emerging markets case study: winning in...
TRANSCRIPT
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
Emerging Markets Case Study:
Winning in Ghana
By: Thembani C. Nkomo
Harvard University
This paper will explore the rapidly growing consumer market in
Ghana; and present steps, insights, and recommendations for
companies to successfully overcome its challenges.
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
EMERGING MARKETS CASE STUDY: WINNING IN GHANA
TABLE OF CONTENTS
1 INTRODUCTION ................................................................................................... 1
2 TAPPING GHANA'S POTENTIAL ...................................................................... 1
3 INSIGHTS TO GHANA'S MARKET OPPORTUNITY ....................................... 3
3.1 Population Growth ...................................................................................... 3
3.2 Decrease in Poverty ..................................................................................... 3
3.3 Rapid Urbanization...................................................................................... 4
3.4 Increased Consumer Access via Mobile Technologies .................................. 4
3.5 More Stable Business Environments ............................................................. 4
3.6. Reduced Trade Restrictions.......................................................................... 5
4 THE CHALLENGE OF THE LARGE INFORMAL ECONOMY ...................... 5
4.1 Case Study: Stanbic Bank ............................................................................ 5
5 CREATING THE RIGHT VALUE PROPOSITION ............................................ 6
5.1 Case Study: Uniliver .................................................................................... 6
6 DEVISING A MARKET ENTRY STRATEGY .................................................... 7
6.1 Entry via Greenfield Investment ................................................................... 7
6.2 Entry via Acquistion ..................................................................................... 7
6.3 Entry via Partnership or Joint Venture......................................................... 8
6.4 Entry via Licensing Agreements ................................................................... 8
7 CHALLENGES IN SOURCING AND PROCUREMENT ................................... 8
7.1 Case Study: SABMiller................................................................................. 9
8 SELECTING AN EFFECTIVE MANUFACTURING STRATEGY .................... 9
9 DEVISING AN EFFECTIVE DISTRIBUTION .................................................... 9
9.1 Case Study: Vodafone ................................................................................ 10
10 OPTIMIZING MARKETING AND DISTRIBUTION ....................................... 10
10.1 Case Study: Guinness Breweries ................................................................ 11
11 CONCLUSION ...................................................................................................... 11
12 EXHIBITS ............................................................................................................. 12
12 REFERENCES ...................................................................................................... 29
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
1
1. Introduction
An economic study conducted by The Economy Watch ranked Ghana as the fastest
economic growing country in the world in 2011, with a GDP growth rate of 20.15%. 1 While the
world’s average GDP growth rate in 2013 is estimated to be 2.5%, Ernst & Young forecasts
Ghana's GDP growth rate to be 7.5%; three times that of the world's average. 2 (See Exhibit 1).
According to the African Development Bank, consumer spending in Ghana is expected to nearly
double from $15 billion in 2010, to $29 billion in 2020. 3 Added to this, Ghana's per capita
income has grown by more than six times from $259 in 2000 to $1, 570 in 2011 according to The
World Bank. (See Exhibit 2). This is poised to increase by an additional 50% over the next
decade. 4
There are approximately 4 million Ghanaian middle class consumers, and the African
Development Bank predicts that the middle class will triple by 2060. Also, since Ghana is a very
young country, with 41% of citizens under the age of 15, global consumer companies entering
the market could build and maintain long-term followings. 5 (See Exhibit 14). Ghanaians are
increasingly demanding goods and services, presenting business opportunities in everything from
consumer products and telecommunications services to banking and construction. FDI in Ghana
has increased by a multiple of 10 since 2000. 6
(See Appendix 10). Added to this, the Ghana
Stock Exchange (GSE) is now the third largest capital market in sub-Saharan Africa, after South
Africa and Nigeria, and its Composite Index has increased from 1,209 in January 2, 2013 to
1,905 in July 23, 2013; a growth rate of 57.56% in 7 months. 7 (See Appendix 3).
