Markets Speaking manages projects from hubs in Sweden and Ghana. For those of you not already acquainted with Ghana, we would like to offer a brief introduction. Please get in touch for our short introductions to other African markets!
The big picture
Ghana is one of Africa’s most promising economies, with impressive GDP growth rates ranging between 4.7% and 7.3% for the years 2003 to 2009. Contrast this to the Euro Area figures landing between -4.6% and 3.1% for the same years*. Ghana is known for its gold and cocoa industries but holds many more opportunities within the agribusiness, mining, ICT and telecom sectors. The government also offers a number of attractive trade incentives and encourages businesses to develop local manufacturing and raw material processing.
Ghana’s 23 million consumers
Ghana has a young, vibrant and optimistic population, sensitive to trends while at the same time valuing traditional customs. Much of the activity on the consumer market is difficult to keep track of if you don’t know what to look for – transactions are often small and made in cash. Robust local knowledge, as well as an innovative mind open to rethinking traditional distribution methods or packaging, are key to being successful on the Ghanaian market. An increasing number of companies are seizing the opportunities presented – and are making use of the first mover’s advantage. In many business sectors, the choice for an average consumer is still your product or non-consumption… but it won’t stay that way for very long!
* Ghana Statistical Service and the European Commission
