Boston, MA -- (SBWire) -- 06/11/2013 --Our outlook for Ghana's economy and consumer sector remains very positive, as we expect the country to be a major outperformer at the regional and global level - a view that looks even stronger given the onset of domestic oil production. Ghanaian incomes are expected to increase significantly over the next few years, giving the consumer sector a significant boost. Although the macroeconomic climate has deteriorated somewhat recently, we still see strong opportunities in Ghana's food and drink industry. We hold a positive outlook on private consumption growth, anticipating that the rapid growth of a number of sectors, including oil and gas, infrastructure, agribusiness and retail, will generate wealth and consequently boost consumer spending. Although the official data on real GDP growth show a sharp slowdown in 2012, we nevertheless maintain our positive view on Ghana, given that a number of other sources point to buoyant economic activity.
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Headline Industry Data
- 2013 per capita food consumption (local currency) = +9.98%; forecast compound annual growth rate (CAGR) to 2017 = +11.16%.
- 2013 beer volume sales = +8.00%; forecast CAGR to 2017 = +8.40%.
- 2013 carbonated drinks volume sales = +9.00%; forecast CAGR to 2017 = +9.40%.
Key Industry Trends
SABMiller To Start Brewing Cassava Beer: In March 2013, SABMiller Africa announced that it will start brewing cassava beer under the Eagle brand name at its Accra Brewery in Ghana. Managing Director of SABMiller Africa, Mark Bowman, was quoted as saying: 'Eagle is aimed at attracting low-income consumers away from illicit alcohol.' The company plans to source the cassava from up to 1,500 smallholder farmers in the first years, as a part of its 'Farming Better Futures' programme. Eagle beer will sell at 70% of the price of mainstream lagers, making it more accessible to a wider audience.
Hershey To Collaborate On Peanut Venture: In late 2012 it was announced that US-based confectioner The Hershey Company is joining up with the health organisation Project Peanut Butter (PPB) to open a new peanut processing factory in Ghana. PPB, which is currently involved with the distribution of peanut-based 'vitamin enrichment' products to malnourished children in Malawi, Sierra Leone and Mali, will operate the new facility, with Hershey providing the funding. The factory is expected to be ready to begin production by H114, and it is hoped that it will provide a boost to local peanut farmers by providing them with a new market. Hershey sources much of its cocoa from Ghana, which is also one the top 10 producers of peanuts in the world.
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New Market Study, "Ghana Food & Drink Report Q2 2013", Has Been Published
Fast Market Research recommends "Ghana Food & Drink Report Q2 2013" from Business Monitor International, now available