Firmus Research launched the Ghana Retail Map in the year 2019 to strengthen its foothold as a thought leader in the Ghanaian retail space. This was then followed by a roadshow to major stakeholders in the retail space in Ghana, which was well-received. As a sequel to the Ghana Retail Map, the Ghana Price Tracker (GPT) is aimed at educating the Ghanaian consumer on not only how to shop on budget, but essentially create a level playing field where major retailers could compete, which would consequently benefit consumers. Using the GPT, consumers could sit in the comfort of their homes and make smart buying decisions instead of hopping from shop to shop comparing prices of everyday items before buying. Additionally, as consumers continue to interact with the platform, the system would be able to crowdsource consumer wish lists and display price information on them in the next cycle.
Released on a monthly basis, the Ghana Price Tracker (GPT) compares the prices of at least twenty (20) everyday grocery items in major retail outlets in Ghana, including Game, Shoprite, Citydia, Maxmart, Palace and others. In the future, the tracker would be developed to monitor prices in other sectors such as fuel, real estate and electronics, etc.
It is expected that retailers would also adjust their prices based on their competitive set while making more sales, which in the long run expose consumers to quality but more affordable products in the featured outlets. Shoppers can find the best prices for their regular grocery items and choose their preferred retail outlet to shop.
The GPT is the best tool to monitor the prices of grocery items from major retail outlets in Ghana, and the most convenient platform for both consumers and retailers to track the prices of grocery items within the featured outlets.