BMI View: We maintain a positive outlook for Ghana's food and drink sector over our forecast period
which will be supported by a positive economic outlook and improving consumer fundamentals. We expect
strong sales growth of packaged staple goods over our forecast period as the number of households in the
USD5, 000+ income brackets more than doubles. We expect rapid expansion in the formal food retailing
sector to also foster growth in food and drink sales over this period. However, we do note, due to low
income levels in Ghana - premiumisation will not gain traction over our forecast period.
BMI forecasts that headline total food sales in local currency will increase by 17.2% in 2017. In compound annual growth rate (CAGR) terms, we forecast that total food sales in Ghana to rise by 15.6% in local currency terms between 2016 and 2021.
We forecast positive growth for the dairy industry over our forecast period owing to rising disposable incomes, which we believe will translate into the diversification of diets. We forecast dairy sales will grow by a CAGR of 16% to 2021.
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