Challenges Facing the Fashion Industry in Ghana

In: Business and Management

Submitted By konadu
Words 6584
Pages 27
CHAPTER ONE
BACKGROUND TO THE STUDY
The environment in which the fashion industry operates the world over has become turbulent, unpredictable and therefore, difficult to exert managerial control. Cultures around the world are constantly influencing each other; hence, the world’s cultures are changing fashion constantly. Also, social, economic, political and legal factors keep changing than before. Competition in the fashion industry is so rife such that the survival of fashion organizations cannot be guaranteed (Stuart, 1995). During the last decade, the developments of new technologies all over the world and growing globalization of countries economies have produced the fastest changes ever.

The fashion industry in Ghana, especially, the clothing sub sector (which is the focus of this study) has not been without the effect of economic, political, social, cultural and legal pressures brought to bear on all organizations. In recent years, protectionism has given way to globalization. With that change, Ghanaian clothing sector of the fashion industry has had to compete with imports from low wage countries. Retailers, unencumbered by protectionism, have also seized on the opportunity, often choosing to go directly to offshore manufacturers. As retailers become larger and more globally connected, they continue to build global brands marketed around the world. In doing so, they eliminate many Ghanaian clothing companies from their supply chain. The result has been major market share declines and job losses in the industry.

Aug The Ghanaian clothing sector of the fashion industry faces many challenges. the rise of low-cost goods from Asia, a slowdown in consumer spending, difficulty in accessing capital, lack of innovation from entrepreneurs, relatively high prices of products due to high unit cost, poor distribution channels and inability to promote local…...

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