Ghana: Crude Groundnut Oil Market 2024

Crude Groundnut Oil Market Size in Ghana

The Ghanian crude groundnut oil market stood at $X in 2022, increasing by 2.7% against the previous year. Over the period under review, consumption continues to indicate a noticeable setback. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Crude Groundnut Oil Production in Ghana

In value terms, crude groundnut oil production amounted to $X in 2022 estimated in export price. In general, production continues to indicate a noticeable setback. The pace of growth was the most pronounced in 2020 with an increase of 19% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Groundnut Oil Exports

Exports from Ghana

For the fifth year in a row, Ghana recorded growth in overseas shipments of crude groundnut oil, which increased by 15% to X tons in 2022. Over the period under review, exports posted a significant increase. The pace of growth appeared the most rapid in 2020 with an increase of 308%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, crude groundnut oil exports contracted rapidly to $X in 2022. In general, exports showed a significant expansion. The growth pace was the most rapid in 2021 when exports increased by 319%. As a result, the exports attained the peak of $X, and then shrank dramatically in the following year.

Exports by Country

Canada (X tons) was the main destination for crude groundnut oil exports from Ghana, accounting for a 97% share of total exports. It was followed by Belgium (X tons), with a 3.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada stood at +195.3%.

In value terms, Canada ($X) emerged as the key foreign market for crude groundnut oil exports from Ghana, comprising 98% of total exports. The second position in the ranking was taken by Belgium ($X), with a 2.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Canada amounted to +186.4%.

Export Prices by Country

In 2022, the average crude groundnut oil export price amounted to $X per ton, reducing by -46.1% against the previous year. In general, the export price recorded a perceptible contraction. The pace of growth was the most pronounced in 2021 when the average export price increased by 108% against the previous year. As a result, the export price attained the peak level of $X per ton, and then dropped rapidly in the following year.

Average prices varied somewhat for the major external 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 Belgium amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (-3.0%).

Crude Groundnut Oil Imports

Imports into Ghana

In 2022, overseas purchases of crude groundnut oil decreased by -29.1% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2016 when imports increased by 562% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, crude groundnut oil imports contracted significantly to $X in 2022. Over the period under review, imports, however, posted a significant increase. The growth pace was the most rapid in 2020 with an increase of 597%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest crude groundnut oil supplier to Ghana, accounting for a 66% share of total imports. Moreover, crude groundnut oil imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. The third position in this ranking was held by the United States (X kg), with a 5.7% share.

From 2012 to 2022, the average annual growth rate of volume from the United Arab Emirates amounted to +59.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+38.5% per year) and the United States (+0.2% per year).

In value terms, the largest crude groundnut oil suppliers to Ghana were Italy ($X), the United Arab Emirates ($X) and the United States ($X), together accounting for 94% of total imports.

Among the main suppliers, the United Arab Emirates, with a CAGR of +48.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average crude groundnut oil import price amounted to $X per ton, surging by 5.1% against the previous year. Over the period under review, the import price enjoyed noticeable growth. The pace of growth appeared the most rapid in 2020 an increase of 155% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in years to come.

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 the UK ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+17.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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