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The Wholesale and Retail of Food in Ghana
This report focuses on the wholesale and retail of food in the Republic of Ghana which has experienced high levels of economic growth since it began extracting oil from large off-shore reserves in 2010. Ghana’s food retail sector is dominated by the informal sector, with 70% of food purchased through traditional markets. The remaining 30% of foodstuffs is sold by a mix of grocery, convenience stores, supermarkets and hypermarkets in the burgeoning formal food retail sector.
The Entrance of Foreign Retailers
Foreign retailers have started entering the Ghanaian market, attracted by the expected growth of Ghana’s middle class and the increase in the number of households earning more than US$10,000 a year from 3% of the population to 8.2% by 2019. Low growth rates in South Africa and Europe and the fact that Ghana is viewed as a gateway to a larger West African market of over 260 million people all contribute to the country’s appeal. South African companies, Fruit and Veg City and Pick n Pay, and Carrefour, the world’s largest retailer all plan to open stores in Ghana during the course of 2016. Estimates indicate that 175,300m2 of retail space will become available between 2015 and 2017, including Kumasi City Mall, which will be West Africa’s biggest shopping mall, and the Achimoto Retail Centre which opened in October 2015 with Shoprite and local merchandise retail chain, Palace, as anchor tenants.
The Wholesale and Retail of Food Ghana describes the current market and recent developments as well as factors influencing the success of the formal sector. The report also profiles 12 domestic and South African companies, including PZ Cussons Ghana Ltd, listed on the Ghana stock exchange (GSE) and involved in the manufacture, purchase and distribution of nutritional products, and Ghanaian retailer, Maxmart Ltd which operates three Max Mart Family Shopping Centres.