{"id":295380,"date":"2011-03-09T13:59:34","date_gmt":"2011-03-09T13:59:34","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/09\/upsurge-seen-in-food-beverage-sales\/"},"modified":"2011-03-09T13:59:34","modified_gmt":"2011-03-09T13:59:34","slug":"upsurge-seen-in-food-beverage-sales","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/09\/upsurge-seen-in-food-beverage-sales\/","title":{"rendered":"Upsurge Seen In Food & Beverage Sales"},"content":{"rendered":"

The country\u2019s food and beverage industry will benefit strongly from rising consumer spending on the back of expected high economic growth rates in the coming years, says a first quarter sector report by market intelligence firm Business Monitor International (BMI).<\/p>\n

With an average annual real GDP forecast of 7% between 2011 and 2015, Ghana is one of 7 African countries in the top-bracket of the world\u2019s fastest-growing economies for the next half-decade, according to IMF estimates – and this growth is expected to be driven significantly by rapidly rising household spending.<\/p>\n

Private consumption expenditure on final goods and services – at nearly GH\u00a230 billion – already constitutes 67% of estimated GDP for 2010, and has been increasing in real terms by more than 4% on average each year since 2006.<\/p>\n

\u201cGhana\u2019s domestic demand story looks increasingly exciting,\u201d the report said. It forecast: \u201cBMI has been putting forward a strong consumer view on Ghana, with its food and drink industry emerging as arguably West Africa\u2019s most promising long-term prospect. We see key food and drink consumption indicators spiking considerably over the coming years…\u201d<\/p>\n

Industry data cited show per-capita food consumption went up by 5.69% in 2010 and will reach 84.19% growth by 2015. Additionally, the volume of beer sales, which rose 4.51% last year, is forecast to jump by more than half in the same period; meanwhile, mass grocery retail sales are seen quadrupling in the next five years.<\/p>\n

These trends present opportunities for strong sales and earnings growth, especially for established consumer-goods companies as the fruits of breakneck economic growth continue to kick-in, the report emphasised.<\/p>\n

Notable company trends include the continued resilient performance of dairy products maker, Fan Milk Ghana Limited, whose latest earnings update reveals strong revenues and profits, as well as a more than 10% year-on-year increase in earnings-per-share.<\/p>\n

But breweries, owing chiefly to surging production costs, have faced difficult times despite growing revenues and sales. However, the new spurt of growth amid macro-economic stability should tame the cost situation and generate improved financial outcomes for beer makers.<\/p>\n

Describing the economy as a most well-rounded and equitable growth prospect even before the more than 70% upward revision of nominal GDP, the outlook, the report said, now looks even better with the attainment of the important middle-income milestone.<\/p>\n

\u201cGiven the strength of its economic outlook and the fact that its business environment is fairly attractive by regional standards, Ghana looks increasingly competitive as a destination for multinational consumer-facing investment, with many of the world\u2019s biggest firms looking to increase their African exposure,\u201d BMI analysts reported.<\/p>\n

One of such ventures is Wilmar Africa Limited\u2019s near-complete acquisition of Unilever\u2019s cooking-oil business (which includes the latter\u2019s shares in Benso Oil Palm Plantation) as the agribusiness giant aspires to develop a fully-integrated oil palm business – from plantation development to the distribution of high-quality refined edible oil – in Ghana and the sub-region.<\/p>\n

Improvements in the climate for doing and facilitating business should help to address any risks to the outlook, with the report pointing out that infrastructural bottlenecks and the less-than-favourable supply of electricity must be tackled to bring down the cost of doing business.<\/p>\n<\/div>\n

<\/p>\n

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The country\u2019s food and beverage industry will benefit strongly from rising consumer spending on the back of expected high economic growth rates in the coming years, says a first quarter sector report by market intelligence firm Business Monitor International (BMI). With an average annual real GDP forecast of 7% between 2011 and 2015, Ghana is one of 7 African countries in the top-bracket of the world\u2019s fastest-growing economies for the next half-decade, according to IMF estimates – and this growth is expected to be driven significantly by rapidly rising household spending. Private consumption expenditure on final goods and services – at nearly GH\u00a230 billion – already constitutes 67% of estimated GDP for 2010, and has been increasing in real terms by more than 4% on average each year since 2006. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-295380","post","type-post","status-publish","format-standard"],"yoast_head":"\nUpsurge Seen In Food & Beverage Sales - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/03\/09\/upsurge-seen-in-food-beverage-sales\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Upsurge Seen In Food & Beverage Sales - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"The country\u2019s food and beverage industry will benefit strongly from rising consumer spending on the back of expected high economic growth rates in the coming years, says a first quarter sector report by market intelligence firm Business Monitor International (BMI). 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