Ghana’s Fast Moving Consumer Goods sector is showing signs of recovery amidst easing inflation pressures, Maverick Research has pointed out in its latest Maverick FMCG Index.
This is coming after a difficult two-year period of economic turbulence.
For the first half of 2024, FMCG volumes rose by 4.0% and value increased by 2.0%, indicating that inflationary pressures are beginning to ease compared to the previous year.
This rebound, it said, marks a potential turning point for the sector, which had been weighed down by high inflation and a struggling cedi in 2022 and 2023.
The report pointed out that Ghana’s inflation rate has been moderating, and consumers are gradually adjusting to food price increases.
“One of the key trends highlighted in the Maverick Research report is the shift in consumer behavior towards essential goods. Consumers are purchasing larger quantities of smaller packs, seeing this as a better value proposition. This shift suggests that while inflation has not disappeared, it is no longer accelerating at the same pace, allowing households to make more calculated purchasing decisions”, it mentioned.
The report also noted increased consumption of non-alcoholic beverages in the first half of 2024. This growth, it said, has been fueled by pack-size innovations and aggressive retail promotions by energy drink brands, as well as the entrance of new players in the ready-to-drink (RTD) market. These changes, it stressed have boosted the performance of the non-alcoholic beverages sector, providing some relief to a market that had previously seen stagnation.
However, the home and personal care categories continue to face challenges.
"Down-weighting and ongoing price hikes are extending consumers' purchase cycles for these items," said Ato Micah, Managing Principal at Maverick Research.
"Outlet owners and consumers are increasingly fatigued by the trend of down-weighting, as smaller SKUs often fail to meet the volume and distribution needs of the products they replaced”, it added.
Maverick Research’s data covers 60 FMCG segments, tracking 15,000 Stock Keeping Units (SKUs) monthly across Ghana, Côte d'Ivoire, and Cameroon.
The firm’s latest findings offer a nuanced view of Ghana's recovering economy, which, despite recent improvements, remains vulnerable to global shocks and currency fluctuations.
Latest Stories
-
UTAG declares indefinite strike, demands nationwide ban on mining in forest reserves
1 hour -
AFCON 2025Q: ‘There is no assurance for anything in life’ – Otto Addo on beating Sudan
2 hours -
AFCON 2025Q: Otto Addo backs Kurt Okraku’s fiery speech at team dinner
2 hours -
Wimbledon brings in electronic line calling for 2025
3 hours -
T-bills auction: Government borrowed GH¢23.6bn in September 2024
3 hours -
‘Best I’ve played in a while’ – Djokovic moves on in Shanghai
3 hours -
Why there is silence on Ten Hag’s Man Utd future
3 hours -
Ratan Tata, who put India’s Tata Group on the global map, dies at 86
3 hours -
Inflation to increase marginally to 21.6% in October 2024
3 hours -
Watch: JoyNews confirms illegal miners operated near Anyinam police station
3 hours -
Ghana’s FMCG sector showing signs of recovery – Maverick Research
4 hours -
2025 AFCON Qualifiers: Sudan not under pressure to beat Ghana – John Manu
4 hours -
We have never apologized to Mahama – Kumasi traders
4 hours -
“Wear red” on Thursday to show your revulsion for galamsey – Ken Ashigbey
4 hours -
Pesticides contributing to early deterioration of perishable food items – Scientists
4 hours