Retailing saw a surge in current value sales as inflation rates soared in 2022. With retailers still struggling to recover post-pandemic, consumer purchasing power was hit by rising retail prices.
Ghana faced an unprecedented economic crisis in 2022, leading to a sharp spike in retail prices and a surge in current value growth. Rising government debt was already a pressing issue in the aftermath of the COVID-19 pandemic, but currency depreciation and supply chain disruptions due to the war in Ukraine, weakened the economy in 2022.
Informal retail remains far more popular than formal retailing among consumers. Open markets and street vendors are embedded in Ghanaians' culture, with these forms of retailing being available for centuries and playing a crucial social role as a provider of employment too.
In the early part of the forecast period, retailing will remain subject to economic constraints, translating into lower but still relatively high inflation rates. The persistence of currency depreciation and rising unemployment rates will provide a difficult climate for consumers suppressing purchasing power.
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Retail is the sale of new and used goods to consumers from a business for personal or household consumption from retail outlets, kiosks, market stalls, vending, direct selling and e-commerce. Retail is the aggregation of Retail Offline and Retail E-Commerce. Excludes specialist retailers of motor vehicles, motorcycles, vehicle parts. Also excludes fuel sales, foodservice sales, rental transactions, and wholesale sales (e.g. Cash and Carry). Sales value excluding or including VAT/Sales Tax. Retail also excludes the informal retail sector. Informal retailing is retail trade which is not declared to the tax authorities. Informal retailing encompasses (a) sales generated by unregistered and unlicensed retailers, i.e. retailers operating illegally, and (b) any proportion of sales generated by a registered and licensed retailer that is not declared to the tax authorities. Unregistered and unlicensed retailers operate predominantly (although not exclusively) as street hawkers or operate open market stalls, as these channels are harder for the authorities to monitor than permanent outlets. Activities in the illegal market, which is usually understood to refer to trade in illegal, counterfeit or stolen merchandise, are included within our definition of informal retailing. Activities in the “grey market”, which is usually understood to refer to trade in legal merchandise that is sold through unauthorized channels – for example cigarettes bought legally in another country, legally imported, but sold at lower prices than in authorized channels – will be included as informal retailing if no tax is paid on sale by the retailer. However if the retailer pays tax – for example on cigarettes bought legally in another country but sold at a lower price than standard – the sale is included within formal retail.See All of Our Definitions
This report originates from Passport, our Retailing research and analysis database.
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