Income and Expenditure: Ghana

August 2024

In 2023, Ghana experienced economic deceleration, yet saw a 3.6% increase in per capita disposable income, primarily due to a rise in labour productivity. Despite this, the country faced severe income inequality and a significant gender gap. During 2023-2028, Ghana's per capita disposable income is projected to grow by 16.1%, but social progress is expected to deteriorate, leading to a widening income distribution gap.

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Overview:

The Country Briefings series examine market potential, economic and consumer trends impacting each country and how they are set to change.

Each Country Briefing covers one of these topics:

Economy, Finance and Trade: Understanding the structure, health and potential risks of an economy are important for decision-making within an existing operating environment as well as for expansion strategies. Real GDP growth, inflation and exchange rate fluctuations will directly impact consumer market potential. Import and export trade profiles help gauge how open an economy is to trade and investment, while analysis of government finances can be used to explore macroeconomic stability and susceptibility to economic shocks.

Income and Expenditure: Insights into income, wealth and expenditure of consumers are vital in helping businesses make strategic decisions with regards to which country (or even which region within a country) to enter, which consumer segment to target, which products or services to market, and at which price point. Other factors such as the size and expansion of the middle class and income inequality are also important in helping companies gauge the potential of a country market.

Households: Global shifts in gender, ageing, migration and housing are transforming the size, location,  general make-up as well as income and expenditure of households around the globe, with diverse implications for governments and companies. Households insights can help identify the decision-making processes and consumption tastes of different household groups and types within a country, and assess household appliance and digital readiness that is key for formulating market technology and internet strategies.

Business Dynamics: A stable and competitive business environment is vital to operate efficiently and attract inward investment. Businesses can assess these factors alongside challenges such as corruption, political instability and terrorism, also gain insight into business operating environment and make strategic investment decisions. Transport infrastructure, ICT readiness and labour force dynamics will also identify potential issues with a supply chain and the level of workforce skills.

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The briefings cover 103 countries and identify topics of crucial interest to planners, marketers and researchers.

Income and Expenditure: Ghana

HEADLINES

Ghana sees increased disposable income amidst economic challenges
Ghana’s income distribution remains highly unequal
Ghana's consumer expenditure growth challenged by high inflation rates
Wealth and consumption in Ghana highly concentrated in affluent sector
Chart 1 Annual Gross Income Distribution by Age in Ghana 2023
Chart 2 Distribution of Income in Ghana: Key Metrics 2023-2028
Chart 3 Gross Income Growth Index in Ghana 2023-2028
Chart 4 Average Gross Income by Age in Ghana 2023-2028
Chart 5 Population by Income Bracket 2028
Chart 6 Gini Index 2023/2028
Chart 7 Households by Disposable Income (PPP) 2023-2028
Chart 8 Overview of Ghana’s Social Classes 2028
Chart 9 Social Class E by Age 2023/2028
Chart 10 Consumer Market and Spending in Ghana: Key Metrics 2023-2028
Chart 11 Consumer Expenditure in Top Regions: Size in 2028 and Growth over 2018-2028
Chart 12 Urban/Rural Consumer Expenditure 2028
Chart 13 Household Expenditure 2023
Chart 14 Consumer Spending by Category in Ghana 2023/2028: USD per Household
Chart 15 Index of Consumer Prices in Ghana 2018-2023
Chart 16 Household Expenditure by Category in Ghana 2028
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