Fashion market in Ghana

The Ghanaian Fashion eCommerce market is predicted to reach US$152.8 million by 2024 and accounts for 19.7% of the total eCommerce market in Ghana. It is expected to increase over the next years. The expected compound annual growth rate for the next four years (CAGR 2024-2028) will be 7.2%, resulting in a projected market volume of US$201.6 million by 2028. Within the Fashion market ECDB considers the following three sub-markets: Apparel, Footwear, and Bags & Accessories.

Market development

eCommerce revenue development in the Jewelry market in Ghana

The Ghanaian Jewelry eCommerce market is predicted to reach US$6.2 million by 2024 and accounts for 64.4% of the Jewelry & Watches eCommerce market in Ghana. It is expected to increase over the next years. The expected compound annual growth rate for the next four years (CAGR 2024-2028) will be 11.2%, resulting in a projected market volume of US$9.4 million by 2028. The Jewelry eCommerce market is a sub-market of the Jewelry & Watches market. Further categories within the Jewelry & Watches market are: Other Jewelry & Watches, and Watches.

eCommerce revenue development in the Jewelry market in Ghana

in million US$

Note: Market revenue represents B2C sales of physical goods including VAT. It excludes B2B sales, C2C sales, returns, compensation for damaged or missing goods, any discounts granted and services. Data shown is using current exchange rates.

Source: ECDB analysis

eCommerce revenue growth in the Jewelry market in Ghana

in %

Note: Market revenue represents B2C sales of physical goods including VAT. It excludes B2B sales, C2C sales, returns, compensation for damaged or missing goods, any discounts granted and services. Data shown is using current exchange rates.

Source: ECDB analysis

Net eCommerce revenue split by sub-category

in %

Note: Data shown is using current exchange rates.

Source: ECDB analysis

20202021202220232024202520262027
Revenue (in mUS$)0.00.00.00.00.00.00.00.0
Growth (in %)78.227.934.939.771.476.817.852.9

Online share

eCommerce online share of the total Jewelry market in Ghana

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the Ghanaian Jewelry retail market, the online share is 5.4% and will increase by an average of 6.1% to 6.9% by 2028.

eCommerce online share of the total Jewelry market in Ghana

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

20202021202220232024202520262027
Online share (in %)50.3%83.4%3.9%24.6%54.6%31.7%9.9%98.3%

Market definition

Definition of the Jewelry market within the Fashion market

Market definition: Fashion > Bags & Accessories > Jewelry & Watches > Jewelry The category Jewelry includes the online trade of jewelry (e.g earrings, rings, necklaces, bracelets, bangles, anklets, belly chains, piercings). This category does not cover watches. All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

In-scope

  • Jewelry (e.g earrings, rings, necklaces, bracelets, bangles, anklets, belly chains, piercings)

Out-of-scope

  • Watches

Market comparison

The Ghanaian Jewelry market in a global comparison

Market comparison by growth, online share, and revenue in 2023

in %

Source: ECDB analysis

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