Clearly, the outlook of Ghana is positive and companies should not neglect it when
searching for new emerging market growth opportunities. Perhaps Ghana’s tremendous outlook
was a reason that President Obama, accompanied by a panel of U.S. business leaders, choose the
country as his first sub-Saharan African country to visit in 2009. Rapidly improving income
levels, business environments, and infrastructure promise to drive Ghana’s continued growth in
consumer markets. However, most companies need to adjust their strategies and expectations
when entering Ghana. For example, logistics can be unreliable and both hard and soft
infrastructure lags behind much of the developed world; the overall quality of Ghana's
infrastructure was ranked 85th in the world by The World Economic Forum in 2011.
8 Thus, fully
understanding a company’s potential opportunities in Ghana can be challenging. Companies
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
2
with an interest in expanding their operations in Ghana need to be aware of why the country’s
consumers are attractive, which segments they should focus on, and how they can capture the
market’s potential most effectively.
This paper aims to analyze the emerging market of Ghana; and present steps, insights,
and recommendations on how companies can adjust their strategies to opportunities and
challenges to win in the emerging Ghanaian market.
2. Tapping Ghana’s Potential
A company’s market entry plan must indubitably reflect the role Ghana will play in its
broader corporate strategy. It must further focus on which regions it makes sense to enter, in
what sequence, and with what timing. This paper will address eight steps to win in Ghana:
1) Market Opportunity: Companies need to understand the market opportunities and their
target market. (Pages 3-5)
2) Significance of the Informal Economy: Companies need to understand the challenges
of Ghana’s large informal economy. (Page 5)
3) Value Proposition: Companies need to assess if they have the right product/service to
offer at the right prices for the Ghanaian market. (Page 6)
4) Market Entry Strategy: Companies need to determine how to enter the market with
minimal risk. (Pages 7-8)
5) Sourcing and Procurement: Companies need to determine if it should source locally or
import. (Pages 8-9)
6) Manufacturing: If the company produces locally, it needs to determine if it should use
local manufacturers or build its own capacity. (Page 9)
7) Distribution: Companies need to determine how they will distribute their products or
services to customers. (Pages 9-10)
8) Marketing and Promotion: Companies need to ensure that there is demand for their
products/services. (Pages 10-11)
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
3
3. Insights to Ghana’s Market Opportunity
The first step toward tapping into the opportunities in Ghana requires companies to
develop a profound understanding of the market, the competitors they will face, and the
consumers they will serve. While it is true that the country’s wealth of natural resources will
continue to be important, the greatest contributors to market growth are changing, with more
reliance on domestic demand in the form of consumer spending and imports, and less reliance on
exports. Despite the currently low per capita income levels in Ghana, average wages are
increasing, giving rise to an emerging middle class that will become more demanding as income
levels and spending rise. This quickened and sustained rise in consumer spending results from
the country’s population growth, decreases in poverty, and rapid urbanization. In addition,
increased access to consumers via mobile technologies, more stable business environments, and
the easing of trade restrictions make Ghana an ever increasing market opportunity for
prospective companies.
3.1. Population Growth
According to the World Bank, Ghana had an estimated population of 18.83 million in
2000, which has increased to an estimated 25.37 million in 2013. (See Exhibit 11). By 2050 the
population is expected to increase to almost 40 million. Furthermore, between 2013 and 2050,
Ghana’s active/working age population will grow from 56% of the country to 66%; a striking
contrast to more mature developed countries whose populations are aging and moving into the
dependent category, i.e. 65 years or older. 9 Accordingly, expansion of the economically active
population will lead to increased demand for goods and services.
3.2. Decrease in Poverty
Poverty levels in Ghana are projected to fall to 20% of the population by 2020 from
nearly 45% in the 1980s. In fact, Ghana’s GDP is growing even faster than its rapid rise in
population. 10
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
4
3.3. Rapid Urbanization
Ghana’s growing and increasingly wealthy population is becoming more urbanized as
well. By 2050, almost two-thirds of the population will live in cities; compared with 40% in
2010. 11
Approximately 15% of Ghana's population lives in its capital city, Accra. (See Exhibit
14).
Urbanization, in turn, will result in some Ghanaian consumers purchasing more goods
and services, and will further make it easier for companies to reach consumers with products,
services, and communications. Rapid growth in population and urbanization will also place
increased constraints on Ghana’s infrastructure requirements, requiring greater levels of planning
and urban investment from public and private sector players alike.
