Market Overview
As per DMI analysis Ghana retail industry market is about US$ 32 billion in 2023 and expected to reach about US$ 54 billion in 2031 growing at a CAGR of about 7.5% during the forecasting period (2024-2031).
Increasing community disposable income across the country is the primary driver of the Ghana retail sector industry over the projection period. People's purchasing power for consumer goods will grow as their disposable income rises. Because of expanding global trends, individuals purchasing both online and offline and the need for retailers to deliver seamless shopping experiences, Ghana's retail industry has undergone a paradigm shift.
As consumers become more knowledgeable and want more, Ghana's retail business has evolved into one of the country's most dynamic and fast-paced.
As Ghana's retail sector advances, e-commerce has undergone remarkable growth, aided by the recent global pandemic.
To counteract fraud, the Ghanaian government began registering digital enterprises, including e-commerce players and logistical partners, in late 2022. This proactive approach not only fosters customer trust, but also lays the groundwork for long-term growth in the e-commerce industry.
Market Scope
| Metrics | Details |
| CAGR | 7.5% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Product Type, and Store Product Type |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Expansion of Modern Retail Infrastructure and E-Commerce
Investment in modern retail infrastructure, such as shopping malls, supermarkets and convenience stores, has risen in recent years. Large-scale retail complexes, like the Accra Mall and West Hills Mall, have grown in popularity, catering to consumers looking for sophisticated shopping experiences. Ghana's dedication to provide smooth delivery services is demonstrated by projects such as the GhanaPostGPS position monitoring system and ongoing efforts to improve logistics and transportation infrastructure. The expansion and development of roads and highways, combined with the implementation of the Rural Telephony and Digital Inclusion initiative, ensures greater market access outside of urban regions.
E-commerce is becoming more popular in Ghana as internet access and smartphone usage increase. Although still in its early stages as compared to other regions, online retail is growing popularity, particularly among young, tech-savvy metropolitan consumers. Digital platforms are increasing retail firms' reach beyond physical locations, allowing customers to buy more conveniently while also giving retailers with a new revenue stream.
With over 17 million Ghanaians likely to have internet connection by the end of 2022, up from 2 million in 2012, consumer interests are in line with worldwide market trends. The desire for convenience is driving online purchasing, which is aided by internet services offered by several telecom service providers.
Ghana is leading the way in cybersecurity by implementing the Cybersecurity Services Licensing Regulation, which is being led by the Ghanaian Cyber Security Authority. These procedures, which are supplemented by the Financial Industry Command Security Operations Centre (FISOC), safeguard data and protect against cyber threats, thereby ensuring the integrity of digital transactions.
Market Segmentation - By Product
Apparel, Clothing and Footwear
- Apparel, Clothing and Footwear segment in the Ghana retail industry market value was at XX US$ Billion in 2023 and is estimated to reach XX US$ Billion by 2031, growing at a CAGR of XX% during the forecast period from 2024-2031.
- Over the years, Ghana's government has demonstrated a genuine commitment to prioritize the apparel, clothing and footwear industry since there is huge potential for employee growth based on Ghana's historic textile and design heritage.
- Apparel and garment companies are based in Ghana to serve local, regional and international markets, taking advantage of laws such as the African Growth and Opportunities Act. In recent years, the business has demonstrated substantial growth and promise, marketing high-quality traditionally designed fabrics labeled "Made in Ghana" to specialized markets, particularly the United States. These are primarily based in Accra. Thus, Accra, Tema and Akosombo-Juapong are home to the majority of large-scale textile industries.
- While there are some obstacles to be addressed, such as infrastructure upgrades, Ghana's textile and garment industry is well-positioned for expansion and has the ability to considerably contribute to the country's GDP.
- The West African region has several characteristics that position it well to catch demand moving from Asia and other places. Average travel times to US are 14-18 days and 14-22 days to Europe, which are typically 2-5 weeks faster than East Africa and Asia respectively. Ghana's Port of Tema is one of the most efficient in the region.
- The Dawa Industrial Zone in Ghana is a thriving economic hub, particularly in the textile industry. The position is crucial, with easy access to the port and key transit links, which appeals to investors.
Market Competitive Analysis
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 to cater the growing consumer demand for FMCG and other electronic goods. For instance, in January 2019, Unilever Ghana has invested more than USD 12.27 million in new infrastructure and factory plants over the last two years, cementing its leadership position in the country’s consumer goods segment.
In November 2018, Electroland Ghana Limited has opened a new premium showroom in Accra to bring its products closer to consumers. The company, which has about 15 direct branded and 10 franchised showrooms across the country has its new outlet located on Spintex road.
Melcom Group – Overview
- Melcom Limited, the founding company of the Melcom Group, was founded in 1989 and is one of Ghana's leading retail chains.
- The Group is well-diversified into other businesses, in addition to gaining a large retail market share with a network of 49 Melcom retail shops and 8 cash ‘n' carry depots distributed across Ghana.
- Melcom includes approximately 40,000 products ranging from supermarket to household goods, clothing to technology and more.
- It has plans to establish eight new stores, enlarge the largest store and introduce Melcom Mini, a new convenience store model.
- Melcom’s ecommerce platform is currently ranked among the top three in Ghana, with 200,000 monthly active customers.
Why Purchase the Report?
- Visualize the composition of the Ghana retail industry market in terms of various product types and store types highlighting the key commercial assets and players.
- Identify commercial opportunities in Ghana retail industry market by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of Ghana retail industry market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
**The Ghana retail industry report will provide access to approximately 33 market data tables, 22 figures, and 180 pages.
Target Audience 2024
- Investors/Investment Bankers
- Retailers
- E-Commerce Companies
- FMCG Companies
- Supermarkets & Hypermarkets
- Research Organizations
- Distributors
