Ghana delivers strong performance in retail market in half-year; value up 15.6% – Maverick Research

Maverick Research’s retail audit data for the first half of 2026 showed that Ghana delivered the strongest performance, with volumes up 8.9% and value growing 15.6%. Côte d’Ivoire recorded approximately 3% volume growth and 2% value growth, while Cameroon posted 2.7% volume growth and 5.2% value growth. According to the report, the figures tell a broader story, as Ghana has shifted decisively into consumer-led recovery.

Also, Côte d’Ivoire’s growth is being unlocked by lower prices and improved affordability. Similarly, Cameroon is recovering more gradually, with value rising faster than consumption. Ghana Moves from Inflation-led to Consumer-led growth The research stated that Ghana was the clear outperformer.

“The combination of 8.9% volume growth and 15.6% value growth indicate that consumers were not simply paying more—they were buying more”. It added that easing inflation, a stronger cedi and improving purchasing power helped households rebuild their baskets, highlighting that the food’s share of Fast Moving Consumer Good (FMCG) volume increased from 32.2% to 34.2%, led by essential categories such as edible oil, tomato paste, milk, noodles and food seasonings. “Affordability supported the recovery.

Average prices per kilogram declined by 8% for edible oil and 6% for pasta. Non-alcoholic beverages also remained resilient, while Home and Personal Care recovered less evenly as shoppers continued to prioritise necessities over discretionary products”. The business implication of the research is straightforward.

Ghana offered the region’s strongest near-term growth opportunity, but consumers remain price-conscious. Brands, therefore, should use the improving economy to expand distribution and volumes—not as permission to raise prices indiscriminately. Oil is Bellwether for Second-Half of 2026 According to the report, oil may be the most important external variable for West African FMCG through the remainder of 2026.

Brent crude was trading near $87 per barrel in mid-August, despite weakening global demand forecasts. Supply disruptions and geopolitical tensions continued to create significant volatility. “Ghana and Cameroon are oil producers, so higher prices can support export earnings and government revenues.