Banks, Beer, and Booze: Geo-located growth opportunities in Accra and Kumasi
As Ghana bounces back from an economic downturn, the West African market is growing again. Expansion prospects are especially favorable in banking and beverages. To better understand these markets and their growth potential, we partnered with our friends at Asoko Insight, the premier pan-African corporate database. Our new report “Ghana Industries in the Spotlight: Beverages & Banking” combines Fraym’s hyperlocal geospatial consumer data with Asoko’s in-depth company profiles. The report analyzes the banking and beverages sectors in Ghana’s two largest cities, Accra and Kumasi.
In banking, we found that roughly 30 percent of households are still unbanked in each major city. To maximize the market in Accra and Kumasi, financial institutions must better understand demographic characteristics of these potential consumers and locate them.
On beverages, we discovered that households already spend an average of about 42 percent of their income on food and beverages. This suggests that sector expansion will require robust income growth. We also find that higher incomes not only contribute to higher consumption, but also allow Ghanaians to substitute unbranded local beer, wine, and spirits for more expensive branded equivalents.
For more insights on banking and beverages in Ghana’s two largest cities, download “Ghana Industries in the Spotlight: Beverages & Banking”.