• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, July 9, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Retail sector to witness significant growth?

January 25, 2021
Stephen M.Cby Stephen M.C
in Vaultz Business
0
The retail sector in Ghana has witnessed significant growth despite rising living standards, falling unemployment rates and lower inflation point leading to a likely change in consumer demand in the country.

The retail sector in Ghana will likely witness significant growth despite rising living standards, falling unemployment rates and lower inflation point leading to a likely change in consumer demand in the country.

According to Oxfordbusinessgroup, the sector tends to lag behind macroeconomic indicators, as it takes time for GDP growth to feed through to real incomes, and for cautious consumers to be sure that tougher financial times are over.

“This explains why some retailers found that Ghana’s strong economic performance in 2017 and early 2018 did not necessarily lead to lively growth in sales during that period. However, by the end of 2018 the signs of retail recovery were clearer. The consumer confidence index compiled by the Bank of Ghana (BoG) rose by six percentage points in the last quarter of the year to 98.3”.

 The Managing Director of Kasapreko Beverage Company, Richard Adjei speaking in an interview then, posited that, “We are seeing purchasing patterns begin to change in Ghana. The expansion of supermarkets and shopping malls represents the growing value of retail space, and indicates an advancing middle class with increased discretionary spending power. That being said, we are also seeing growth from the informal retail sector, which often manifests itself as street-side trading”.

RelatedPosts

24-Hour Economy Policy Alone Not Enough – GNCCI Warns

Business and Investor Confidence Rebounding in Ghana – AGI

AGI Launches 14th Ghana Industry and Quality Awards to Spur Global Competitiveness

The Bank of Ghana in its Quarterly Bulletin report for the first quarter of 2020 disclosed that, retail sale went up from GH169.34 million in the first quarter of 2019 to GH236.85 million in the first quarter of 2020, representing an increase of 39.9 per cent.

This was due to an increase in household consumption in the first three months of 2020.

“Economic indicators such as consumer spending, vehicle registration and industry consumption of electricity went up but tourists’ arrivals and port activities declined during the review quarter mainly as a result of the closure of the borders and the lockdown,” the statement pointed out.

  • Retail sales up by 39.9% in first quarter

Deloitte US, heading into 2020, noted that, the retail industry was already in a worn-out state, with heavy debt burdens, slow asset turnover, compressed margins, and increased competition. It however maintained that, retailers have been able to regroup and analyze how COVID-19 has reshaped their business, leaving a clearer picture of which costs they can live without and which ones they can’t.

“This may prove to be an opportunity to rebalance cost structure. For retailers battered by lockdowns and the economic effects of the pandemic, it’s a fundamental requirement. Long-contemplated cost reductions, such as rationalizing store footprints and reducing business travel, can now be pursued in the name of COVID-19 response”.

Retailers are now grasping the importance of reacting more quickly to consumers’ needs and realize the value of greater resiliency and agility.

Market research company Nielsen ranked Ghana fourth out of eight countries in its “Africa’s Prospects: Macro, Business, Consumer and Retail Indicators” report for the second quarter of 2018.

This is a fall from second place in the previous edition from the fourth quarter of 2017. Ghana is one of the African economies surveyed by the company in which retailers saw an increasing willingness by consumers to spend in store between 2014 and 2018, however, “despite easing inflationary pressures, Ghanaians are least open to trying new alternatives, with purchasing decisions rooted in familiarity, trust, availability and affordability.”

Given the disruption consumers felt during the pandemic, it will be important for retailers to build back confidence by “winning the last mile, fortifying every link in the supply chain, driving decisions through the consumer lens, and measuring resiliency investment”.

Tags: Bank of GhanaConsumer confidenceRetail
Please login to join discussion
Previous Post

GCB Bank appoints new Deputy MD

Next Post

Moody’s 80% debt projections for 2021 not realistic – Prof. Quartey

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

Debby Reveals Professionalism Fuels Female Musicians
Entertainment

Debby Reveals Professionalism Fuels Female Musicians

July 9, 2025
Mass Jail Sentences Deepen Tunisia’s Political Crisis
Africa

Mass Jail Sentences Deepen Tunisia’s Political Crisis

July 9, 2025
Mustapha Gbande, Party, President.
General News

Every NDC Member Is Better Off Today – Gbande

July 9, 2025
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
Asia

Mass Casualty Incidents Besmirch Gaza’s Aid Struggle

July 9, 2025
GoldBod CEO Champions Value Addition in Mining
Extractives/Energy

Ghana Poised to Reap Big from Soaring Gold Prices

July 9, 2025
Hon. Haruna Iddrisu, Ghana's Minister for Education
General News

Ghana Moves to Overhaul Scholarship Regime with New Bill

July 9, 2025
Debby Reveals Professionalism Fuels Female Musicians
Entertainment

Debby Reveals Professionalism Fuels Female Musicians

by Esther Korantemaa OffeiJuly 9, 2025
Mass Jail Sentences Deepen Tunisia’s Political Crisis
Africa

Mass Jail Sentences Deepen Tunisia’s Political Crisis

by Lawrence AnkutseJuly 9, 2025
Mustapha Gbande, Party, President.
General News

Every NDC Member Is Better Off Today – Gbande

by Silas Kafui AssemJuly 9, 2025
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
Asia

Mass Casualty Incidents Besmirch Gaza’s Aid Struggle

by Comfort AmpomaaJuly 9, 2025
GoldBod CEO Champions Value Addition in Mining
Extractives/Energy

Ghana Poised to Reap Big from Soaring Gold Prices

by Prince AgyapongJuly 9, 2025
Hon. Haruna Iddrisu, Ghana's Minister for Education
General News

Ghana Moves to Overhaul Scholarship Regime with New Bill

by Evans Junior OwuJuly 9, 2025
Debby Reveals Professionalism Fuels Female Musicians
Mass Jail Sentences Deepen Tunisia’s Political Crisis
Mustapha Gbande, Party, President.
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
GoldBod CEO Champions Value Addition in Mining
Hon. Haruna Iddrisu, Ghana's Minister for Education
[/vc_row_inner]

Recent News

  • Debby Reveals Professionalism Fuels Female Musicians
  • Mass Jail Sentences Deepen Tunisia’s Political Crisis
  • Every NDC Member Is Better Off Today – Gbande
  • Mass Casualty Incidents Besmirch Gaza’s Aid Struggle
  • Ghana Poised to Reap Big from Soaring Gold Prices
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.