Ghana emerges that 4th country in Africa with the potential for strength and investment in domestic retail markets

The US-Based global business strategy and consulting firm report noted that the country’s retail size is about $24.4 billion with more international retailers viewing Ghana as the next go-to-market in the sub-region.

The report was the firm’s 2019 Global Retail Development Index (GRDI).

Although the report stated that the country’s economy is dominated by the informal retail, it predicts the urbanisation 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 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 said.

Adding that 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.