3.4. Increased Consumer Access via Mobile Technologies
Consumers in Ghana are becoming easier to reach due to an extraordinary uptake of
mobile services. In 2012, almost 75% of Ghanaians owned a mobile phone; a significant growth
from 30% in 2007. 12
This significant transition has made it easier for companies to reach
Ghanaian consumers through mobile marketing campaigns, contests, and promotions.
Furthermore, consumers are increasingly savvy because they are now linked to the rest of the
world through their cell phones and no longer isolated. (See Exhibits 17 – 22).
3.5. More Stable Business Environments
According to the World Bank's Doing Business 2013, Ghana was ranked 5th
in Africa for
“Ease of Doing Business.” 13
(See Exhibit 15). In addition, Ghana was ranked as the 6th most
transparent country in Africa according to Transparency International's Corruption Perception
Index 2012. (See Exhibit 16). Furthermore, with an index of 71, Ghana has the 5th lowest
political risk in Africa, and is tied with Brazil and Italy for 54th lowest in the world according to
The PRS Group. With democratic elections and improved business regulation, Ghana is more
business friendly than most emerging markets. 14
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
5
3.6. Reduced Trade Restrictions
According to the World Bank, trade among African countries in the past has been slowed
by the bulky tariff barriers that countries impose on imports. However, Ghana has opened up its
borders for imports. Ghana is a member of The Economic Community of West African States
(ECOWAS), which a regional group of fifteen countries. (See Exhibit 9). ECOWAS' mission is
to promote economic integration in “all fields of economic activity, particularly industry,
transport, telecommunications, energy, agriculture, natural resources, and commerce.” 15
In
addition, Ghana is a member of the World Trade Organization and The Global System of Trade
Preferences among Developing Countries.
4. The Challenge of the Large Informal Economy
While the developments identified foreshadows well for market entry into Ghana,
companies need to be aware of potential difficulties. For example, because the country has a
large informal economy with a prevalence of cash transactions, it is difficult to compile accurate
and representative data on consumer spending. However, companies can bridge this void by
creatively tapping into local networks to gather insights, partnering with universities and
companies that possess usable customer data, for example, telecommunications providers and
banks, and by designing market pilot programs that feature risk mitigation mechanisms.
Companies need to be prepared to walk the markets and gain insights from talking to street
vendors and observing consumers. They can then build qualitative models of how each market
operates; a necessary but very different approach to that used to understand developed markets.
4.1 Case Study: Stanbic Bank
Stanbic Bank, a division of South African emerging giant Standard Bank Group, provides
an example of how to overcome a challenge of Ghana’s large informal economy. One of the key
aspects of doing business in Ghana is the predominance of individual, self-employed vendors.
For instance, in Accra alone there are approximately 100,000 of such businesses. For banks such
as Stanbic Bank, the challenge is loaning money to the most promising of these entrepreneurs,
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
6
many of whom have little or no credit history. To tap into this opportunity whilst reducing its
loan default risk, the bank used a tool that enabled portable psychometric testing of potential loan
recipients, rapidly assessing their ethics and honesty, intelligence, risk tolerance, ethics and
honesty, and business skills. The bank also deployed a mobile workforce to complement its
local banking branches, and further mitigated risk by using “seed loans” with “graduation plans,”
which allowed the bank’s business with a given customer to grow as the customer’s credibility
was established. 16
Bank Group—
5. Creating the Right Value Proposition
Once a company understands the market, it needs to create a differentiated and attractive
offering that takes into account the special nature of Ghana. For instance, price remains the key
consideration for the majority of Ghanaian consumers because of lower income levels. In
addition, companies need to remember that community and family are strong elements of the
Ghanaian culture. Accordingly, companies need to ensure that their branding and promotional
efforts reflect such values. Potential initiatives could include introducing sustainable
development programs and corporate social responsibility that position the company as
something more than just another shopping choice.
