Ghana has been ranked the fourth country on a list of 30 countries on the potential for strength and investment in their domestic retail markets.
This was contained in a report by A.T Kearney, a US-Based global business strategy and consulting firm.
The GRDI rankings are based on several criteria including population size, per capita GDP, and other factors. Senegal ranked 6th and Nigeria was 30th.
The A.T. Kearney 2019 Global Retail Development Index (GRDI) indicated that Ghana’s retail size to be about US$24.4 billion as more international retailers see the country as the next go-to-market in the sub-region.
The report stated that the country’s economy is dominated by the informal retail but urbanization will be a major influence 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 Ghana 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 that although Ghana’s internet access is a little below 40% of the population, the middle-class consumers who use the internet the most are are interested in modern retail.
International retailers in Ghana
In 2017, Decathlon opened its largest West African store in Ghana. It hopes to expand with 50 more stores across the country. International supermarket chain Pick & Pay is also set to open a store this year. Massmart has opened three outlets since 2017.
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 in 2019.
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