According to Euromonitor, Ghana is considered by many as the gateway to West Africa and its 250 million consumers. It acts as an exit point for landlocked nations (such Niger) and, as an English-speaking nation, has close ties with US and British businesses.
The majority of modern retail space has been developed in Accra (Ghana’s capital), due to better infrastructure and access to a large population. The Euromonitor research notes that Ghana’s retail industry achieved 14% value growth between 2006 and 2011, which reflects the strength of fast-moving consumer goods (FMCG) companies in the country.
For example Fan Milk Group, a Danish-based dairy company that has been present in Ghana and Nigeria for over 50 years, reportedly has almost 10 times the turnover per capita in Ghana than in Nigeria.
“In 2010, Ghana was the largest market for the company and, with a turnover of US$67 million, accounted for 48% of the group’s revenue and 64% of its operating profit,” notes the report. Other companies that have set up manufacturing facilities in Ghana include Unilever and PZ Cussons.
“The presence of such manufacturers provides a good opportunity for retailers as they can source these manufacturers’ products cheaper locally rather than importing them,” says Euromonitor.
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