Every month, quarter and year, the Ghana Statistical Service publishes some sort of data that could help your business, but sadly, many business owners never open it.
To make the conversation simple and practical, think of the chop bar owner who raises the price of her banku, or the importer who stocks up just before demand slips. Think of the contractor who quotes a client in January and finds cement and labour have moved by March. Each of them was working with a guess when a number was available for free to aid in such decision making.
We are in an era where data is as precious as capital. Big companies hire analysts to chase it. Small and medium businesses can reach much of the same information, because the Ghana Statistical Service (GSS) publishes it regularly.
For a business operating in Ghana’s uncertain market and business environment, you have every reason to make the Statistical Service your friend if you really want to make business-wise and data-backed decision. A number of reports, data, and statistics are published the GSS on regular business which are business friendly and should always be prioritized by businesses.
Here is what is on the shelf and why a business owner should care.
The Consumer Price Index (Inflation): Know how fast or slow prices are moving
The Consumer Price Index (CPI) tracks how the prices of goods and services bought by households change over time. It covers food, transport, housing, restaurants, hotels and more. Its job is to tell the country how fast the cost of living is moving.
For a business, it is a pricing compass. A retailer or caterer can see whether customers’ purchasing power is being squeezed, which affects how much a price rise will be tolerated. The breakdown into food and non-food, goods and services, and regions also helps. A trader in Kumasi may face a different price environment from one in Takoradi, and the data shows it.
The Producer Price Index: Know Your Own Cost
If the CPI is about what customers pay, the Producer Price Index (PPI) is about what producers charge at the factory gate. It follows price changes across mining, manufacturing, utilities, construction and services before goods reach the shop.
A manufacturer, baker or processor should follow it closely. Rising producer prices are an early warning that input costs are climbing and retail prices may follow. It gives you time to renegotiate with suppliers, change your stock or adjust your own prices before your margins thin out.
GDP and the Monthly Index of Economic Growth: Know the Pulse of the Economy
Quarterly GDP measures the total value of goods and services the economy produces and shows which sectors are expanding or shrinking. The Monthly Index of Economic Growth (MIEG) gives a faster, month-by-month view of economic activity.
Both are useful for deciding where to expand. A business in agriculture, ICT, construction or hospitality can see how its own sector is performing against the whole economy. A lender, investor or supplier will probably look at the same data when deciding whether to back you, so you should know it first.
The Index of Industrial Production
The Index of Industrial Production (IIP) measures changes in the volume of output from mining, manufacturing and utilities such as electricity and water.
If you make things, supply things to those who do, or depend on power and water, this index shows whether industrial activity is gathering speed or slowing down. Packaging suppliers, logistics firms, spare-parts dealers and equipment vendors all rise and fall with it.
The Prime Building Cost Index
The Prime Building Cost Index (PBCI) tracks changes in the cost of construction inputs such as materials and labour.
Developers, contractors, estate agents and anyone planning a shop, warehouse or office will find it practical. It helps you budget, price contracts realistically and decide when to build. Hardware dealers and building suppliers can also use it to anticipate demand.
Trade Statistics
The GSS publishes quarterly and annual merchandise trade statistics showing what Ghana exports and imports, in what quantities and values, and with which partners. It also covers informal cross-border trade with neighbouring countries, a part of commerce that rarely appears in official numbers.
Exporters can see which products and markets are growing. Importers can see where competing supply is coming from and which goods are in demand. A trader near the northern borders can see how big the informal corridors are and what moves through them. If your business sits anywhere on a supply chain, this data tells you who is buying, who is selling and what is changing.
The Integrated Business Establishment Survey (IBES)
The Integrated Business Establishment Survey (IBES) is a national count of businesses. It records how many exist, where they operate, how big they are, what they do, how many people they employ and whether they work from shops, open spaces or on the move.
For an entrepreneur, this is market research that you would otherwise pay a consultant for. It can show whether a sector is crowded, where it is concentrated and where gaps exist. It also gives banks, development agencies and policymakers evidence about the size and needs of small businesses, which can shape the support you receive.
The Non-Standard Units Survey
Anyone who has bought maize by the olonka, tomatoes by the tin or kontomire by the bundle knows measurement in Ghana’s markets is flexible. The Non-Standard Units Survey tackles this by converting common local measures into standard weights and volumes.
Food traders, processors, caterers and agribusinesses can use these conversion factors to compare prices fairly, calculate real costs per kilogram, plan procurement and negotiate with confidence. For a business that scales beyond a single market, this removes a lot of guesswork.
The Quarterly Labour Force Survey
The Quarterly Labour Force Survey (QLFS) measures employment, unemployment, underemployment, job types and the skills picture across regions and age groups.
An employer can use it to understand the talent pool, see where skills are plenty or scarce and anticipate hiring pressure. It also describes the structure of the labour market your customers live in, because employment shapes spending power.
The census and household surveys
The Population and Housing Census, the Annual Household Income and Expenditure Survey and the Ghana Living Standards Survey describe the people who make up your market. They show how many people live where, how they are spending, what they earn and what they consume.
A new branch, a distribution route or a product line should begin with this data. Knowing the age profile, household size and spending patterns of a district tells you who your customers are and what they can afford.
Tourism and accommodation occupancy
The Accommodation Occupancy Report measures how much of the available hotel and guesthouse capacity is taken up over a period. It shows how well the accommodation sector is performing.
If you run a hotel, guesthouse or short-let, it is a benchmark for your own performance. Restaurants, tour operators, event planners, transport providers and craft sellers can read it as a gauge of visitor traffic. The International Travellers’ Survey and the tourism surveys add detail on who visits, why and what they spend, all of which helps in planning staffing, stock and promotions.
Understand the operating climate: the Governance Series
The Governance Series surveys citizens about their experience with public institutions, including bribery, responsiveness and inclusion. It gives a data-based picture of the environment in which businesses deal with licensing, ports, police and other public services. Business owners can use it to anticipate friction and push for reform.
Where to find it, and how to start
The GSS releases much of this on a published calendar, so you can plan around it. Its StatsBank, website and microdata catalogue make data accessible to anyone willing to look. You do not need to be a statistician. Pick the two or three indicators closest to your trade, check them regularly and compare them with your own sales and costs.
A business that does this builds a habit of deciding on evidence. When the data and your instincts agree, you can move faster. When they disagree, you learn something worth investigating before it costs you money.
The Bonus
For those who want further analysis on these data and reports, The High Street Journal has got you. The High Street Journal consistently report on these data and conduct practical, simple, and impactful analysis for readers. Businesses can therefore visit the platform to get a practical and easy to understand and appreciate analysis of these reports and statistics.
In an economy where margins are tight and conditions change quickly, the businesses that last will be the ones that read the numbers. The Ghana Statistical Service is already publishing them. The only step left is to start reading.
