GHANA AGRI & FOODTEC : 6-8 October 2017, Accra, Ghana
As you are aware, Ghana's is the hub of West African region, with an investor friendly regulatory environment, young economically active population, coupled with rapid urbanization represents rising domestic growth opportunities.
As per World Bank, the Africa’s food industry could create ONE TRILLION US $ business opportunity by 2030. Low growth rates in South Africa and Europe and the fact that Ghana is viewed as a gateway to a larger West African market of over 260 million people all contribute to the country's appeal.
The agricultural sector continues to dominate the economy employing over 55% of the workforce. Ghana's total exports valued US $18.8 billion in 2013. According to the Ministry of Food and Agriculture (MOFA) agriculture is key to overall economic growth and development in Ghana and ‘agriculture is expected to lead the growth and structural transformation of the economy and maximise the benefits of accelerated growth’.
Food processing industry worldwide achieved return on average invested assets of 11.49% in the third quarter of 2016, above industry average return on investment. Exports of processed and prepared foods have seen major growth in the last six years, total exports of prepared foods excluding processed cocoa products and processed cereals amounted to US $270 million. The leading product that contributed was canned tuna.
Africa is now one of the fastest growing retail markets in the world. A large and growing middle class, increasing local spending power, and a boom in the number of expat workers are fueling the shopping trend on the continent. Foreign retailers have started entering the Ghanaian, the world's largest retailer all plan to open stores in Ghana during the course of 2016. Estimates indicate that 175,300 m2 of retail space will become available between 2015 and 2017.