Ghana: Maize Market 2024

Maize Market Size in Ghana

In 2022, the Ghanian maize market was finally on the rise to reach $X after two years of decline. In general, consumption, however, faced a deep 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.

Maize Production in Ghana

In value terms, maize production fell modestly to $X in 2022 estimated in export price. In general, the total production indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.5% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 32%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

In 2022, the average yield of maize (green) in Ghana amounted to less than X kg per ha, approximately reflecting the previous year's figure. Over the period under review, the yield showed a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. less than X ha of maize (green) were harvested in Ghana; leveling off at the year before. Overall, the harvested area continues to indicate a relatively flat trend pattern.

Maize Exports

Exports from Ghana

In 2022, the amount of maize (green) exported from Ghana fell sharply to X tons, which is down by -24.6% against the year before. In general, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 107%. The exports peaked at X tons in 2021, and then declined sharply in the following year.

In value terms, maize exports shrank remarkably to $X in 2022. Overall, exports, however, posted a noticeable increase. The pace of growth was the most pronounced in 2014 with an increase of 156%. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

The UK (X tons) was the main destination for maize exports from Ghana, accounting for a 75% share of total exports. Moreover, maize exports to the UK exceeded the volume sent to the second major destination, the Netherlands (X tons), sevenfold. Ireland (X tons) ranked third in terms of total exports with a 7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the UK stood at +8.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+8.2% per year) and Ireland (+45.8% per year).

In value terms, the UK ($X) remains the key foreign market for maize (green) exports from Ghana, comprising 71% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 15% share of total exports. It was followed by Ireland, with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the UK amounted to +8.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+18.0% per year) and Ireland (+46.2% per year).

Export Prices by Country

In 2022, the average maize export price amounted to $X per ton, rising by 3.1% against the previous year. Overall, export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize export price decreased by -29.1% against 2018 indices. The most prominent rate of growth was recorded in 2013 an increase of 43% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to the United States ($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 the Netherlands (+9.1%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Imports

Imports into Ghana

In 2022, after two years of decline, there was significant growth in supplies from abroad of maize (green), when their volume increased by 12% to X tons. Overall, imports, however, faced a sharp decline. The most prominent rate of growth was recorded in 2014 when imports increased by 458%. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, maize imports expanded slightly to $X in 2022. In general, imports, however, saw a deep setback. The growth pace was the most rapid in 2014 when imports increased by 714% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), the Netherlands (X tons) and Belgium (X kg) were the main suppliers of maize imports to Ghana, together comprising 96% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of -16.4%), while imports for the other leaders experienced a decline.

In value terms, the Netherlands ($X) constituted the largest supplier of maize (green) to Ghana, comprising 89% of total imports. The second position in the ranking was taken by China ($X), with a 7.8% share of total imports. It was followed by South Africa, with a 0.4% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands totaled -15.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-17.0% per year) and South Africa (-30.5% per year).

Import Prices by Country

The average maize import price stood at $X per ton in 2022, declining by -8.4% against the previous year. Over the period under review, the import price, however, enjoyed a prominent increase. The pace of growth appeared the most rapid in 2017 an increase of 97%. The import price peaked at $X per ton in 2021, and then reduced in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+16.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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