5.1. Case Study: Unilever
London-based Unilever has conducted business in Ghana since 1992, selling food, soaps-
suds, personal-care products, and more products. To capture the bottom of the market segment
in Ghana, Unilever has developed a strategy to compete for the thin wallet. First, it uses the
“small unit packs/low unit price” concept. For example, Uniliver packages its Omo washing
powder or Blue Band margarine in small sachets and sells them for less than the equivalent of
US$0.10 cents a packet. With this strategy, the company has successfully moved consumers
through the value chain. Unilever starts by selling poor Ghanaians the low cost per unit packs of
Omo and then moves them to larger packs when they become more affluent. 17
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
7
6. Devising a Market Entry Strategy
Although Ghana has shown significant improvements as a consumer market, many
barriers to entry still remain. While Ghana was ranked as the 6th most transparent country in
Africa according to Transparency International's Corruption Perception Index 2012, corruption
is an ongoing concern. Added to this, there is generally a lack of infrastructure. There is also a
lack of local talent as a survey conducted by AudienceScapes in 2009 found that only 1% of
Ghana's population has a university degree or higher. 18
(See Exhibit 13). This is coupled with
burdensome regulations and bureaucracies. To choose the right strategy for overcoming these
hurdles, companies must assess risks and then decide whether to establish a standalone business,
enter via an acquisition, seek partnerships and joint ventures, or participate by licensing the
firm’s products and services to another company. Each approach has its advantages and
disadvantages.
6.1. Entry via Greenfield Investment
Entry via a Greenfield investment can result in the biggest payoff if successful; however,
it also presents the riskiest choice for companies that lack local market knowledge, access to
distribution channels, or political connections in Ghana. Nevertheless, Ghana is still ranked 7th
in Africa and 49th in the world in protecting investors according to the World Bank's Ease of
Doing Business. (See Exhibit 15).
6.2. Entry via Acquisition
Conversely, although entering the Ghanaian market via an acquisition can be expensive
and time consuming, it can provide immediate access to existing distribution channels, networks,
and the opportunity to gain deep local market insights that companies can scale up to address
other markets. A recent example of acquisition activity in 2013 taken by a multinational in
Ghana is Old Mutual's acquisition of Provident Life Assurance Company Limited, which is the
5th largest life insurance company in Ghana. This acquisition has given Old Mutual immediate
presence to position itself in the emerging market of Ghana.
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
8
6.3. Entry via Partnership or Joint Venture
A partnership or joint venture provides a fast way of gaining access to local market
knowledge and distribution channels. However, selecting the right partner requires a careful
appraisal of ownership, control, pricing and local partner capabilities.
Regimanuel Gray Limited represents an example of a successful international joint-
venture in Ghana. It is a joint venture between Regimanuel Ltd, a Ghanaian company with
substantial interest in the construction, mining and hospitality in Ghana and Gray Construction of
Houston, Texas, a U.S. firm with substantial interests in the construction industry in the United
States. Since its inception, the company has had an assemblage of dedicated top caliber local
and expatriate personnel managing its emergence as the leading private real estate developer in
Ghana. Regimanuel Gray’s well-known hallmarks are the timely construction and delivery of
high quality reasonably priced housing units at prime locations which are adequately provided
with social amenities and well developed infrastructure. To date, it has more than 2,000 houses
bearing these hallmarks and has been the recipient of the Home Finance Company Gold Award
for Best Estate Developer, the Ghana Millennium Excellence Award, and the 13th International
Construction Award of Trade Leaders Club, Paris. It is also a member of Ghana Club 100-a
selection of the top 100 Companies in Ghana. 19
7. Challenges in Sourcing and Procurement
Companies have to develop a stable and cost effective supply chain that allows them to
meet local needs and overcome local challenges; all while ensuring profitability. Importing raw
materials or finished goods into Ghana is burdened by many of the same hurdles that make
market entry difficult and include complex regulations, corruption, high taxes, and substantial
import fees. Furthermore, Ghana’s roads and basic infrastructure are often poor, which increase
costs of distribution. While Ghana has four ports, they are often inefficient and congested.
To overcome these challenges, companies interested in entering Ghana need sourcing
partners with robust links to the community and high levels of intelligence regarding local
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
9
preferences and issues. They also need to invest in the capacity and capabilities of these
partners, establishing training and incentive programs that allow them to fulfill the company’s
brand promise.
