country allocates a lower percentage of GDP to defense 45
3.6. Market Opportunities: Key Trends and Growth Stimulators 46
3.6.1. Combat Aircraft Engines 46
3.6.2. Attack Helicopters 46

4. Defense Procurement Market Dynamics 47
4.1. Import Market Dynamics 48
4.1.1. Limited capability of the domestic defense market drives imports 48
4.1.2. China, Russia, Germany and Spain account for most of the country’s defense imports 49
4.1.3. Aircraft, Armored vehicles and Ships are the largest imported military hardware 50
4.2. Export Market Dynamics 51
4.2.1. Ghana does not export arms due to its underdeveloped domestic arms industry 51

5. Industry Dynamics 52
5.1. Five Forces Analysis 52
5.1.1. Bargaining power of supplier: low to medium 53
5.1.2. Bargaining power of buyer: medium to high 53
5.1.3. Barrier to entry: medium 53
5.1.4. Intensity of rivalry: low 53
5.1.5. Threat of substitution: low 53

6. Market Entry Strategy 54
6.1. Market Regulation 54
6.1.1. Budgeting Process 54
6.1.2. Procurement Policy and Process 54
6.1.3. Ghana does not disclose any offset obligations imposed by the country 54
6.1.4. FDI in the defense sector prohibited by the Ghanaian government 54
6.2. Market Entry Route 55
6.2.1. Direct selling is the preferred market entry route for foreign OEMs 55
6.3. Key Challenges 56
6.3.1. Corruption acts as an obstacle for market entry 56
6.3.2. Small defense budget does not attract suppliers 56

7. Competitive Landscape and Strategic Insights 57
7.1. Competitive Landscape Overview 57
7.2. Key Domestic Companies 58
7.2.1. Defence Industrial Holding Company Limited (DIHOC): overview 58
7.2.2. Defence Industrial Holding Company Limited (DIHOC): products and services 58

8. Business Environment and Country Risk 59
8.1. Economic Performance 59
8.1.1. Gross Domestic Product Per Capita (US$) 59
8.1.2. Gross Domestic Product, current US$ 60
8.1.3. Export of Goods & Services 61
8.1.4. Imports of Goods & Services 62
8.1.5. Local Currency Unit per US$ 63
8.1.6. Market capitalization of listed companies (US$ Billion) 64
8.1.7. Market capitalization of listed companies (% GDP) 65
8.1.8. Government cash surplus/deficit as % GDP (LCU) 66
8.1.9. Goods Exports as a % of GDP 67
8.1.10. Goods Imports as a % of GDP 68
8.1.11. Services Imports as a % of GDP 69
8.1.12. Services Exports as a % of GDP 70
8.1.13. Net Foreign Direct Investment 71
8.1.14. Net FDI as a percentage of GDP 72
8.1.15. Mining, Manufacturing, Utilities Output (LCU Billion) 73

9. Appendix 74
9.1. About SDI 74
9.2. Disclaimer 74