Ghana: Market for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver 2024

Market Size for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Ghana

In 2022, the Ghanian market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver increased by 12% to $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption, however, saw a abrupt contraction. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Ghana

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X in 2022 estimated in export price. Overall, production showed a abrupt downturn. The growth pace was the most rapid in 2019 when the production volume increased by 99.9% against the previous year. Over the period under review, production of hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Exports from Ghana

In 2022, after six years of growth, there was significant decline in shipments abroad of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver, when their volume decreased by -14.3% to X kg. Overall, exports faced a sharp downturn. The pace of growth appeared the most rapid in 2018 with an increase of 500% against the previous year. Over the period under review, the exports of attained the peak figure at X kg in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver expanded slightly to $X in 2022. In general, exports faced a precipitous descent. The pace of growth was the most pronounced in 2018 with an increase of 1,903% against the previous year. Over the period under review, the exports of attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X kg) was the main destination for exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Ghana, with a 67% share of total exports. Moreover, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to the United States exceeded the volume sent to the second major destination, France (X kg), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to -25.0%.

In value terms, the United States ($X) and France ($X) were the largest markets for non-silver precious metal goldsmiths ware articles exported from Ghana worldwide.

France, with a CAGR of -11.6%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review.

Export Prices by Country

In 2022, the average export price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X per kg, with an increase of 22% against the previous year. Overall, the export price, however, faced a deep downturn. The growth pace was the most rapid in 2018 an increase of 234% against the previous year. The export price peaked at $X per kg in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per kg), while the average price for exports to the United States amounted to $X per kg.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to France (+76.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Imports into Ghana

In 2022, purchases abroad of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver decreased by 0% to X kg for the first time since 2019, thus ending a two-year declining trend. In general, imports recorded a deep slump. The growth pace was the most rapid in 2019 with an increase of 33%. Over the period under review, imports of attained the maximum at X kg in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver fell markedly to $X in 2022. Overall, imports recorded a precipitous slump. The growth pace was the most rapid in 2021 when imports increased by 317% against the previous year. Over the period under review, imports of attained the maximum at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

South Africa (X kg), the United States (X kg) and Poland (X kg) were the main suppliers of imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to Ghana, together accounting for 50% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of 0.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the United States ($X) and China ($X) were the largest non-silver precious metal goldsmiths ware articles suppliers to Ghana, with a combined 88% share of total imports.

Germany, with a CAGR of +42.8%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average import price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver stood at $X per kg in 2022, which is down by -38% against the previous year. In general, the import price continues to indicate a precipitous setback. The most prominent rate of growth was recorded in 2021 an increase of 317% against the previous year. The import price peaked at $X per kg in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per kg), while the price for the UK ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+42.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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