7.1. Case Study: SABMiller
SABMiller, a global brewing giant, has been able to overcome the challenges of sourcing
in Ghana by setting up cooperatives with local farmers to supply cassava and barley to suit the
tastes of different consumer segments. SABMiller has also signed long-term contracts to buy
crates from a Ghanaian producer, as well as locally produced cans. 20
8. Selecting an Effective Manufacturing Strategy
In addition to solving sourcing problems, companies must develop a relevant and robust
manufacturing strategy in Ghana. A company’s strategy should either feature strong
partnerships with local producers or focus on the development of in-house manufacturing
capacity close to its target markets. While the right manufacturing strategy should be specific to
each company’s context, capabilities, and goals; a few general guidelines can nevertheless be
useful. Companies doing business in Ghana should aim to improve the stability of key resources
by introducing term contracts, make upstream acquisitions to ensure supply, and invest in
sources in diversified locations to minimize disruptions. Building trust-based relationships with
Ghanaian producers is also important. Of equal importance is the provision of training and
technical support to Ghanaian manufacturers to ensure high standards for raw materials sourced
locally.
9. Devising an Effective Distribution Strategy
More than 60% of Ghanaians currently live in rural areas and have limited access to
transportation. 21
Given this fact, reaching final consumers can be extremely difficult and costly.
Poor roads and limited infrastructure can make delivering products or services challenging task.
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
10
Companies should therefore build strong sales and distribution networks by utilizing third
parties, wholesalers, and direct distribution models. Companies can reach rural consumer
segments effectively by employing local residents to act as agents, or alternatively by partnering
with Ghanaian organizations with links to these rural markets.
9.1. Case Study: Vodafone
To boost its market share among rural, low-income Ghanaians, Vodafone has created
services tailored to their needs through a network of local agents, established kiosks in rural
areas, and has given agents motorbikes to reach the most remote areas. Vodafone has also
developed lower denominations of $1 when selling airtime, reflecting the low and unpredictable
income of many Ghanaian consumers. Because of these kinds of innovative distribution and
promotional activities, Vodafone has captured a significant portion of Ghana’s low-income
consumer segments, which represent crucial market entry points. 22
10. Optimizing Marketing and Promotion
Companies accustomed to stimulating demand through Western style promotional and
marketing approaches have to rethink their strategies for the Ghanaian market. Most Ghanaian
consumers buy from informal street vendors and kiosks, and they often make purchases in a
more unpredictable pattern than Western consumers. Traditional media outlets such as TV and
radio, do not always reach these masses, especially those living in either rural areas or urban
slums. Weak infrastructure limits access to media in much of Ghana; whether TV, social media,
or websites, making such interactions significantly rare events.
Companies should therefore identify robust local partners to help them access informal
markets and obtain the information they can use to filter their offerings and messages. They
should spend their marketing budgets wisely, being mindful that TV, radio and print campaigns
will not have the same impact that they would be in developed markets. (See Exhibits 23 – 32).
In particular, when attempting to reach the lower income segments, companies should to ensure
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
11
that their promotions and marketing efforts are focused on the community, and are visible in the
market through relevant media and campaigns including radio and contests.
10.1. Case Study: Guinness Breweries
Guinness Breweries has employed a unique marketing approach to become the leading
branded alcohol company in Ghana. Whilst younger consumers initially viewed its Star Lager
beer as old fashioned, the company turned this perception around to the point that it became the
biggest brand in Ghana. To maximize the return on its marketing resources, the company
focused on a single, high-impact platform that would resound with younger consumers; a reality
show focused on regional talent. To overcome limited access to TVs, the company sponsored
viewing bars where the show was screened in conjunction with promotions on the company’s
drinks. It also held contests to boost audience engagement. Guinness Breweries provided
training and branded material to retailers to ensure that the brand was delivered successfully to
target consumers. It also leveraged mobile and internet technology: the company generated more
than 1 million text message votes and web traffic of approximately 40,000 hits per week. 23
11. Conclusion
As entering the Ghanaian market grows increasingly attractive, companies are devising
creative ways to gather the market insights they need to craft compelling consumer offers that
can both meet the needs of Ghanaian consumers and generate strong revenue and profits. As
identified by the issues, challenges, insights, and recommendations throughout this paper,
companies interested in entering and winning in Ghana need to devise a structured approach to
understand and do business with Ghanaian consumers. By focusing on the unique needs,
behaviors, and preferences of Ghana’s consumer segments, and by applying an orderly approach
to market entry and ongoing success; companies can capture the Ghanaian opportunity on their
own terms, and in the process, ensure long-term profitable growth.
