Ghana’s retail markets has been adjudged the fourth in a latest developing countries’ retail markets ranking report amongst 30 developing countries.
A.T Kearney, a US-Based global business strategy and consulting firm presented the report that assessed the potential for strength and investment in their domestic retail markets.
The A.T. Kearney 2019 Global Retail Development Index (GRDI) judged Ghana’s retail size to be about US$24.4 billion with more international retailers viewing Ghana as the next go-to-market in the sub-region.
Although the report stated that the country’s economy is dominated by informal retail, it predicts the urbanization will be a major driver for modern retailing, which is expected to reach US$33.16 billion by 2024.“As one of the most stable nations in sub-Saharan Africa, Ghana presents both retail opportunities and cautionary flags.
The Ghanaian economy is expected to grow by nearly 8.8 percent in 2019, backed by a thriving oil and gas sector…Urbanization will be a major driver for modern retailing, which is expected to reach US$33.16 billion by 2024,” the report added.
According to the report, although Ghana’s internet access is a little below 40 percent of the population, most internet users are middle-class consumers who are interested in modern retail.
Other West African countries that made the list were Senegal, ranked 6th and Nigeria which was ranked 30th.The GRDI rankings are based on several criteria including population size, per capita GDP, and other factors. In April 2019, DHL, launched DHL Africa eShop, an e-commerce app that brings more than 200 U.S. and U.K. retailers online to 11 African counties, including Ghana.
Decathlon opened a store in Ghana in 2017—it’s largest in West Africa—and hopes to expand with 50 more stores across the country. International supermarket chain Pick & Pay is also set to open a store this year while Massmart has opened three outlets since 2017.