Retail industry is primarily responsible for the distribution of finished products to the public. The retail sector comprises of general retailers, departmental stores, specialty stores and discount stores, Ghana provides wide opportunities in food retail business owing to fast growing urbanization, rising household incomes and change in lifestyle & eating habits. Ghana’s retail industry is relatively advanced compared with other African countries. The open market is still a dominating retail industry in Ghana. The key suppliers providing service in Ghana retail industry includes Finatrade Group, Melcom Ltd, Forewin Ghana Ltd, Hippo Group and many others.
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Market Dynamics
Increasing disposable income by the communities and growing urbanization across the country is the primary factors driving the Ghana retail industry market during the forecast period. The increasing disposable income of the people in Ghana, will increase the buying power of people for consumer goods. Also, increasing urbanization is one of the factors driving the Ghana retail industry market.However, higher cost of freight prices as compare to other countries in this region is one of the major factors hindering the Ghana retail market.
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Segment Analysis
Ghana retail industry market is segmented on the basis of product type into apparel, FMCG, furniture, and others. Ghana is the 11th largest grocery retail market in Africa, and the second largest in West Africa –after Nigeria’s. The open market is the dominant segment, for food retail outlets in Ghana. More than 90% of the local staple foodstuffs, including fresh fruit and vegetables, meat, and frozen fish (imported or local), are sold to consumers at the traditional markets. Traditional markets organize promotional activities that tend to have a significant consumer impact.
Competitive Landscape
The Ghana retail industry market is dominated by businesses with ownerships from India, Lebanon, and other European countries. They supply goods majorly from Asia, EU, and South Africa.The key strategies adopted by the prominent players in the Ghana retail industry market include new facility expansions and investments new infrastructure and factory plants over the last two years, cementing its leadership position in the country’s consumer goods segment.
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