Boston, MA -- (ReleaseWire) -- 02/25/2013 -- We remain extremely optimistic about the performance of Ghana's economy in the coming years, on the back of domestic oil production. In line with this view, we expect per capita food and beverage consumption to grow strongly over our forecast period to 2017, boosted by rising incomes and wealth redistribution. However, the underdeveloped mass grocery (MGR) retail network will hamper faster uptake of premium goods, with the sector yet to attract foreign investment.
Headline Industry Data
- 2013 per capita food consumption (local currency) = +2.5%; forecast compound annual growth rate (CAGR) to 2017 = +11.16%.
- 2013 beer volume sales = +8.0%; forecast CAGR to 2017 = +8.40%.
- 2013 carbonated drinks volume sales = +8.0%; forecast CAGR to 2017 = +9.40%.
Key Industry Trends
Coca-Cola to Continue Emerging Markets Push: In September 2012, US soft drinks major The Coca- Cola Company was reported by Ghana Web as stating that it will continue investing in emerging markets and strive to build sustainable societies in these countries as part of its corporate social responsibility initiative. The company is particularly interested in pursuing opportunities for growth in African countries such as Ghana, where it said it will continue to develop products that meet local demand.
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Guinness Ghana Breweries Ltd Launches New Product: In December 2012, Guinness Ghana Breweries Ltd (GGBL) introduced a new product on the market. The home-grown beer, Ruut Extra Premium Beer, is reportedly Ghana's first beer made out of cassava, which is widely grown in the country. According to the GGBL's statement quoted by the local press, 'Ruut Extra Premium Beer has been developed specifically to satisfy Ghanaian men looking for a premium local beer'. The project also supports the local market and economy, given that all ingredients are locally sourced.
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