Eyes on Ghana: new beauty awards launched in the emerging market
The first Ghanan Makeup Awards are set to take place later this month in Accra, aimed at celebrating innovation and expertise in the country. Some key players nominated reportedly include Black Secret, Paba Cosmetics and the FC School of Cosmetology.
Euromonitor International, market research firm, picked the country out as one of its key emerging markets two years ago, noting that it is “one of the fastest-growing and most promising economies in Sub-Saharan Africa”. However, since then this optimistic outlook has been beset by turbulence in the country, including a severe energy crisis and economic imbalances across social groups.
At present, undernutrition has been shown to be a major problem in the country, with a recent study noting Ghana loses USD 2.6 billion annually due to child malnourishment.
Market of the Future?
Ghana already boasts an unusually large urban population compared to its neighbours: according to Euromonitor, 53% of the population live in towns and cities, compared with the wider region’s average of 37% in 2013.
If the country can overcome the current hurdles to its economic stability and growth, with this urban population set to grow even further, the potential for FMCG sales is likely to expand significantly.
“Migration to the capital and southern parts of the country is expected to continue over 2013-2020 as the urban population will grow by a CAGR of 3%,” explain the Euromonitor’s analysts. “This promising trend is expected to further improve living standards in the country and boost the demand for fast-moving consumer goods (FMCG).”
The economy in Ghana is expected to grow at an average of 6% up to 2020, with this expected to fuel personal expenditure to see consumers spending rise by a CAGR of 12% over the same period.
Promoting the domestic market
The upcoming awards are aimed at promoting domestic players and rasing the profile of the local market, according to its organisers.
“We need to celebrate role models and innovators, for others to follow and emulate,” Ghanan Makeup Awards chief exec, Rebecca Donkor, confirmed at the press launch.
