By: Love Wilhelmina Abanonave
South African retail giant, Shoprite Holdings has confirmed plans to sell off its operations in Ghana, marking another step in its withdrawal from several African markets to refocus on its home base in South Africa.
The company received a binding offer in June for the acquisition of its Ghanaian assets, comprising seven trading stores and one warehouse, which it described as “highly probable”.
This move according to Reuters signals Shoprite’s latest withdrawal from Africa’s wider market, following previous exits from Nigeria, Kenya, the Democratic Republic of Congo, Uganda, and Madagascar.
In Ghana, the group received a binding offer in June for seven trading stores and one warehouse. The sale is deemed highly probable, Shoprite said.
Shoprite first entered Ghana in 2003 and has operated in the country for over two decades. The company’s exit would mark the end of its presence in Ghana, with a formal handover expected to be imminent, subject to regulatory approval.
Despite the exits, Shoprite anticipates strong performance from its remaining operations, with projected growth in headline earnings per share between 9.4% and 19.4% for the year ending June 29. The company aims to consolidate its operations and focus more on its South African base, which remains its largest and most profitable market.
