Ghanaian Defense Market Overview & Outlook 2018-2023 - Competitive Landscape and Emerging Opportunities - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jun 8, 2018--The “Future of the Ghanaian Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2023” report has been added to ResearchAndMarkets.com’s offering.
The Ghanaian defense budget, valued at over US$223 million in 2018, registered a CAGR of -0.83% during the historic period. The decrease in budget during the historic period is primarily due to the decline in exchange rates. However, in local currency terms, the defense budget recorded steady growth. The country’s military is currently faced with the huge challenge of preventing the spread of pro-Islamic insurgent group Boko Haram within the country.
Although Ghana has not been subjected to violent attacks, the country is surrounded by nations such as Chad, Nigeria, and Niger, all of which have a significant presence of Islamic State (IS) militants, which poses a serious threat to the country’s security. In the aftermath of the fatal attacks in Ivory Coast, Ghana’s National Security Council released a confidential memo in March 2016, which further attested to the fact that the country faces significant threat from terrorist attacks.
Ghana is expected to spend a total of US$1.6 billion over the forecast period on its armed forces, and the country’s military expenditure is expected to increase at a CAGR of about 12% to cross US$390 million by 2023. The share of capital expenditure out of the total defense budget decreased from over 22% in 2014 to around 13.3% in 2018, but is expected to increase, to an average of 14.5%, over the forecast period.
With Ghana’s Air Force and Navy designated to play a supportive role to the army, Ghana’s Army is expected to account for the majority of capital expenditure. Robust growth in defense budget is expected to increase per capita defense expenditure from around US$7.7 in 2018 to US$11.9 by 2023.
Ghanaian homeland security expenditure increased from over US$340 million in 2014 to over half a billion US$ in 2018, registering a CAGR of over 10% during the historic period. The Ghanaian homeland security budget is forecast to increase at a CAGR of about 10.7% over the forecast period, increasing from around US$560 million in 2019 to more than US$840 million by 2023.
Companies MentionedPratt & Whitney Embraer S.A. Harbin Aircraft Industry (Group) Co., Ltd. (HAIG) Defence Industrial Holding Company Limited (DIHOC)
Key Topics Covered
2. Executive Summary
3. Market Attractiveness and Emerging Opportunities
4. Defense Procurement Market Dynamics
5. Industry Dynamics
6. Competitive Landscape and Strategic Insights
7. Business Environment and Country Risk
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Related Topics:Military Aerospace and Defense
KEYWORD: GHANA AFRICA
INDUSTRY KEYWORD: MANUFACTURING AEROSPACE DEFENSE OTHER DEFENSE
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 06/08/2018 01:27 PM/DISC: 06/08/2018 01:27 PM