Ghana: Nitrogen Market 2024

Nitrogen Market Size in Ghana

The Ghanian nitrogen market reduced to $X in 2021, waning by -13.7% against the previous year. Overall, consumption, however, posted resilient growth. Over the period under review, the market reached the maximum level at $X in 2020, and then reduced in the following year.

Nitrogen Production in Ghana

In value terms, nitrogen production declined dramatically to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a strong increase. The pace of growth appeared the most rapid in 2016 when the production volume increased by 67%. Over the period under review, production attained the maximum level at $X in 2020, and then declined rapidly in the following year.

Nitrogen Exports

Exports from Ghana

In 2021, the amount of nitrogen exported from Ghana declined markedly to X cubic meters, dropping by -70.5% against the previous year's figure. Overall, exports continue to indicate a abrupt descent. The pace of growth was the most pronounced in 2020 with an increase of 148%. The exports peaked at X cubic meters in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, nitrogen exports contracted significantly to $X in 2021. Over the period under review, exports recorded a abrupt descent. The most prominent rate of growth was recorded in 2020 with an increase of 372% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Cote d'Ivoire (X cubic meters) was the main destination for nitrogen exports from Ghana, accounting for a 64% share of total exports. Moreover, nitrogen exports to Cote d'Ivoire exceeded the volume sent to the second major destination, Togo (X cubic meters), threefold. The third position in this ranking was taken by Benin (X cubic meters), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Cote d'Ivoire stood at -14.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (+18.0% per year) and Benin (-18.9% per year).

In value terms, Cote d'Ivoire ($X) remains the key foreign market for nitrogen exports from Ghana, comprising 67% of total exports. The second position in the ranking was held by Togo ($X), with a 16% share of total exports. It was followed by Benin, with a 12% share.

From 2012 to 2021, the average annual growth rate of value to Cote d'Ivoire totaled -12.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (-2.1% per year) and Benin (-22.5% per year).

Export Prices by Country

The average nitrogen export price stood at $X per cubic meter in 2021, surging by 12% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 90% against the previous year. Over the period under review, the average export prices hit record highs at $X per cubic meter in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Benin ($X per cubic meter), while the average price for exports to Togo ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+2.1%), while the prices for the other major destinations experienced a decline.

Nitrogen Imports

Imports into Ghana

In 2021, overseas purchases of nitrogen decreased by -83.4% to X cubic meters, falling for the second year in a row after three years of growth. Overall, imports, however, posted a strong increase. The most prominent rate of growth was recorded in 2013 with an increase of 535%. Over the period under review, imports reached the maximum at X cubic meters in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, nitrogen imports reduced notably to $X in 2021. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 490% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Cote d'Ivoire (X cubic meters) was the main supplier of nitrogen to Ghana, with a 96% share of total imports. It was followed by Belgium (X cubic meters), with a 2% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from Cote d'Ivoire totaled +27.9%.

In value terms, Cote d'Ivoire ($X) constituted the largest supplier of nitrogen to Ghana, comprising 58% of total imports. The second position in the ranking was held by Belgium ($X), with a 2.6% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Cote d'Ivoire totaled +15.9%.

Import Prices by Country

The average nitrogen import price stood at $X per cubic meter in 2021, declining by -35.2% against the previous year. Over the period under review, the import price saw a deep reduction. The pace of growth appeared the most rapid in 2016 an increase of 58%. The import price peaked at $X per cubic meter in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Belgium ($X per cubic meter), while the price for Cote d'Ivoire totaled $X per cubic meter.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+0.7%).

Source: IndexBox Platform

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