Ghana: Millet Market 2024

Millet Market Size in Ghana

The Ghanian millet market expanded significantly to $X in 2022, picking up by 14% against the previous year. Overall, consumption saw strong growth. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Millet Production in Ghana

In value terms, millet production surged to $X in 2022 estimated in export price. In general, production enjoyed a prominent increase. The pace of growth was the most pronounced in 2020 with an increase of 258% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

The average yield of millet in Ghana amounted to X tons per ha in 2022, growing by 1.8% compared with the previous year's figure. The yield figure increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 with an increase of 12% against the previous year. As a result, the yield reached the peak level of X tons per ha. From 2021 to 2022, the growth of the average millet yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The millet harvested area in Ghana amounted to X ha in 2022, leveling off at the previous year. In general, the harvested area continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the harvested area increased by 9.8% against the previous year. Over the period under review, the harvested area dedicated to millet production reached the peak figure at X ha in 2012; however, from 2013 to 2022, the harvested area failed to regain momentum.

Millet Exports

Exports from Ghana

In 2022, overseas shipments of millet decreased by -6.4% to X tons, falling for the third consecutive year after three years of growth. Over the period under review, exports, however, showed significant growth. The growth pace was the most rapid in 2014 with an increase of 2,228% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, millet exports shrank modestly to $X in 2022. In general, exports, however, posted significant growth. The most prominent rate of growth was recorded in 2018 with an increase of 462% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons), the UK (X tons) and Belgium (X tons) were the main destinations of millet exports from Ghana, together accounting for 96% of total exports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +60.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for millet exports from Ghana, comprising 67% of total exports. The second position in the ranking was taken by the UK ($X), with a 29% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +82.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+28.0% per year) and Belgium (+12.3% per year).

Export Prices by Country

In 2022, the average millet export price amounted to $X per ton, rising by 3.2% against the previous year. In general, the export price enjoyed a prominent increase. The pace of growth appeared the most rapid in 2013 when the average export price increased by 283%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Belgium ($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 UK (+20.9%), while the prices for the other major destinations experienced more modest paces of growth.

Millet Imports

Imports into Ghana

In 2022, overseas purchases of millet increased by 648% to X tons, rising for the second year in a row after three years of decline. Over the period under review, imports enjoyed significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, millet imports skyrocketed to $X in 2022. Overall, imports posted a significant expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 1,091% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Niger (X tons) was the main supplier of millet to Ghana, accounting for a 93% share of total imports. Moreover, millet imports from Niger exceeded the figures recorded by the second-largest supplier, Senegal (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Niger stood at +47.5%.

In value terms, Niger ($X) constituted the largest supplier of millet to Ghana, comprising 67% of total imports. The second position in the ranking was held by Senegal ($X), with a 33% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Niger totaled +36.3%.

Import Prices by Country

The average millet import price stood at $X per ton in 2022, declining by -64.8% against the previous year. Over the period under review, the import price showed a pronounced setback. The pace of growth was the most pronounced in 2013 when the average import price increased by 184%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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 Senegal ($X per ton), while the price for Niger amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (-0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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