Ghana surveys: how to analyze the Ghanaian market
Ghana Polls: Trends and the opportunities à seize on the Ghanaian market
Ghana is a West African country that has been experiencing
strong economic and social growth for several years. It is an
attractive market for companies, organizations, SMEs,
associations, entrepreneurs and major brands that want to
develop their activities in Africa.
But how to know the needs, expectations and preferences of
Ghanaian consumers? How do you identify business
opportunities and trends in the Ghanaian market? The
answer is simple: by conducting surveys.
Surveys are powerful tools for gathering valuable information
about your target audience. They allow you to understand what
your potential customers think and feel, what they like and dislike,
what they seek and what they avoid.
Surveys also help you measure the satisfaction, loyalty and wordof-mouth of your current customers. In short, surveys give you a
clear and comprehensive view of the Ghanaian market and its
opportunities.
In this article, we will explain how to conduct effective surveys in
Ghana. We will also
present some concrete examples of surveys that have helped
companies stand out and prosper.
The recent impact of the poll results on Ghana
Polls are an excellent way to take the pulse of Ghana, a dynamic
and diverse country undergoing many political, economic and
social changes.
In this section, we will present you with the key findings of recent
surveys on Ghana that will help you better understand this market
and its opportunities.
• One of the highlights of the year 2020 in Ghana was the
presidential and parliamentary elections that took place on
December 7.
According to official results released by the Electoral Commission,
incumbent President Nana Akufo-Addo was re-elected for a
second term with 51.59 per cent of the vote. His rival John
Mahama, the candidate of the main opposition party, came second
with 47.36 per cent.
At the legislative level, the two major parties were tied with 137
seats each in the 275-seat parliament. This unprecedented
situation created a climate of political uncertainty that affected
investor and consumer confidence.
• Economically, Ghana has been impacted by the COVID-19
pandemic, which caused its GDP to contract by 3.2 percent in
the second quarter of 2020, the first time this has happened
since 1983.
However, the country has managed to limit the damage thanks to
the resilience of its key sectors of agriculture, gold and oil.
According to the World Bank, Ghana’s economic growth is
expected to rebound to 5.4% in 2021 thanks to a recovery in
domestic and external demand.
The country still faces important challenges such as:
– the record public deficit of 15.2% of GDP in 2020,
– the high level of public debt (79% of GDP at the end of 2020
according to the IMF),
– the weakness of the financial sector.
Regarding the preferences of Ghanaian consumers, they are
influenced by several factors such as:
– disposable income,
– the level of education,
– media exposure.
According to a study conducted by BNP Paribas Trade Solutions,
Ghanaians are attracted to imported products that offer them
more choice and quality than local products. They are also
sensitive to international brands that give them social status.
However, they remain attached to their cultural and religious
traditions which guide their eating and dressing habits.
Ghanaians are also concerned about value for money and look for
affordable and reliable products. Finally, they are increasingly
connected thanks to the development of
digital infrastructures and use the internet as a source of
information and as a purchasing channel.
Trends and opportunities from the Ghana surveys
Key findings from recent surveys on Ghana provide insight into
this market and its opportunities.
But how can you leverage this information to grow your business
in Ghana? What are the trends and opportunities that emerge
from the surveys? What are the challenges and expectations of
potential customers?
Ghana is a dynamic and diverse country undergoing many
political, economic and social changes. It was one of the few
countries in sub-Saharan Africa to record positive growth in 2020
despite the COVID-19 pandemic that affected the entire world.
According to the African Development Bank, Ghana’s GDP growth
is estimated at 5.0% in 2021, up from 0.4% in 2020.
This growth is supported by a recovery in services, notably
tourism, trade and telecommunications, as well as by increased
household consumption and commodity exports.
Ghana has a narrow but diversified productive base based on
three key sectors: agriculture, gold and oil. Agriculture
accounts for about 20 percent of GDP and employs more than half
of the labor force.
The country is the world’s second largest producer of cocoa after
Côte d’Ivoire and also exports coffee, rubber
cotton and cassava. Gold is the main source of external revenue
for the country, which is the largest producer in Africa and
seventh largest in the world.
The oil was discovered off the coast of Ghana in 2007 and began to
be exploited in 2010. Since then, it has helped accelerate the
country’s economic growth and it has become a net exporter of
hydrocarbons.
These sectors offer interesting opportunities for foreign
companies wishing to invest in Ghana or sell their products or
services.
The country has a favorable business environment, ranking sixth
out of 54 African countries in the World Bank’s Doing Business
2020 index. It also benefits from a political and social stability
that contrasts with some of its neighbors such as Côte d’Ivoire and
Nigeria.
However, Ghana faces several challenges in maintaining its
sustainable and inclusive development trajectory. The first
challenge is prudent public financial management. The country
experienced a record public deficit in 2020.
How to take advantage of the surveys and succeed in the Ghanaian market?
Surveys can help you learn more about the Ghanaian market, its
trends, opportunities and challenges.
But how do you move from knowledge to action? How do you use
surveys to succeed in the Ghanaian market? What
What are the practical tips you can follow to take advantage of the
surveys and grow your business in Ghana?
Ghana is an attractive country for foreign companies to
establish or expand in Africa.
It offers a favorable business environment, political and social
stability, dynamic and diversified economic growth.
Its location also provides access to a regional market of over 300
million people through its membership in the Economic
Community of West African States (ECOWAS).
But Ghana is not an easy market. It also presents risks and
difficulties that must be anticipated and overcome.
In particular, it has to deal with strong local and international
competition, high inflation that affects consumer purchasing
power, a depreciating cedi that increases the cost of imports,
complex and changing taxation, and persistent corruption.
To succeed in the Ghanaian market, it is not enough to have a
good product or service. You must also have a good strategy
that takes into account the specifics of the market and the needs of
potential customers. Here are some practical tips you can follow
to develop your strategy:
● Choose the right local partners: it is essential to rely on
reliable and competent local partners who know the
Ghanaian market well and who can help you with
administrative, legal, tax or logistical procedures.
For example, you can use chambers of commerce, trade
associations, consultants or
commercial agents. You can also form alliances with
complementary or competing local companies to benefit from
their network or expertise.
● Tailor your offer to the needs of the market: It is
important to know your target audience and their
expectations before you propose your offer to Ghana. You
need to consider income levels, etc.
In summary
You’ve learned how surveys can help you learn more about this
market and its opportunities, how to analyze trends and
challenges that emerge from surveys, and how to leverage surveys
to develop your strategy and tailor your offering to the needs of
the market.
You have also discovered some practical tips on how to choose the
right local partners, differentiate yourself from the competition
and build customer loyalty.
We hope this article has been useful to you and that you are ready
to take action to develop your business in Ghana
You can also contact our company blooapp which is specialized in
the accompaniment of the foreign companies which want to
establish or develop in Ghana. We are at your disposal to answer
your questions, advise you and propose solutions adapted to your
needs.
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