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Ghana Food and Drink Report Q3 2010
Business Monitor International, June 2010, Pages: 38
This Ghana Food and Drink Report provides industry professionals and strategists, corporate analysts, food and drink associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Ghana's food and drink industry.
A strong case can be made for Ghana to be considered Sub-Saharan Africa’s most well rounded growth story. Able to call on a large population in excess of 20mn, a bullish long-term economic growth outlook based on burgeoning domestic oil production (2011 onwards) and one of the region’s most accomplished political systems, key food and drink indicators are expected to spike considerably off a low base to 2014. Ghana’s above average long-term food and drink outlook emphasises our view that it is likely to do a better job of redistributing oil windfalls into the wider economy than regional peers, such as Nigeria. With equitable growth expected to be a priority and Ghana’s business environment considered to be one of the region’s most forthcoming, significant investment into food and drink is anticipated over the next few years with multinationals leading and domestic firms increasingly able to pursue strong investment as domestic credit markets develop.
Headline Industry Data:
- 2010 per capita food consumption = +8.22%; forecast to 2014 = +72.56%
- 2010 beer value sales = +9.53%; forecast to 2014 = +68.54%
- 2010 mass grocery retail sales = +19.51%; forecast to 2014 = +139.05%
Key Macroeconomic Data:
- 2010 Real GDP growth = +6.1% (2009, +4.0%)
- 2010 Consumer Price Index = +12.3% chg y-o-y (period average) (2009, +19.3%)
- 2010 Real Private Consumption Growth = +6.8% (2009, +4.5%)
Key Company Trends:
Opportunities For Strong Sales And Earnings Growth – Ghana’s leading food and drink companies are increasingly well positioned to piggy back off the economic development taking place to report strong sales and earnings. The latest earnings figures released by leading Ghanaian dairy company Fan Milk emphasise the scale of top line growth opportunities potentially on offer to established consumer goods companies. Coming off net income of GHC15.16mn (US$10.62mn) in FY09 (ended December 2009) and earnings growth of 21% year-on-year (y-o-y) in Q110, Fan Milk expects bottom line FY10 growth of 20% y-o-y.
Key Risks to Outlook:
Regulatory Environment Needs Addressing – While we rate Ghana’s business environment as one of the region’s most forthcoming, our view takes into account a large dose of relativity given the state of the competition. Perennial Sub-Saharan business environment bottlenecks such as weak infrastructure and internal trade systems remain in play.
Companies still have to deal with a lot of bureaucratic ‘red tape’ and the labour force remains largely unskilled. Corruption also remains an issue as reflected in Ghana's ranking in Transparency International's Corruption Perceptions Index (69th out of 180 countries in 2009).
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