Managing Partner at Ishmael Yamsom and Associates, Michael Harry Yamson, says Ghana is failing to leverage the retail market for sustainable economic growth.
In his view, despite the country’s potential and vibrant consumer base, the failure to effectively tap into the retail sector has hindered its progress.
Speaking during the third forum of Citi Business Festival on Citi TV on Tuesday, June 20, under the theme, ‘The Changing Face of the Ghanaian Retail Market’ Mr Yamson said Ghana’s retail market possesses significant untapped potential, which, if properly harnessed, could drive economic growth, job creation, and increased investment. However, the lack of a cohesive strategy and supportive policies has hampered the sector’s development and stifled its contributions to the overall economy.
Mr Yamson further stressed the importance of investment to enhance the distribution network and facilitate efficient supply chains and incorporate technology in the retail space to attract more consumers.
Yamson also called for increased collaboration between the public and private sectors to develop a comprehensive retail market strategy.
Mr Yamson added that the sector also accounts for a substantial 60% of the country’s retail activity.
According to him, this highlights the vital role these markets play in Ghana’s retail landscape and their contribution to the nation’s economy.
He underscored the importance of recognizing and supporting the informal retail sector. He said while formal retail chains have their place in the economy, it is crucial not to overlook the immense value generated by these bustling markets.
About Citi Business Festival 2023
The annual Citi Business Festival is a month-long initiative marked with on-air and outdoor events in the month of June to equip Ghanaian businesses with strategies to grow and scale up while meeting emerging trade and commerce trends.
This year, it is themed generally around the Make it Ghana Agenda.
There are live radio on-air series at 9:05 am every Monday to Thursday on the Citi Breakfast Show on Citi FM. On Fridays however, it airs at 7:10 am.
Aside from the on-air series, there will be weekly forums on Citi TV every Tuesday to hold discussions on the theme for the week as well as special TV feature stories aimed at showcasing indigenous Ghanaian businesses.
This year’s edition of the Citi Business Festival is powered by Citi TV and Citi FM in partnership with Absa Bank and is proudly sponsored by MTN MOMO, MTN Business and Zeepay with support from GIRSAL.