The country also ranked 1st and has been described as Africa’s new “bright spot” driven by increased foreign & public investment as well as urbanization of the population.
Ghana’s retail sector, according to the study, is valued currently at $24.4 billion and is expected to reach $33.16 billion by 2024.
The report also revealed that department stores and shopping store space is set to grow by 15 percent per year and many international retailers are taking notice.
As one of the most stable nations in sub-Saharan Africa, Ghana presents both retail opportunities and cautionary flags.
Ghana’s economy is expected to grow by nearly 8.8 percent in 2019, backed by a thriving oil and gas sector makes it the fastest growing economy in the world this year,
The country increased foreign and public investment by 14.2 percent (of GDP) in 2018, a number expected to rise to 30.8 percent by 2028.
The bi-annual study of the global retailing landscape also revealed that space in department and variety stores is targeted to grow by 15 percent through 2023.
More international retailers, according to the study, view Ghana as the next go-to-market.
Overall, the country may have a relatively low average income, but it is expected to be the fastest-growing economy in the world this year.
Senegal ranks 7th; Morocco, 12th; Tunisia, 25th; Egypt comes 26th, Tanzania and Nigeria at 28th and 30th respectively.