The Expanding Middle Class of Ghana
Oxford Business Group
An overview on how the finding of domestic oil in Ghana increased consumer spending
This source will go deeper into what the expanding Middle Class looks like in Ghana
- As Ghana is a particularly price-sensitive market, the inflationary environment and subsequent decline in spending has especially affected certain goods.
- Ghana is a particularly price-sensitive market, the inflationary and decline in pending affects sectors like Luxury good and the food segment
- More than 50% of citizens are under the age of 25, providing a stream of tech-savvy and eager consumers to the potential retail market.
- The country already compares favourably with other African markets in terms of income levels
- Ghana is one of just six countries in sub-Saharan Africa in which the middle class – composed of individuals with a daily income of at least $8.44 – exceeds 1m people.
- supermarkets account for only 4% of total food sales, while small convenience stores make up 36% and traditional open-air markets 60%
- The IMF forecasts GDP growth of 5.9% for 2017 and 8.9% for 2018.