Market Insights Advertising & Media Advertising Out-of-Home Advertising

Traditional Out-of-Home Advertising - Ghana

Ghana

Ad spending in Ghana's Traditional Out-of-Home Advertising market is forecasted to reach US$20.54m in 2024.
Ad spending is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.23%, leading to a projected market volume of US$21.84m by 2029.
The average ad spending per capita in Ghana's Traditional Out-of-Home Advertising market is projected to be US$0.59 in 2024.
Traditional Out-of-Home Advertising in Ghana is witnessing a resurgence, leveraging cultural vibrancy to captivate audiences in an increasingly digital age.

Key regions: Germany, Europe, Asia, France, China

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Analyst Opinion

Traditional Out-of-Home Advertising in Ghana has been experiencing significant growth and development in recent years.

Customer preferences: Ghanaians have shown a strong preference for traditional out-of-home advertising methods, such as billboards, posters, and signage. This can be attributed to several factors. Firstly, traditional out-of-home advertising is highly visible and can reach a large audience, making it an effective way for businesses to increase brand awareness and attract customers. Additionally, many Ghanaians spend a significant amount of time outside of their homes, whether commuting, running errands, or socializing, making out-of-home advertising an ideal way to reach them.

Trends in the market: One of the key trends in the traditional out-of-home advertising market in Ghana is the increasing use of digital technology. Digital billboards and signage are becoming more prevalent, allowing advertisers to display dynamic and interactive content. This trend is driven by advancements in technology and the increasing availability of affordable digital signage solutions. Digital out-of-home advertising offers greater flexibility and the ability to target specific audiences, making it an attractive option for businesses looking to maximize their advertising impact. Another trend in the market is the growing focus on creativity and innovation in out-of-home advertising campaigns. Advertisers are finding new and unique ways to capture the attention of consumers and stand out from the competition. Whether it's through eye-catching designs, clever messaging, or interactive elements, creativity is playing a crucial role in the success of out-of-home advertising campaigns in Ghana.

Local special circumstances: Ghana's rapidly growing population and urbanization rate are contributing to the development of the traditional out-of-home advertising market. As more people move to cities and towns, the demand for advertising space in high-traffic areas is increasing. This has led to the proliferation of billboards and signage along major roads, highways, and commercial areas. Furthermore, Ghana has a vibrant and diverse business landscape, with a wide range of industries and sectors. This diversity creates opportunities for targeted advertising campaigns that cater to specific customer segments. For example, advertisers can leverage out-of-home advertising to reach consumers in the retail, hospitality, and entertainment sectors, among others.

Underlying macroeconomic factors: Ghana's strong economic growth and increasing consumer spending power are fueling the development of the traditional out-of-home advertising market. As the economy expands, businesses are investing more in advertising to promote their products and services. This is driving demand for out-of-home advertising space and leading to increased competition among advertisers. Additionally, Ghana's stable political environment and favorable business climate have attracted foreign direct investment, further boosting economic growth and contributing to the expansion of the advertising industry. With more businesses entering the market, the demand for out-of-home advertising is expected to continue growing in the coming years. In conclusion, the traditional out-of-home advertising market in Ghana is experiencing significant growth and development due to customer preferences for highly visible advertising methods, the increasing use of digital technology, a focus on creativity and innovation, the country's growing population and urbanization rate, and favorable macroeconomic factors. As businesses continue to invest in advertising and the economy expands, the traditional out-of-home advertising market in Ghana is likely to thrive in the foreseeable future.

Methodology

Data coverage:

Data encompasses enterprises (B2B). Figures are based on traditional out-of-home advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers offline out-of-home advertisements such as billboards, street furniture, transit and transport displays, and place-based media.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. 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) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, population, urban population, and internet infrastructure.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market. For instance, 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 case market dynamics change.