Ghana: Bauxite Market 2024

Bauxite Market Size in Ghana

The Ghanian bauxite market dropped dramatically to $X in 2022, waning by -39.3% against the previous year. In general, consumption, however, recorded a buoyant expansion. Over the period under review, the market attained the peak level at $X in 2021, and then reduced notably in the following year.

Bauxite Production in Ghana

In value terms, bauxite production shrank to $X in 2022 estimated in export price. In general, the total production indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by +0.8% against 2020 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by 70% against the previous year. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Bauxite Exports

Exports from Ghana

In 2022, the amount of bauxite exported from Ghana surged to X tons, growing by 59% on the previous year. Overall, exports recorded pronounced growth. The pace of growth appeared the most rapid in 2018 with an increase of 95% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, bauxite exports skyrocketed to $X in 2022. In general, exports showed a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 199%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for bauxite exports from Ghana, with a 49% share of total exports. Moreover, bauxite exports to China exceeded the volume sent to the second major destination, Germany (X tons), fourfold. The third position in this ranking was taken by Brazil (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to +26.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-10.0% per year) and Brazil (+51.8% per year).

In value terms, China ($X) emerged as the key foreign market for bauxite exports from Ghana, comprising 55% of total exports. The second position in the ranking was held by Brazil ($X), with an 11% share of total exports. It was followed by Canada, with a 9.4% share.

From 2012 to 2022, the average annual growth rate of value to China totaled +32.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+47.6% per year) and Canada (+6.4% per year).

Export Prices by Country

In 2022, the average bauxite export price amounted to $X per ton, reducing by -5.4% against the previous year. Overall, export price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, bauxite export price increased by +78.8% against 2017 indices. The pace of growth was the most pronounced in 2014 an increase of 63%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average 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 Canada ($X per ton), while the average price for exports to Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+7.7%), while the prices for the other major destinations experienced more modest paces of growth.

Bauxite Imports

Imports into Ghana

Bauxite imports into Ghana skyrocketed to X tons in 2022, surging by 35% against the previous year. Overall, imports, however, recorded a deep reduction. The growth pace was the most rapid in 2021 with an increase of 804%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, bauxite imports dropped modestly to $X in 2022. In general, imports, however, showed a abrupt decrease. The growth pace was the most rapid in 2019 when imports increased by 401%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) was the main bauxite supplier to Ghana, accounting for a approx. 100% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -8.0%.

In value terms, China ($X) constituted the largest supplier of bauxite to Ghana.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at -9.7%.

Import Prices by Country

The average bauxite import price stood at $X per ton in 2022, with a decrease of -26.1% against the previous year. In general, the import price saw a slight downturn. The most prominent rate of growth was recorded in 2020 when the average import price increased by 1,527% against the previous year. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to +73.9% per year.

Source: IndexBox Platform

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