Ghana: Maize Oil Market 2025

Maize Oil Market Size in Ghana

In 2022, after two years of growth, there was significant decline in the Ghanian maize oil market, when its value decreased by -42.7% to $X. In general, consumption, however, enjoyed a prominent increase. As a result, consumption reached the peak level of $X, and then fell significantly in the following year.

Maize Oil Production in Ghana

In value terms, maize oil production contracted sharply to $X in 2022 estimated in export price. In general, production showed a sharp decrease. The most prominent rate of growth was recorded in 2019 when the production volume increased by 877,800%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Maize Oil Exports

Exports from Ghana

In 2022, the amount of maize oil exported from Ghana totaled X tons, leveling off at 2021. Overall, exports, however, faced a dramatic decrease. The growth pace was the most rapid in 2013 when exports increased by 93%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, maize oil exports totaled $X in 2022. Over the period under review, exports, however, saw a deep slump. The most prominent rate of growth was recorded in 2013 with an increase of 89%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Togo (X tons) was the main destination for maize oil exports from Ghana, with a approx. 98% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Togo totaled -22.8%.

In value terms, Togo ($X) also remains the key foreign market for maize oil exports from Ghana.

From 2012 to 2022, the average annual growth rate of value to Togo totaled -19.4%.

Export Prices by Country

The average maize oil export price stood at $X per ton in 2022, with an increase of 4.5% against the previous year. Overall, export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 an increase of 38% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Togo.

From 2012 to 2022, the rate of growth in terms of prices for Togo amounted to +4.3% per year.

Maize Oil Imports

Imports into Ghana

In 2022, overseas purchases of maize oil decreased by -38.1% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports, however, enjoyed a buoyant expansion. The growth pace was the most rapid in 2021 when imports increased by 327%. As a result, imports attained the peak of X tons, and then shrank notably in the following year.

In value terms, maize oil imports reduced notably to $X in 2022. In general, imports, however, posted a buoyant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 432%. Over the period under review, imports hit record highs at $X in 2021, and then declined dramatically in the following year.

Imports by Country

In 2022, Brazil (X tons) constituted the largest maize oil supplier to Ghana, with a 72% share of total imports. Moreover, maize oil imports from Brazil exceeded the figures recorded by the second-largest supplier, South Africa (X tons), sevenfold. Turkey (X tons) ranked third in terms of total imports with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Brazil was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (+20.8% per year) and Turkey (-3.1% per year).

In value terms, Brazil ($X) constituted the largest supplier of maize oil to Ghana, comprising 68% of total imports. The second position in the ranking was taken by Turkey ($X), with a 12% share of total imports. It was followed by the United States, with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Brazil was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+5.1% per year) and the United States (+11.8% per year).

Import Prices by Country

The average maize oil import price stood at $X per ton in 2022, growing by 2.6% against the previous year. In general, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize oil import price decreased by -10.9% against 2020 indices. The pace of growth was the most pronounced in 2020 when the average import price increased by 117%. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+26.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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