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
12
12. Exhibits
Exhibit 1: Ghana's Real GDP Growth vs. Sub-Saharan Africa Since 1990
Source: Ernst & Young
http://emergingmarkets.ey.com/worldmap/ghana/
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
13
Exhibit 2: Per Capita Income Growth in Ghana (1960 to 2011)
Source: The World Bank
http://www.google.com/publicdata/explore?ds=d5bncppjof8f9_&met_y=ny_gdp_pcap_cd&hl=e
n&dl=en&idim=country:IDN:IND:CHN#!ctype=l&strail=false&bcs=d&nselm=h&met_y=ny_g
dp_pcap_cd&scale_y=lin&ind_y=false&rdim=region&idim=country:GHA&ifdim=region&tstar
t=-297720000000&tend=1311652800000&hl=en_US&dl=en&ind=false
Exhibit 3: Ghana’s Economic Growth Forecasts
Source: Economist Intelligence Unit, accessed July 26, 2013, www.eiu.com
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
14
Exhibit 4: Ghana Stock Exchange Composite Index from August 2012 to July 2013
Source: Bloomberg, “Snapshot of the Ghana Stock Exchange Composite Index,” accessed July
26, 2013, http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=215060
Exhibit 5: Number of Registered Companies in Ghana (2002 – 2007)
Source: The World Bank
http://www.tradingeconomics.com/ghana/new-businesses-registered-number-wb-data.html
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
15
Exhibit 6: Ghana’s Major Trading Partners (Exports and Imports)
Source: The Observatory of Economic Complexity: “Ghana”www.atlas.media.mit.edu
Retrieved July 26, 2013
Exhibit 7: Ghana’s Imports (2003 to 2012)
Source: The World Bank
http://www.tradingeconomics.com/ghana/imports
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
16
Exhibit 8: Ghana’s Exports
Source: The World Bank
http://www.tradingeconomics.com/ghana/exxports
Exhibit 9: ECOWAS Member Countries
Source: Economic Community of West African States, http://ecowas.int/
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
17
Exhibit 10: FDI Growth in Ghana
Source: The World Bank
http://www.tradingeconomics.com/ghana/foreign-direct-investment-net-bop-us-dollar-wb-
data.html
Exhibit 11: Ghana’s Population Growth (2000 – 2013)
Source: The World Bank
http://www.tradingeconomics.com/ghana/population
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
18
Exhibit 12: Age of Distribution of Ghana (Ages 15+)
Source: CIA World Factbook, “Ghana’s Age Distribution,” accessed July 26, 2013
https://www.cia.gov/library/publications/the-world-factbook/fields/2010.html
Exhibit 13: Education Level Demographics for Ghana
Source: AudienceScapes National Survey of Ghana, July 2009. http://www.audiencescapes.org/country-profiles-ghana-demographic-profiles-gender-gap-
communication-urban-rural-divide-residence
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
19
Exhibit 14: Distribution of Population by Region
Source: AudienceScapes National Survey of Ghana, July 2009. http://www.audiencescapes.org/country-profiles-ghana-demographic-profiles-gender-gap-
communication-urban-rural-divide-residence
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
20
Exhibit 15: Ghana’s Ease of Doing Business
Doing Business 2013 Rank Doing Business 2012 Rank Change in Rank
64 63 -1
Topic Rankings DB 2013 Rank DB 2012 Rank Change in Rank
Starting a Business 112 104 -8
Dealing with Construction Permits 162 160 -2
Getting Electricity 63 66 3
Registering Property 45 37 -8
Getting Credit 23 38 15
Protecting Investors 49 46 -3
Paying Taxes 89 80 -9
Trading Across Borders 99 98 -1
Enforcing Contracts 48 47 -1
Resolving Insolvency 114 115 1
Source: The World Bank
http://www.doingbusiness.org/data/exploreeconomies/ghana/
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
21
Exhibit 16: Corruption in Ghana
Source: Transparency International
http://www.transparency.org/country#GHA
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
22
Exhibit 17: Ghana’s Mobile Phone Use
Source: AudienceScapes National Survey of Ghana, July 2009.
