Close Menu
    Trending
    • Shatta Wale, former senior NSB officer, confirmed to be on EOCO's radar
    • BoG Governor urges banks to rethink lending strategy after policy rate cut
    • Tsatsu Tsikata: A legal luminary’s 50-year journey of grace, grit, and greatness
    • 7 honest reasons why you shouldn’t stay friends with your ex
    • Black Queens yet to receive $350,000 prize for WAFCON 2024 bronze finish
    • The era of high interest rates cannot be sustained – BoG Governor warns banks
    • Kojo Oppong Nkrumah credits sharp rise in cocoa prices and production to previous administration
    • 5 creative ways to refresh your wardrobe without buying anything new
    zamzamupdate.com/ News on the GO
    • Home
    • Ghana News
    • News Updates
    • Sports
    • Business
    • Politics
    • Entertainment
    zamzamupdate.com/ News on the GO
    Home»Ghana News»Shoprite prepares to leave Ghana and Malawi, marking 7th African market exit
    Ghana News

    Shoprite prepares to leave Ghana and Malawi, marking 7th African market exit

    ZamZam UpdateBy ZamZam UpdateAugust 5, 2025No Comments2 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    South African retail big Shoprite Holdings, has confirmed its plans to exit Ghana and Malawi, signalling yet one more step again in its broader African enlargement technique.

    In keeping with a Reuters report on Tuesday, Shoprite revealed that its subsidiary, Shoprite Malawi, entered into an settlement on 6 June to promote its 5 buying and selling shops. Nevertheless, the deal remains to be awaiting regulatory clearance, significantly from Malawi’s Competitors and Truthful Buying and selling Fee and the Reserve Financial institution of Malawi.

    READ MORE: Does the NCA have the power to suspend DStv Ghana’s licence? Here’s what the law says

    In Ghana, Shoprite additionally disclosed that it had acquired a binding provide in June for the acquisition of its seven shops and a distribution warehouse. The corporate described the sale as “extremely possible”, reinforcing expectations of a whole pullout from what was as soon as seen as a high-potential market in West Africa.

    Shoprite’s transfer has revealed the persistent challenges confronted by world retailers throughout a number of African economies, the place forex volatility and shifting financial insurance policies can shortly erode margins. Shoprite has struggled with forex volatility, surging inflation, restrictive import insurance policies, and leases pegged to the US greenback in each Ghana and Malawi. These macroeconomic hurdles have taken a toll on profitability.

    ALSO READ: Manhyia Palace breaks silence on claims of pressuring OSP to release Paul Adom-Otchere

    Shoprite has now reclassified each operations as discontinued companies, in step with IFRS 5 accounting requirements.

    The announcement sparked speedy response on the markets. As of 07:53 GMT, Shoprite’s shares had declined by 2.6% on the Johannesburg Inventory Trade (JSE), reflecting rising investor concern over the group’s shrinking worldwide footprint.

    ALSO READ: Minority calls for Sam George and DStv to be summoned over subscription price dispute

    With the exits from Ghana and Malawi, Shoprite has now withdrawn from seven African nations exterior of South Africa, together with Nigeria, Kenya, the Democratic Republic of Congo, Uganda, and Madagascar, over the previous 4 years.

    Over the past 12 months, it has opened tons of of recent shops, considerably expanded its Sixty60 e-commerce supply service, and ventured into new classes like healthcare, pet provides, and outside items.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleGRTCC announces nationwide transport fare increase from August 8
    Next Article GCB Bank honoured for excellence in project delivery at 2025 PMEA
    ZamZam Update
    • Website

    Related Posts

    Ghana News

    7 honest reasons why you shouldn’t stay friends with your ex

    August 6, 2025
    Ghana News

    5 creative ways to refresh your wardrobe without buying anything new

    August 6, 2025
    Ghana News

    7 things your period might be telling you about your health

    August 6, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    Top Posts

    Combine studies and certifications to boost your career prospects, CIB Ghana Chief tells students

    February 21, 2025

    Eni Ghana and partners start oil drilling in Sankofa East Side Track 2 offshore

    May 29, 2025

    NLA boss explores tech partnerships in China to transform lottery Operations

    May 14, 2025

    Ronaldo deserves Portugal spot – Roberto Martinez

    June 12, 2025

    Bad Food Combinations: 10 Food Pairings You Should Never Eat for Better Health

    July 26, 2025
    Categories
    • Business
    • Entertainment
    • Ghana News
    • News Updates
    • Politics
    • Sports
    Most Popular

    Shatta Wale, former senior NSB officer, confirmed to be on EOCO's radar

    August 6, 2025

    GBA Bartenders Masterclass returns to redefine mixology in Ghana

    February 2, 2025

    Breaking News: Unknown person stabbed Asante Kotoko diehard supporter Pooley to death

    February 2, 2025
    Our Picks

    Japan Motors commissions an ultra modern Foton showroom

    April 18, 2025

    Some VRA workers reject potential appointment of Kenzo as acting CEO

    February 18, 2025

     ….but Minority Leader raises concern

    April 2, 2025
    Categories
    • Business
    • Entertainment
    • Ghana News
    • News Updates
    • Politics
    • Sports
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • About us
    • Contact us
    Copyright © 2025 Zamzamupdate.com All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.