Future of the Ghanaian Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2022

Future of the Ghanaian Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2022

Summary

The Future of the Ghanaian Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2022, published by Strategic Defence Intelligence, provides readers with detailed analysis of both historic and forecast defense industry values, factors influencing demand, the challenges faced by industry participants, analysis of industry leading companies, and key news.

Synopsis

This report offers detailed analysis of the Ghanaian defense industry with market size forecasts covering the next five years. This report will also analyze factors that influence demand for the industry, key market trends, and challenges faced by industry participants.

In particular, it provides an in-depth analysis of the following -
- The Ghanaian defense industry market size and drivers: detailed analysis of the Ghana defense industry during 2018-2022, including highlights of the demand drivers and growth stimulators for the industry. It also provides a snapshot of the country’s expenditure and modernization patterns
- Budget allocation and key challenges: insights into procurement schedules formulated within the country and a breakdown of the defense budget with respect to capital expenditure and revenue expenditure. It also details the key challenges faced by defense market participants within the country
- Porter’s Five Force analysis of the Ghanaian defense industry: analysis of the market characteristics by determining the bargaining power of suppliers, bargaining power of buyers, threat of substitution, intensity of rivalry, and barriers to entry
- Import and Export Dynamics: analysis of prevalent trends in the country’s imports and exports over the last five years
- Market opportunities: details of the top five defense investment opportunities over the next 10 years
- Competitive landscape and strategic insights: analysis of the competitive landscape of the Ghanaian defense industry. It provides an overview of key players, together with insights such as key alliances, strategic initiatives, and a brief financial analysis

Scope

- The Ghanaian defense budget stood at GHS821.8 million in 2017 and registered a CAGR of 9.31% during 2013-2017. During 2013-2017, an average of 21.9% of the country’s total defense budget was allocated to capital expenditure, while an average of 78.1% was reserved for revenue expenditure. Capital expenditure touched 14.8% of the defense budget in 2017, and is projected to decrease to an average of 14% during the forecast period.
- This is primarily due to the country’s plans to replace its obsolete military equipment and procure Mi-35 attack helicopters, and four more Super Tucanos. The remaining defense budget is allocated to revenue expenditure, which includes personnel salaries, and the operation and maintenance costs of equipment and defense facilities.

Reasons to buy

- This report will give the user confidence to make the correct business decisions based on a detailed analysis of the Ghanaian defense industry market trends for the coming five years
- The market opportunity section will inform the user about the various military requirements that are expected to generate revenues during the forecast period. The description includes technical specifications, recent orders, and the expected investment pattern by the country during the forecast period
- Detailed profiles of the top domestic and foreign defense manufacturers with information about their products, alliances, recent contract wins, and financial analysis wherever available. This will provide the user with a total competitive landscape of the sector
- A deep qualitative analysis of the Ghanaian defense industry covering sections including demand drivers, Porter’s Five Forces Analysis, Key Trends and Growth Stimulators, and latest industry contracts

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

List Of Tables

Table 1: Ghana Ground Forces Strength 16
Table 2: Ghana Air Force Strength 17
Table 3: Ghana Navy Strength 18
Table 4: Ghana - Ongoing Development and Procurement Programs 19
Table 5: Ghana - Future Procurement Programs 19
Table 6: Ghanaian Defense Expenditure (GHS Million & US$ Million), 2013-2022 23
Table 7: Ghanaian GDP Growth vs. Defense Expenditure as Percentage of GDP Growth, 2013-2022 27
Table 8: Ghanaian Defense Budget Split between Capital and Revenue Expenditure (%), 2013-2022 29
Table 9: Ghanaian Defense Capital Expenditure (GHS Million & US$ Million), 2013-2022 31
Table 10: Ghanaian Per-Capita Defense Expenditure (US$), 2013-2022 33
Table 11: Ghanaian Homeland Security Expenditure (GHS Billion & US$ Million), 2013-2022 35
Table 12: Terrorism Index, 2017 39
Table 13: Benchmarking with Key Markets - 2013-2017 vs. 2018-2022 42
Table 14: Ghana Budgeting Process 54
Table 15: Defence Industries Corporation of Ghana - Main Products 58

List Of Figures

Figure 1: Ghanaian Defense Expenditure (in GHS Million), 2013-2022 23
Figure 2: Ghanaian Defense Expenditure (in US$ Million), 2013-2022 24
Figure 3: Ghanaian GDP Growth vs. Defense Expenditure as Percentage of GDP Growth, 2013-2022 28
Figure 4: Ghanaian Defense Budget Split Between Capital and Revenue Expenditure (%), 2013-2022 30
Figure 5: Ghanaian Capital Budget Allocation (GHS Million), 2013-2022 32
Figure 6: Ghanaian Capital Budget Allocation (US$ Million), 2013-2022 32
Figure 7:Ghanaian Per-Capita Defense Expenditure (US$), 2013-2022 33
Figure 8: Ghanaian Homeland Security Budget (GHS Billion), 2013-2022 35
Figure 9: Ghanaian Homeland Security Budget (US$ Million), 2013-2022 36
Figure 10: Terrorism Heat Map, 2017 38
Figure 11: Terrorism Index, 2017 41
Figure 12: Benchmarking with Key Markets - 2013-2017 vs. 2018-2022 43
Figure 13: Defense Expenditure of the World’s Largest Military Spenders (US$ Billion), 2017 and 2022 44
Figure 14: Defense Expenditure as a Percentage of GDP of Largest Military Spenders (%), 2017 45
Figure 15: Ghanaian Defense Import Trend, 2012-2016 (TIV values) 48
Figure 16: Ghanaian Defense Imports by Country (US$ Million), 2012-2016 49
Figure 17: Ghanaian Defense Imports by Weapon Category (%), 2012-2016 50
Figure 18: Industry Dynamics - Porter’s Five Forces Analysis 52
Figure 19: Ghana’s GDP per capita (US$), 2015-2025 59
Figure 20: Ghana’s Gross Domestic Product (current US$ Billion), 2015-2025 60
Figure 21: Ghana’s Exports of goods and services (LCU Billion), 2005-2014 61
Figure 22: Ghana’s Imports of goods and services (LCU Billion), 2005-2014 62
Figure 23: Ghana’s LCU per US$, 2015-2024 63
Figure 24: Ghana’s Market capitalization of listed companies (US$ Billion), 2005-2012 64
Figure 25: Ghana’s Market capitalization of listed companies (% GDP), 2005-2012 65
Figure 26: Ghanaian Government cash surplus/deficit as a % of GDP (LCU), 2005-2011 66
Figure 27: Ghana’s Goods Exports as a % of GDP, 2005-2013 67
Figure 28: Ghana’s Goods Imports as a % of GDP, 2005-2013 68
Figure 29: Ghana’s Services Imports as a % of GDP, 2005-2013 69
Figure 30: Ghana’s Services Exports as a % of GDP, 2005-2013 70
Figure 31: Ghana’s Net Foreign Direct Investment (BoP, current US$ Billion), 2005-2013 71
Figure 32: Ghana’s Net FDI as a percentage of GDP, 2005-2013 72
Figure 33: Ghana’s Mining, Manufacturing, Utilities Output (LCU Billion) 2005-2014 73

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