Ghana Retail Industry Market Size, Share And Trends 2023-2030

Ghana Retail Industry Market Dynamics

Driving Factors:

The Ghana retail industry experiences growth due to increasing disposable income and growing urbanization across the country. Elevated disposable income enhances the buying power for consumer goods, with household consumption expenditure in Ghana growing by 11.3% in 2017, according to the World Bank. Additionally, the rising urbanization trend contributes to market expansion, with Ghana's population reaching 30.10 million in 2019, ranking 48th globally and growing at a rate of 2% per year.

Challenges:

Despite the positive trends, the higher cost of freight prices compared to other countries in the region hinders the Ghana retail market.

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Ghana Retail Industry Market Segmentation Analysis

Product Type Segmentation:

The Ghana retail industry market is segmented based on product types, including apparel, FMCG (Fast-Moving Consumer Goods), furniture, and others.

Consumer Spending Patterns:

Ghanaians allocate a significant portion of their income to food and non-alcoholic beverages, accounting for 41% of total expenditure. The grocery retail market in Ghana is the 11th largest in Africa and the second largest in West Africa after Nigeria. Traditional open-air markets dominate the food retail sector, representing 60% of total retail sales, while supermarkets and convenience stores contribute to the remaining share.

Ghana Retail Industry Market Competitive Analysis

Dominant Players and Strategies:

The Ghana retail industry is dominated by businesses with ownership from India, Lebanon, and other European countries. These entities source goods primarily from Asia, the EU, and South Africa.

Key Strategies:

Prominent players employ strategies such as facility expansions and investments to meet the growing consumer demand for FMCG and electronic goods. For instance, Unilever Ghana invested over USD 12.27 million in new infrastructure and factory plants in the past two years, solidifying its leadership position. Electroland Ghana Limited, in November 2018, opened a premium showroom in Accra to bring products closer to consumers, further expanding its retail presence.

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