Ghana: Oil Crops Market 2024

Oil Crops Market Size in Ghana

In 2022, after four years of growth, there was significant decline in the Ghanian oil crops market, when its value decreased by X% to $X. Overall, consumption, however, continues to indicate a notable expansion. As a result, consumption attained the peak level of $X, and then contracted remarkably in the following year.

Oil Crops Production in Ghana

In value terms, oil crops production rose slightly to $X in 2022 estimated in export price. Overall, the total production indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

The average yield of oil crops (primary) in Ghana totaled X tons per ha in 2022, therefore, remained relatively stable against 2021. Over the period under review, the yield saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, the average oil crops yield reached the peak level at X tons per ha in 2018; however, from 2019 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The oil crops harvested area in Ghana dropped modestly to X ha in 2022, leveling off at the year before. Over the period under review, the harvested area, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the harvested area increased by X%. Over the period under review, the harvested area dedicated to oil crops production reached the peak figure at X ha in 2021, and then reduced in the following year.

Oil Crops Exports

Exports from Ghana

In 2022, approx. X tons of oil crops (primary) were exported from Ghana; increasing by X% compared with 2021. Over the period under review, exports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the near future.

In value terms, oil crops exports amounted to $X in 2022. Overall, exports posted prominent growth. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. The exports peaked in 2022 and are likely to continue growth in the near future.

Exports by Country

India (X tons) was the main destination for oil crops exports from Ghana, accounting for a X% share of total exports. Moreover, oil crops exports to India exceeded the volume sent to the second major destination, Togo (X tons), fourfold. The United States (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to India stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (X% per year) and the United States (X% per year).

In value terms, India ($X) remains the key foreign market for oil crops (primary) exports from Ghana, comprising X% of total exports. The second position in the ranking was held by the United States ($X), with a X% share of total exports. It was followed by Turkey, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to India stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Turkey (X% per year).

Export Prices by Country

In 2022, the average oil crops export price amounted to $X per ton, shrinking by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2019 when the average export price increased by X%. Over the period under review, the average export prices attained the maximum at $X per ton in 2021, and then dropped significantly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Togo ($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 India (X%), while the prices for the other major destinations experienced a decline.

Oil Crops Imports

Imports into Ghana

After two years of decline, supplies from abroad of oil crops (primary) increased by X% to X tons in 2022. Overall, imports saw a prominent expansion. The pace of growth appeared the most rapid in 2019 when imports increased by X%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, oil crops imports rose rapidly to $X in 2022. In general, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of X%. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Burkina Faso (X tons) was the main supplier of oil crops to Ghana, with a X% share of total imports. It was followed by Togo (X tons), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Burkina Faso amounted to X%.

In value terms, Burkina Faso ($X) constituted the largest supplier of oil crops (primary) to Ghana, comprising X% of total imports. The second position in the ranking was held by Togo ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Burkina Faso amounted to X%.

Import Prices by Country

The average oil crops import price stood at $X per ton in 2022, reducing by X% against the previous year. Over the period under review, the import price saw a abrupt decrease. The growth pace was the most rapid in 2018 an increase of X%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Burkina Faso ($X per ton), while the price for Togo totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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