http://www.audiencescapes.org/country-profiles-ghana-media-communication-overview-
television-radio-internet-mobile%20phones-newspapers-word-of-mouth-opinion
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
23
Exhibit 18: Ghana’s Mobile Phone Use by Demographic Groups
Source: AudienceScapes National Survey of Ghana, July 2009. http://www.audiencescapes.org/country-profiles-ghana-media-communication-overview-
television-radio-internet-mobile%20phones-newspapers-word-of-mouth-opinion
Exhibit 19: How Mobile Phones are used in Ghana
Source: AudienceScapes National Survey of Ghana, July 2009. http://www.audiencescapes.org/country-profiles-ghana-media-communication-overview-
television-radio-internet-mobile%20phones-newspapers-word-of-mouth-opinion
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
24
Exhibit 20: Internet Usage in Ghana
Source: AudienceScapes National Survey of Ghana, July 2009.
http://www.audiencescapes.org/country-profiles-ghana-media-and-communication-overview-
internet-web-2.0-
Exhibit 21: Profile of Ghana’s Internet Users
Source: AudienceScapes National Survey of Ghana, July 2009.
http://www.audiencescapes.org/country-profiles-ghana-media-and-communication-overview-
internet-web-2.0-
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
25
Exhibit 22: Ghana’s Internet Activities
Source: AudienceScapes National Survey of Ghana, July 2009.
http://www.audiencescapes.org/country-profiles-ghana-media-and-communication-overview-
internet-web-2.0-
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
26
Exhibit 23: Trustworthiness of the News and Information Provided by the Internet
Source: AudienceScapes National Survey of Ghana, July 2009.
http://www.audiencescapes.org/country-profiles-ghana-media-and-communication-overview-
internet-web-2.0-
Exhibit 24: Trustworthiness of the News and Information Provided by the Radio
Source: AudienceScapes National Survey of Ghana, July 2009.
http://www.audiencescapes.org/country-profiles-ghana-media-and-communication-overview-
internet-web-2.0-
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
27
Exhibit 25: Ghana’s Top Radio Stations
Source: AudienceScapes National Survey of Ghana, July 2009.
http://www.audiencescapes.org/country-profiles-ghana-media-and-communication-overview-
radio-develoment-news-most-important-source
Exhibit 26: Ghana’s Radio Station Regional Audience
Source: AudienceScapes National Survey of Ghana, July 2009.
http://www.audiencescapes.org/country-profiles-ghana-media-and-communication-overview-
radio-develoment-news-most-important-source
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
28
Exhibit 27: Types of Television Access in Ghana
Source: AudienceScapes National Survey of Ghana, July 2009.
http://www.audiencescapes.org/country-profiles-ghana-media-and-communication-overview-
television-access-use-channels
Exhibit 28: Top TV Stations by Settlement Type
Source: AudienceScapes National Survey of Ghana, July 2009.
http://www.audiencescapes.org/country-profiles-ghana-media-and-communication-overview-
television-access-use-channels
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
29
Exhibit 29: Newspaper Audience in Ghana
Source: AudienceScapes National Survey of Ghana, July 2009.
