Ghana emerges 1st in Africa, 4th globally in latest Global Retail Development Index

Ghana emerges 1st in Africa, 4th globally in latest Global Retail Development Index

<p class="">Ghana has emerged the 4th in the 2019 Global Retail Development Index which studies the global retailing landscape.</p>

<p class="">The country also ranked 1st and has been described as Africa’s new “bright spot” driven by increased foreign &amp; public investment as well as urbanization of the population.</p>

<p class="">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.</p>

<p class="">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.</p>

<p class="">As one of the most stable nations in sub-Saharan Africa, Ghana presents both retail opportunities and cautionary flags.</p>

<p class="">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,</p>

<p class="">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.</p>

<p class="">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.</p>

<p class="">More international retailers, according to the study, view Ghana as the next go-to-market.</p>

<p class="">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.</p>

<p class="">Senegal ranks 7th; Morocco, 12th; Tunisia, 25th; Egypt comes 26th, Tanzania and Nigeria at 28th and 30th respectively.</p>

<figure class="image" align="center"> <img src="http://ocdn.eu/images/pulscms/MWM7MDA_/a64ec5b859ecf66ab4676294fb1cac6e.png" alt="Ranking"> <figcaption>Ranking</figcaption> </figure>

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