Former Deputy Minister of Trade and Industry, Robert Ahomka-Lindsay
Former Deputy Minister of Trade and Industry, Robert Ahomka-Lindsay, has said Ghanaians' purchasing power in recent times has been directed to the buying of essential goods such as food and clothes.
Luxury items, on the other hand, have witnessed a sharp decline due to the economic crisis, Mr Ahomka-Lindsay stated.
Speaking at the Citi Business Festival on Tuesday, June 20, 2023, he hopes this downward trend in the purchase of luxury items such as watches, and comestics, among others continues to 2027.
“We are going through a period of difficulty. Apparel growth is up by 3.7%, luxury goods are down. Times are tough, people are now spending less on luxury goods. Food is up by 9%, and home and laundry care are also up," the former deputy trade and industry minister said.
"In times of difficulty, people move towards the essentials such as clothes and food, and then they drop on the luxury items such as watches, fashion, and prestige cosmetics. These are dropping. We are expecting that this trend will continue between 2023 and 2027," he added.
Mr Ahomka-Lindsay stated that 60% of Ghana's retail commerce goes through the open market.
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