Ghana: Chocolate Market 2024

Chocolate Market Size in Ghana

The Ghanian chocolate market shrank to $X in 2022, reducing by -8.6% against the previous year. Over the period under review, consumption saw a noticeable shrinkage. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Chocolate Production in Ghana

In value terms, chocolate production fell to $X in 2022 estimated in export price. In general, production continues to indicate a noticeable setback. The growth pace was the most rapid in 2014 when the production volume increased by 38%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Chocolate Exports

Exports from Ghana

In 2022, after three years of decline, there was significant growth in overseas shipments of chocolate and cocoa products, when their volume increased by 37% to X tons. In general, exports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2017 when exports increased by 633% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, chocolate exports expanded sharply to $X in 2022. Over the period under review, exports saw a buoyant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 621% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Nigeria (X tons) was the main destination for chocolate exports from Ghana, with a 69% share of total exports. Moreover, chocolate exports to Nigeria exceeded the volume sent to the second major destination, Togo (X tons), more than tenfold. Cote d'Ivoire (X tons) ranked third in terms of total exports with a 4.5% share.

From 2012 to 2022, the average annual growth rate of volume to Nigeria amounted to +30.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (+10.3% per year) and Cote d'Ivoire (+10.8% per year).

In value terms, Nigeria ($X) remains the key foreign market for chocolate and cocoa products exports from Ghana, comprising 78% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 2.3% share of total exports. It was followed by Togo, with a 1.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Nigeria amounted to +21.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+100.1% per year) and Togo (+8.2% per year).

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, declining by -21.5% against the previous year. In general, the export price showed a pronounced descent. The pace of growth appeared the most rapid in 2021 an increase of 27%. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat 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 Nigeria ($X per ton), while the average price for exports to Burkina Faso ($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 Spain (+9.9%), while the prices for the other major destinations experienced mixed trend patterns.

Chocolate Imports

Imports into Ghana

Chocolate imports into Ghana amounted to X tons in 2022, remaining constant against 2021 figures. In general, total imports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -3.6% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 60%. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, chocolate imports reduced to $X in 2022. Overall, total imports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -6.0% against 2019 indices. The growth pace was the most rapid in 2014 with an increase of 62%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Turkey (X tons) constituted the largest supplier of chocolate to Ghana, accounting for a 45% share of total imports. Moreover, chocolate imports from Turkey exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was held by the United Arab Emirates (X tons), with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Turkey totaled +22.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+11.8% per year) and the United Arab Emirates (+65.8% per year).

In value terms, Turkey ($X) constituted the largest supplier of chocolate and cocoa products to Ghana, comprising 43% of total imports. The second position in the ranking was held by China ($X), with a 13% share of total imports. It was followed by the United Arab Emirates, with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Turkey stood at +35.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+11.6% per year) and the United Arab Emirates (+66.1% per year).

Import Prices by Country

In 2022, the average chocolate import price amounted to $X per ton, declining by -3.1% against the previous year. Over the period under review, import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chocolate import price increased by +6.2% against 2020 indices. The most prominent rate of growth was recorded in 2015 when the average import price increased by 51%. As a result, import price reached the peak level of $X per ton. From 2016 to 2022, the average import prices failed to regain momentum.

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 Italy ($X per ton), while the price for Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+10.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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