Ghana retail industry market is expected to reach about US$ 54 billion in 2031

(IT-NEWSWIRE.COM, March 20, 2025 ) Ghana retail industry market is about US$ 32 billion in 2023 and expected to reach about US$ 54 billion in 2031, growing at a CAGR of about 7.5% during the forecasting period (2024-2031).

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Market Dynamics

Expansion of Modern Retail Infrastructure and E-Commerce in Ghana

Ghana is experiencing significant growth in modern retail infrastructure, driven by increased investment in shopping malls, supermarkets, and convenience stores. Large-scale retail complexes like Accra Mall and West Hills Mall are gaining popularity, catering to consumers seeking sophisticated shopping experiences.

Additionally, the government's commitment to enhancing logistics and transportation infrastructure is evident through initiatives like GhanaPostGPS position monitoring and ongoing road and highway expansions. The Rural Telephony and Digital Inclusion initiative further ensures better market access beyond urban centers.

At the same time, e-commerce is rapidly expanding, fueled by rising internet access and smartphone adoption. Though still in its early stages compared to other regions, online retail is gaining traction, particularly among young, tech-savvy urban consumers. Digital platforms are extending retailers' reach beyond physical locations, offering customers greater convenience and opening new revenue streams for businesses.

With over 17 million Ghanaians projected to have internet access by the end of 2022, up from just 2 million in 2012, consumer behavior is aligning with global retail trends. The growing demand for convenient online shopping is supported by improved internet services from multiple telecom providers.

To ensure a secure digital landscape, Ghana is leading the way in cybersecurity through the Cybersecurity Services Licensing Regulation, spearheaded by the Ghanaian Cyber Security Authority. Additionally, the Financial Industry Command Security Operations Centre (FISOC) strengthens data protection and safeguards digital transactions, reinforcing consumer trust in e-commerce.

As modern retail infrastructure and digital commerce continue to evolve, Ghana is positioning itself as a key player in the future of retail and online shopping in Africa.

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Market Segments

• By Product Type (Apparel, Consumer Electronics, Fast Moving Consumer Goods (Food, Beverages, Personal Care, Home Care Products, Furniture, Others))

• By Store Product Type (Convenience Store, Discount Store, Internet Retailing, Supermarkets, Others)

Market Key Players

• Melcom Group

• Unilever Ghana Limited

• Palace Shopping Mall Limited

• Shoprite Achimota Mall

• Walmart Inc.

• Electroland Ghana Limited

• Amazon.com, Inc.

• eBay Inc.

• A&C Mall

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Source: EmailWire.Com

Source: EmailWire.com

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Ghana retail industry market is expected to reach about US$ 54 billion in 2031