Ghana: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Ghana

The Ghanian rapeseed oil market surged to $X in 2022, rising by 141% against the previous year. Over the period under review, consumption, however, showed a noticeable curtailment. Rapeseed oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Rapeseed Oil Production in Ghana

In value terms, rapeseed oil production declined dramatically to $X in 2022 estimated in export price. Overall, production showed a dramatic curtailment. The most prominent rate of growth was recorded in 2016 when the production volume increased by 5,876,100%. Rapeseed oil production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Rapeseed Oil Exports

Exports from Ghana

After five years of growth, overseas shipments of rapeseed oil decreased by -8.3% to X tons in 2022. Overall, exports showed a abrupt descent. The pace of growth was the most pronounced in 2013 with an increase of 1,120%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, rapeseed oil exports contracted to $X in 2022. Over the period under review, exports saw a abrupt decline. The growth pace was the most rapid in 2013 with an increase of 915% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Burkina Faso (X tons) was the main destination for rapeseed oil exports from Ghana, accounting for a 96% share of total exports. It was followed by Mali (X tons), with a 3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Burkina Faso amounted to +44.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mali (-35.9% per year) and Niger (-41.5% per year).

In value terms, Burkina Faso ($X) remains the key foreign market for rapeseed oil exports from Ghana, comprising 92% of total exports. The second position in the ranking was held by Mali ($X), with a 3.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Burkina Faso stood at +25.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mali (-41.3% per year) and Niger (-45.2% per year).

Export Prices by Country

The average rapeseed oil export price stood at $X per ton in 2022, surging by 2.1% against the previous year. In general, the export price, however, saw a abrupt decrease. The growth pace was the most rapid in 2014 when the average export price increased by 25% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Niger ($X per ton), while the average price for exports to Burkina Faso ($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 Niger (-6.4%), while the prices for the other major destinations experienced a decline.

Rapeseed Oil Imports

Imports into Ghana

In 2022, approx. X tons of rapeseed oil were imported into Ghana; jumping by 44% on the year before. Overall, imports saw a resilient expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 184%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, rapeseed oil imports soared to $X in 2022. Over the period under review, imports showed a buoyant increase. The most prominent rate of growth was recorded in 2020 with an increase of 135%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

The Netherlands (X tons), Canada (X tons) and the United States (X tons) were the main suppliers of rapeseed oil imports to Ghana, together comprising 51% of total imports. Germany, Malaysia and South Africa lagged somewhat behind, together comprising a further 14%.

From 2012 to 2022, the biggest increases were recorded for South Africa (with a CAGR of +24.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) constituted the largest supplier of rapeseed oil to Ghana, comprising 26% of total imports. The second position in the ranking was taken by Canada ($X), with an 11% share of total imports. It was followed by Germany, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands stood at +4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+19.7% per year) and Germany (+1.0% per year).

Import Prices by Country

The average rapeseed oil import price stood at $X per ton in 2022, falling by -10.8% against the previous year. Overall, the import price continues to indicate a noticeable reduction. The growth pace was the most rapid in 2021 when the average import price increased by 27%. Over the period under review, average import prices attained the maximum at $X per ton in 2017; however, from 2018 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 Germany ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+4.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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