Ghanaian consumer packaged goods increased by 8.9% in half-year 2026 – Maverick Research

Recent data from Maverick Research, which measures Consumer Packaged Goods (CPG) performance across West African markets, shows that Ghanaian CPG volumes increased by 8.9% in the first half of 2026, alongside value growth of 15.6%. This shows West Africa’s emerging CPG growth opportunity, particularly in Ghana and Nigeria. For several years, impressive-looking value growth across many emerging markets has often been heavily influenced by inflation. Maverick Research said consumers in Ghana are now not simply paying more, adding, “They are buying more”. According to the market research firm, the composition of that growth is equally revealing. Food increased its share of CPG volume from 32.2% to 34.2%, with edible oil, tomato paste, milk, noodles and food seasonings among the categories driving the recovery. Improving purchasing power, easing inflation and a stronger cedi have helped consumers rebuild their baskets. Yet the recovery is not simply a Ghana story. Maverick’s data also showed Côte d’Ivoire recording approximately 3% volume growth in the first half of 2026 and Cameroon 2.7%. Maverick Research continued that West Africa is not one consumer market, saying different countries — and increasingly different regions and cities within those countries — are moving at different speeds and responding to different economic forces. Opportunity is Significant Itstated that the opportunity is significant, but winning requires a different playbook. Perhaps, it argued that the most interesting evidence comes from companies already succeeding in the region. It cited Nestlé as a good example. Rather than treating West Africa simply as an export market, Maverick Research said the company has built substantial local capabilities and adapted global brands to local consumers. “MAGGI has become deeply embedded in West African cooking, while MILO illustrates how a global brand can be adapted to local tastes and supply chains. Nestlé has used locally sourced ingredients in market-specific formulations and built manufacturing capabilities across the region”. It added that availability is strongly associated with market share. “In other words, in Ghana, being available isn’t simply an execution metric. It is strongly associated with winning”. “The experience of individual brands reinforces the point. 80% of Ghana’s five biggest share gainers over the past two years — Viju, Verna, Malta Guinness, Geisha and Bigoo — expanded their distribution. While pricing also mattered for some brands, wider availability was the most consistent factor separating the winners”, it alluded. Maverick Research also identified brands such as Milo, Cerelac and Lipton whose rate of sale significantly exceeds what their distribution alone might predict — suggesting that availability and genuine consumer pull need to work together.