
Ghana - Iron Ores and Concentrates - Market Analysis, Forecast, Size, Trends and Insights
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Iron Ore Market Size in Ghana
After two years of decline, the Ghanian iron ore market increased by 51% to $X in 2021. In general, consumption, however, continues to indicate a abrupt descent. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.
Iron Ore Production in Ghana
In value terms, iron ore production amounted to $X in 2021 estimated in export price. Over the period under review, production recorded a perceptible contraction. The most prominent rate of growth was recorded in 2014 when the production volume increased by 9.5% against the previous year. Iron ore production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.
Iron Ore Exports
Exports from Ghana
After two years of growth, shipments abroad of iron ores and concentrates decreased by -49% to X tons in 2021. Over the period under review, exports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2019 when exports increased by 305% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020, and then plummeted in the following year.
In value terms, iron ore exports shrank rapidly to $X in 2021. Overall, exports continue to indicate a deep reduction. The pace of growth was the most pronounced in 2017 when exports increased by 83%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.
Exports by Country
China (X tons), Canada (X tons) and South Africa (X kg) were the main destinations of iron ore exports from Ghana, together accounting for 99% of total exports.
From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Canada (with a CAGR of +49.7%), while the other leaders experienced mixed trend patterns.
In value terms, the largest markets for iron ore exported from Ghana were Canada ($X), China ($X) and South Africa ($X), together accounting for 84% of total exports.
Canada, with a CAGR of +47.0%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.
Export Prices by Country
The average iron ore export price stood at $X per ton in 2021, with an increase of 50% against the previous year. In general, the export price, however, saw a dramatic decrease. The most prominent rate of growth was recorded in 2018 when the average export price increased by 110%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was South Africa ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.
From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (-1.8%).
Iron Ore Imports
Imports into Ghana
In 2021, purchases abroad of iron ores and concentrates increased by 31% to X tons, rising for the second consecutive year after two years of decline. In general, imports, however, saw a dramatic curtailment. The growth pace was the most rapid in 2016 with an increase of 230% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.
In value terms, iron ore imports expanded modestly to $X in 2021. Over the period under review, imports, however, faced a deep contraction. The growth pace was the most rapid in 2016 with an increase of 64% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.
Imports by Country
The UK (X tons), Germany (X tons) and India (X kg) were the main suppliers of iron ore imports to Ghana, together comprising 85% of total imports. Australia, Nigeria and South Africa lagged somewhat behind, together comprising a further 14%.
From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Australia (with a CAGR of +66.6%), while imports for the other leaders experienced more modest paces of growth.
In value terms, South Africa ($X) constituted the largest supplier of iron ores and concentrates to Ghana, comprising 79% of total imports. The second position in the ranking was taken by Australia ($X), with a 15% share of total imports. It was followed by India, with a 2.2% share.
From 2012 to 2021, the average annual rate of growth in terms of value from South Africa totaled +8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+28.6% per year) and India (-46.3% per year).
Import Prices by Country
In 2021, the average iron ore import price amounted to $X per ton, shrinking by -20.8% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 100% against the previous year. As a result, import price attained the peak level of $X per ton. From 2020 to 2021, the average import prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Africa ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.
From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (-2.6%), while the prices for the other major suppliers experienced a decline.
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Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the iron ore market in Ghana. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 07101000 - Iron ores and concentrates (excluding roasted iron pyrites)
- Prodcom 07101010 -
- Prodcom 07101020 -
Country coverage:
- Ghana
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Ghana
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND THE AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDSThis Chapter is Available Only for the Professional EditionPRO
3. MARKET OVERVIEW
Understanding the Current State of The Market and its Prospects
- MARKET SIZE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- MARKET STRUCTURE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- TRADE BALANCE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- PER CAPITA CONSUMPTION: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- MARKET FORECAST TO 2035
4. MOST PROMISING PRODUCTS FOR DIVERSIFICATION
Finding New Products to Diversify Your Business
- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCTS
- MOST TRADED PRODUCTS
- MOST PROFITABLE PRODUCTS FOR EXPORTS
5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Export
- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- IMPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
- IMPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- EXPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
- EXPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)
10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
LIST OF TABLES
- Key Findings In 2024
- Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
- Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country, 2012–2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country, 2012–2024
LIST OF FIGURES
- Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Structure – Domestic Supply vs. Imports, in Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Structure – Domestic Supply vs. Imports, in Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Trade Balance, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Trade Balance, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Volume Forecast to 2035
- Market Value Forecast to 2035
- Market Size and Growth, By Product
- Average Per Capita Consumption, By Product
- Exports and Growth, By Product
- Export Prices and Growth, By Product
- Production Volume and Growth
- Exports and Growth
- Export Prices and Growth
- Market Size and Growth
- Per Capita Consumption
- Imports and Growth
- Import Prices
- Production, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Production, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Physical Terms, By Country, 2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country, 2012–2024
- Exports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Exports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Exports, In Physical Terms, By Country, 2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country, 2012–2024
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