South Africa's Famous Brands, owner of Steers, Debonairs and Wimpy, to enter Ghana

Steers burger: Famous Brands’ Steers has become one of South Africa’s most recognizable quick-service restaurant brands.

South African fast-food restaurant group Famous Brands plans to enter Ghana this year as part of its drive to grow beyond a domestic market held back by high unemployment and sharply rising electricity costs.

However the company, which runs Steers, Debonairs Pizza and Wimpy restaurants, said on Monday it was pulling out of India less than two years after re-entering the country, and would mostly focus its future expansion in Africa on existing markets.

“The only box we haven’t ticked is Ghana,” Chief Executive Kevin Hedderwick said of Famous Brands’ African expansion, as the firm reported a 15 percent rise in underlying annual profit.

Read more: UPDATE 2-S.Africa’s Famous Brands to enter Ghana, earnings up | Reuters