Ghana's food processing industry is highly fragmented with few companies counting as major producers with widespread national reach. Among the multinational contingent, fast-moving consumer goods firms Cadbury, Nestlé and Unilever are well established with strong brand heritage; however, robust economic growth and rising disposable incomes are likely to lay the groundwork for more domestic companies to emerge over the coming years. Dairy company Fan Milk is the largest Ghana-based food company with a market capitalisation close to USD100mn. In 2013 Dubaibased private equity firm The Abraaj Group and dairy giant Danone acquired Fan Milk in a deal thought to be worth around USD350mn. According to Abraaj, this is the largest ever private equity deal involving Africa's fast-moving consumer goods sector (excluding those in South Africa). The purchase of Fan Milk indicated that Abraaj and Danone hold a positive view on the growth potential of West Africa's fresh dairy sector. As incomes increase so does the consumption of fresh dairy. This is helped by increasing ownership of refrigeration appliances. In 2017 Abraaj and Danone decided to invest an additional USD25mn in Fan Milk in order to help the company meet the rapidly rising demand.

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Ghana Demographic Outlook Food & Drink Glossary

Food & Drink Methodology