http://www.audiencescapes.org/country-profiles-ghana-media-and-communication-overview-
television-access-use-channels
Exhibit 30: Effectiveness of Word-of-Mouth
Source: AudienceScapes National Survey of Ghana, July 2009. http://www.audiencescapes.org/country-profiles-ghana-media-and-communication-overview-word-
mouth-and-opinion-leaders-women-rural-urban-information-networks
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
30
Exhibit 31: Trustworthiness of the News and Information Provided by Family & Friends
Source: AudienceScapes National Survey of Ghana, July 2009. http://www.audiencescapes.org/country-profiles-ghana-media-and-communication-overview-word-
mouth-and-opinion-leaders-women-rural-urban-information-networks
Exhibit 32: Trustworthiness of the News and Information Provided by “Other People in
the Community”
Source: AudienceScapes National Survey of Ghana, July 2009. http://www.audiencescapes.org/country-profiles-ghana-media-and-communication-overview-word-
mouth-and-opinion-leaders-women-rural-urban-information-networks
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
31
13. References 1 Economy Watch, “12 Fastest Growing Economies of 2011,” January 9, 2011,
http://www.economywatch.com/economy-business-and-finance-news/12-fastest-growing-
economies-of-2011-8-12.html?page=full
2 Ernst & Young, “Emerging Markets Center: Ghana,” accessed on July 25, 2013,
http://emergingmarkets.ey.com/worldmap/ghana/
3 African Development Bank, “The African Consumer Market,” March 5, 2012,
http://www.afdb.org/en/blogs/afdb-championing-inclusive-growth-across-africa/post/the-
african-consumer-market-8901/
4 The World Bank, “Ghana GDP Per Capita”, accessed July 15, 2013,
http://www.google.com/publicdata/explore?ds=d5bncppjof8f9_&met_y=ny_gdp_pcap_cd&hl=e
n&dl=en&idim=country:IDN:IND:CHN#!ctype=l&strail=false&bcs=d&nselm=h&met_y=ny_g
dp_pcap_cd&scale_y=lin&ind_y=false&rdim=region&idim=country:GHA&ifdim=region&tstar
t=-297806400000&tend=1311566400000&hl=en_US&dl=en&ind=false
5 UN Population Division, Revised 2012
6 The World Bank, “FDI in Ghana,” accessed July 26, 2013,
http://www.tradingeconomics.com/ghana/foreign-direct-investment-net-bop-us-dollar-wb-
data.html
7 Bloomberg, “Snapshot of the Ghana Stock Exchange Composite Index,” accessed July 26,
2013, http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=215060
8 The World Economic Forum, “Quality of Overall Infrastructure - Country Rankings 2011,”
2011, http://www.photius.com/rankings/infrastructure_quality_country_rankings_2011.html
9 Trending Economics, “Ghana's Population Growth,” accessed July 25, 2013
http://www.tradingeconomics.com/ghana/population
10
UN Population Division, Revised 2012
11
World Health Organization, “Urban Population Growth,” accessed July 20, 2013,
http://www.who.int/ghana/urban_health/situation_trends/urban_population_growth_text/en/
12
Nielsen Africa, “Mobile Phones Dominate in Ghana,” accessed July 21, 2013,
http://www.nielsen.com/us/en/newswire/2012/mobile-phones-dominate-in--africa.html
13
The World Bank, “Doing Business in Ghana,” accessed July 22, 2013,
http://www.doingbusiness.org/data/exploreeconomies/ghana/
Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo
32
14 Transparency International, “Corruption Perception Index,” accessed July 22, 2013,
http://cpi.transparency.org/cpi2012/results/
15
Economic Community of West African States (ECOWAS), “About Us”, accessed July 24,
2013, http://www.comm.ecowas.int/sec/index.php?id=about_a&lang=en
16
The World Bank, “Case Study: Banking in Ghana,” May 5, 2012
http://www.ifc.org/wps/wm/connect/topics_ext_content/ifc_external_corporate_site/ifc+
sustainability/publications/publications_casestudy_banking_in_ghana__wci__13195771172
17
The UK Independent, “No Whitewash: Unilever's Drive to Dominate Ghana,” Jason Nissa,
August 31, 2003
18
AudienceScapes, “Profile of Ghana,” July 2009, http://www.audiencescapes.org/country-
profiles-ghana-demographic-profiles-gender-gap-communication-urban-rural-divide-residence
19
Regimanuel Gray Limited, “About Us,” accessed July 25, 2013,
http://www.regimanuelgray.com/rgmestgh_aboutus.php
20
Financial Times, “African Group Brews New Customers,” accessed July 23, 2013
http://www.ft.com/cms/s/0/c557318-f957-11de-80d
00144feab9a.html#axzz1En8JK3ob 21
World Health Organization, “Urban Population Growth,” accessed July 20, 2013,
http://www.who.int/gho/urban_health/situation_trends/urban_population_growth_text/en/
22
Vodafone Group, “2012 Annual Report,” accessed July 20, 2013
http://www.vodacom.com/pdf/annual_reports/ar_2012.pdf
23
Guinness Breweries, 2012 Annual Report, accessed July 21, 2013
https://www.guinness.com/news/98/39/Annual-Report-2012/dinvestorinnernews