Ghana: Molasse Market 2024

Molasse Market Size in Ghana

In 2022, after three years of decline, there was significant growth in the Ghanian molasse market, when its value increased by 9.4% to $X. In general, consumption showed a buoyant expansion. Molasse consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Molasse Production in Ghana

In value terms, molasse production reached $X in 2022 estimated in export price. Overall, the total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.8% against 2020 indices. The growth pace was the most rapid in 2017 with an increase of 54%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Molasse Exports

Exports from Ghana

In 2022, approx. X kg of molasses were exported from Ghana; dropping by -18.3% against 2021. Over the period under review, exports saw a significant contraction. The pace of growth was the most pronounced in 2013 with an increase of 646%. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, molasse exports rose significantly to $X in 2022. In general, exports continue to indicate a abrupt descent. The pace of growth was the most pronounced in 2013 with an increase of 509%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Togo (X kg) was the main destination for molasse exports from Ghana, accounting for a 85% share of total exports. Moreover, molasse exports to Togo exceeded the volume sent to the second major destination, Niger (X kg), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Togo totaled -21.3%.

In value terms, the largest markets for molasse exported from Ghana were Niger ($X) and Togo ($X).

Niger, with a CAGR of 0.0%, 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.

Export Prices by Country

The average molasse export price stood at $X per ton in 2022, increasing by 36% against the previous year. Over the period under review, the export price continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2018 when the average export price increased by 321%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

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 Niger ($X per ton), while the average price for exports to Togo amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Denmark (+17.4%), while the prices for the other major destinations experienced more modest paces of growth.

Molasse Imports

Imports into Ghana

In 2022, after three years of decline, there was significant growth in supplies from abroad of molasses, when their volume increased by 22% to X tons. Over the period under review, imports saw a strong expansion. The pace of growth appeared the most rapid in 2018 with an increase of 355%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, molasse imports rose markedly to $X in 2022. Overall, imports recorded a strong increase. The most prominent rate of growth was recorded in 2018 when imports increased by 382% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Nigeria (X tons) constituted the largest molasse supplier to Ghana, accounting for a 59% share of total imports. Moreover, molasse imports from Nigeria exceeded the figures recorded by the second-largest supplier, the UK (X tons), twofold. The third position in this ranking was taken by Lebanon (X tons), with a 6.8% share.

From 2012 to 2022, the average annual growth rate of volume from Nigeria stood at +19.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-2.3% per year) and Lebanon (+24.9% per year).

In value terms, the UK ($X) constituted the largest supplier of molasses to Ghana, comprising 80% of total imports. The second position in the ranking was taken by Nigeria ($X), with a 3.3% share of total imports. It was followed by Lebanon, with a 1.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the UK totaled +9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Nigeria (+11.7% per year) and Lebanon (+15.7% per year).

Import Prices by Country

In 2022, the average molasse import price amounted to $X per ton, falling by -5.9% against the previous year. In general, the import price, however, showed a temperate expansion. The most prominent rate of growth was recorded in 2020 an increase of 129% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Nigeria ($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 (+11.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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