According to new research by a top market and economic research agency and consultancy in Ghana, SumsureIQ, Ghana’s Fast Moving Consumer Goods (FMCG) sector showed signs of recovery at the end of 2024 compared to 2023 from a difficult economic landscape characterised by fairly high and sticky but gradually reducing inflation levels amid cost-of-living crises.
In this mid-year research review, the findings confirm the continuous but cautious recovery of the FMCG sector in Ghana as of the first half of 2025.
Over the years, SumsureIQ research findings have been published as part of the SumsureIQ’s Quarterly Brand/Category Performance Tracking Index. In this latest research, SumsureIQ investigates the FMCG sector in Ghana to find out how it is performing as at mid-year of 2025.
The research findings show that as at the end of June 2025 (i.e. from January to June 2025), FMCG volume sales and consumption grew by about 12.5 per cent compared to the same 2024.
This increase was mainly driven by the consumption of Food products which accounted for about 75.4 per cent of the increase.
Followed by Non-Alcoholic Beverage with about 15.7 per cent of the increase, then Non-Food with 6.5 per cent of the increase and Alcoholic Beverage with just 2.4 per cent of the increase.
In terms of value (the amount of money spent), FMCG consumption increased by about 42.8 per cent (in Ghana Cedi terms) as at the end of June 2025 compared to 2024.
The main driver of this increase was also Food consumption with about 59.0 per cent of the increase, followed by , “surprisingly”, Alcoholic Beverage with about 15.3 per cent of the increase.
Then, Non-Alcoholic Beverage with 15.0 per cent and Non-Food with 10.7 per cent of the increase.
Inflation
These results are further collaborating evidence with previous SumsureIQ research results, that, the average living standard of the Ghanaian consumer which declined in 2024 compared to 2023 is now recovering during in the first six months of 2025.
Furthermore, these results indicate that, although, the levels of inflation are dropping sharply compared to the levels in 2024, they are still relatively high.
Moreover, the impact is not transmitting quickly enough down to the final consumer on average. Thus, the impact of inflation on the cost-of-living pressures, is easing but not quick enough in the first half of 2025.
However, according to SumsureIQ, the research findings may suggest that, there has been a significant expansion or improvement in the volume and value of the level of consumption in the first 6 months of 2025 compared to the same period in 2024.
This improvement is good news and a relief for many Ghanaian consumers. This is because, it shows potential turning point in the average living standard deterioration in the country which have been induced by relatively high levels of inflation and the accompanying cost-of-living crisis and compounded with the struggling Ghanaian Cedi (GHS) against other foreign currencies.
However, in the past 4-5 months, the Ghanaian Cedi has been performing well against a basket of international currencies and therefore, boosting the standard of living improvement process.
Value for money
According to Dr Erasmus L Owusu, the Founder and CEO of SumsureIQ, “consumers are purchasing progressively, more quantities in the medium to high pack sizes items range because, these pack-sizes range tend to have lower average price per standard base weight and hence, affordable”. Furthermore, “consumers see these pack sizes as better value for money propositions”.
He is of the view that, this shift suggests that, while the levels of inflation are going down, the consequential cost-of-living crises is also abating, hence, leading to some improvements in the average standard of living of the Ghanaian consumer.
This is buttressed by the most recent rate of inflation in June 2025 which is now is running at about13.7 per cent (Ghana Statistical Service) and gradually decreasing with minimal fluctuation.
What is more, with the recent appreciation of the Ghana Cedi, consumers will be making more calculated purchasing decisions”.
Furthermore, he points out that, “the latest SumsureIQ research findings harmonise the potential of Ghana’s FMCG markets recovering within the recovery of the Ghanaian economy as a whole and of course, the removal of the E-Levy may boost domestic consumption, especially, FMCGs.
However, these recent domestic changes and improvements, remains cautious, tenuous and are susceptible to global economic shocks like the recent global trade wars as a result of the array of tariffs imposed on imports by the USA could be destabilising factors for the fragile recovery”.
Data Collection
SumsureIQ (www.sumsureiq.com) is a full market and economic research agency and consultancy with Head office in Ghana.
SumsureIQ has collected about 120,000 lines of data every month since January 2022 on over 70 categories and segments of Fast-Moving Consumer Goods (FMCG) in Food, Non-Food, Alcoholic and Non-Alcoholic Beverages across all the 16 administrative regions and 10 channels/store-types including Modern Trade and Petrol Marts in Ghana.
SumsureIQ uses robust mathematical, statistical and econometric methodologies to estimate the market sizes of every category/manufacturer/brand.
SumsureIQ also uses the collected data to estimate a myriad of analytical KPIs. This amount of data shows that SumsureIQ has the complete view of the FMCG retail market structure, volume of consumption pattern and consumer behaviour in Ghana.
SumsureIQ Limited | Company RegNo: CS077340622 | Tel: +233-501 490 170 | website: www.sumsureiq.com| Email: [email protected]