Ghana: Palm Oil Market 2024

Palm Oil Market Size in Ghana

The Ghanian palm oil market reached $X in 2022, picking up by 3% against the previous year. Over the period under review, the total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.0% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Palm Oil Production in Ghana

In value terms, palm oil production amounted to $X in 2022 estimated in export price. Overall, production showed a remarkable increase. The pace of growth appeared the most rapid in 2015 with an increase of 75%. Palm oil production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Palm Oil Exports

Exports from Ghana

In 2022, shipments abroad of palm oil was finally on the rise to reach X tons after two years of decline. In general, exports posted a strong expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 157%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, palm oil exports expanded significantly to $X in 2022. Over the period under review, exports recorded resilient growth. The most prominent rate of growth was recorded in 2014 when exports increased by 159%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Senegal (X tons) was the main destination for palm oil exports from Ghana, accounting for a 67% share of total exports. Moreover, palm oil exports to Senegal exceeded the volume sent to the second major destination, Niger (X tons), more than tenfold. The third position in this ranking was taken by Burkina Faso (X tons), with a 5.7% share.

From 2012 to 2022, the average annual growth rate of volume to Senegal totaled +50.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (-1.8% per year) and Burkina Faso (+63.3% per year).

In value terms, Senegal ($X) remains the key foreign market for palm oil exports from Ghana, comprising 68% of total exports. The second position in the ranking was taken by Niger ($X), with a 5.2% share of total exports. It was followed by Burkina Faso, with a 4.7% share.

From 2012 to 2022, the average annual growth rate of value to Senegal stood at +53.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (-2.2% per year) and Burkina Faso (+79.0% per year).

Export Prices by Country

In 2022, the average palm oil export price amounted to $X per ton, falling by -7.6% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by 16%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2021, and then declined in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Togo ($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 Germany (+11.5%), while the prices for the other major destinations experienced more modest paces of growth.

Palm Oil Imports

Imports into Ghana

In 2022, supplies from abroad of palm oil increased by 26% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports showed a strong increase. The pace of growth appeared the most rapid in 2019 when imports increased by 183% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, palm oil imports surged to $X in 2022. In general, imports recorded a prominent expansion. The growth pace was the most rapid in 2019 when imports increased by 129%. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of palm oil to Ghana, with a 69% share of total imports. Moreover, palm oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), fourfold. Cote d'Ivoire (X tons) ranked third in terms of total imports with a 5.2% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia stood at +8.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+11.8% per year) and Cote d'Ivoire (+9.6% per year).

In value terms, Malaysia ($X) constituted the largest supplier of palm oil to Ghana, comprising 69% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 19% share of total imports. It was followed by Cote d'Ivoire, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia totaled +5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+8.8% per year) and Cote d'Ivoire (+6.9% per year).

Import Prices by Country

The average palm oil import price stood at $X per ton in 2022, falling by -8.3% against the previous year. Over the period under review, the import price saw a perceptible decline. The pace of growth appeared the most rapid in 2020 an increase of 25%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 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 Indonesia ($X per ton), while the price for Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-2.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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