The value added by wholesale, retail trade, restaurants, and hotels in Ghana stood at $5.884 billion in 2023. Analyzing year-on-year variation, there was a growth of 2.55% from the previous year. Over the last two years, the sector experienced a steady increase, with a noteworthy rise of 8.07% in 2022. The Compound Annual Growth Rate (CAGR) for the past five years (2018-2023) stands at 2.81%, indicating modest yet consistent growth. Future forecasts reveal a positive trend, with a 5-year CAGR projected at 1.94%, suggesting the sector will grow by approximately 10.06% by 2028.
Key trends to watch for in the future include:
- An ongoing recovery and expansion post-2020 economic disruptions
- Impact of digitalization and e-commerce on retail trade dynamics
- Increasing tourism influencing the growth in restaurants and hotels
- Inflation and currency exchange rates affecting sector stability
