Advertising - Ghana

Ghana

Ad spending in the Advertising market in Ghana is forecasted to reach US$192.60m in 2024.
The largest market is TV & Video Advertising with a market volume of US$84.22m in 2024.
When compared globally, the United States is expected to lead in ad spending with US$425.90bn in 2024.
In the Advertising market of Ghana, 41% of total ad spending will come from digital sources by 2029.
The average ad spending per capita in the TV & Video Advertising sector is projected to be US$2.42 in 2024.
By 2029, Advertising market of the 68% revenue in Ghana will be generated through programmatic advertising.
Ghana's advertising market is witnessing a shift towards influencer marketing, leveraging local personalities to connect with the target audience authentically.

Key regions: United States, China, Europe, Asia, Japan

Market

Region

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Currency

Analyst Opinion

The Advertising market in Ghana is experiencing significant growth and development.

Customer preferences: Ghanaians are becoming increasingly tech-savvy and are embracing digital platforms for their advertising needs. With the rise of social media and mobile internet usage, consumers are spending more time online, creating a demand for digital advertising. Additionally, there is a growing preference for personalized and targeted advertising messages that resonate with the local culture and values.

Trends in the market: One of the key trends in the advertising market in Ghana is the shift towards digital advertising. Companies are allocating a larger portion of their advertising budgets to online platforms such as social media, search engines, and mobile apps. This trend is driven by the increasing internet penetration rate and the growing popularity of smartphones in the country. Another trend is the emergence of influencer marketing. Ghanaian consumers are highly influenced by social media influencers who have a significant following. Companies are leveraging this trend by partnering with popular influencers to promote their products or services. This form of advertising allows brands to reach a wider audience and build trust with consumers. Furthermore, there is a growing demand for localized advertising content. Ghanaians appreciate advertisements that reflect their culture, traditions, and values. Companies are incorporating local languages, customs, and traditions into their advertising campaigns to create a deeper connection with the target audience.

Local special circumstances: Ghana has a vibrant and diverse media landscape, with a wide range of television, radio, print, and digital platforms. This provides advertisers with various options to reach their target audience. Additionally, the country has a high literacy rate, which makes print advertising an effective medium for reaching a certain segment of the population. However, it is important to note that Ghana is a multilingual country with over 80 languages spoken. This poses a challenge for advertisers as they need to carefully consider the language preferences of their target audience. Localizing advertising content and using the appropriate language is crucial for effective communication.

Underlying macroeconomic factors: The advertising market in Ghana is influenced by several macroeconomic factors. The country has experienced steady economic growth in recent years, which has resulted in an expanding middle class with increased purchasing power. This provides advertisers with a larger consumer base to target. Furthermore, Ghana has a young and growing population, with a significant portion of the population under the age of 30. This demographic trend presents opportunities for advertisers to target the youth market, which has its own unique preferences and behaviors. Overall, the Advertising market in Ghana is evolving to meet the changing needs and preferences of consumers. The shift towards digital advertising, the rise of influencer marketing, and the demand for localized content are shaping the industry. With the right strategies and understanding of the local market, advertisers can effectively engage with the Ghanaian audience and drive business growth.

Methodology

Data coverage:

Data encompasses enterprises (B2B). Figures are based on advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers advertising by businesses for traditional and digital advertisements.

Modeling approach:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party reports, and survey results from our primary research (e.g., Consumer Insights Global Survey). Next, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, consumer spending, and digital consumer spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.

Additional notes:

Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year. In some cases, the data is updated on an ad-hoc basis (e.g., when new relevant data has been released or significant changes within the market have an impact on the projected development).