Report reveals Ghana’s retail sector worth $4.4bn, Country ranks 1st in Africa

Ghana's retail sector is currently valued at USD 4.4 billion. The retail sector in Ghana is estimated to hit USD 33.16 billion in the year 2024.

According to the recent Global Retail Development Index published by the GoldStreet Business, Ghana has been ranked 4^th in the world and 1^st in Africa. The report further revealed that department stores and shopping store space is set to grow by 15 percent per year and many international retailers are taking notice.

In Africa, Ghana is ranked 1^st and has been described as Africa’s new ‘bright spot’ driven by increased foreign and public investment as well as urbanization of the population. Senegal ranks 7^th, Morocco ranks 12^th, Tunisia ranks 25^th, Egypt stands 26^th, Tanzania stands 28^th and Nigeria stands 30^th.

The economy of Ghana is likely to increase 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. The country increased foreign and public investment by 14.2 per cent (of GDP) in 2018, a number expected to rise to 30.8 per cent by 2028, GhanaWeb reported.