One of the multinational retail operators in Ghana, Massmart Holdings, has disclosed that it will shut down its shopping centres known as Game by December 2022.
The pronouncement on the closure came from the company’s inability to secure buyers and investors.
Massmart Holdings has therefore decided to close eight of its shops that are not performing well in terms of the profit margin in Africa.
The Game shops have been operating in Ghana for the past six years, and this multinational retail shop sells consumable items, household appliances, and other items.
Recently the Ghana Revenue Authority (GRA) shut down the Game Shopping Centre at the Accra Mall due to failure to comply with the new GRA E-VAT invoicing system.
In 2021, Massmart announced that “it would dispose of 14 Game stores in Africa to stem losses in the struggling business. The decision comes after the second-largest distributor of consumer goods in Africa reported a narrow half–year in 2021”.
As of October 5, 2022, Massmart had still not come to a state of overcoming its “volatility and constrained consumer demand”.
Currently, the country is facing economic challenges due to the cedi depreciation that has led to a high inflation rate in the country. Most of the items that are sold at Game Shopping mall are all imported goods.
The attention of GRA on these foreign businesses in terms of complying with the e-invoicing system is draining their profit margin, although the local companies are also to abide by the same GRA rules and regulations.
Although the Game Shopping centre at Accra Mall is operating, it is now giving customers discounts to clear its stock by December 2022, as stated.
Please Game has been in Ghana for over a decade,
Would like to know the Tel No for GAME STORE at Accra Mall,- so as to make enquirers about a Washing Machine I purchased from them awhile ago…. :—
Problem is with CHILD LOCK,— (which cannot now be unlocked )…..
Model LG. 146kw. 5kg. Front Loading and Direct Drive…. Thanks.
Sas Nuno. Tel 0244647762