Ghana: Rare Gases Market 2024

Rare Gases Market Size in Ghana

In 2022, the Ghanian rare gases market decreased by -4.8% to $X, falling for the second consecutive year after three years of growth. Overall, consumption, however, enjoyed a strong expansion. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Rare Gases Production in Ghana

In value terms, rare gases production expanded markedly to $X in 2022 estimated in export price. In general, production, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2020 when the production volume increased by 27% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Rare Gases Exports

Exports from Ghana

In 2022, shipments abroad of rare gases (excluding argon) increased by 48% to X cubic meters, rising for the third year in a row after four years of decline. Overall, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 708%. The exports peaked at X cubic meters in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, rare gases exports surged to $X in 2022. In general, exports saw a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of 940%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire (X cubic meters), Togo (X cubic meters) and Mali (X cubic meters) were the main destinations of rare gases exports from Ghana.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Togo (with a CAGR of +59.5%), while the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Togo ($X) and Mali ($X) were the largest markets for rare gases exported from Ghana worldwide.

Among the main countries of destination, Togo, with a CAGR of +51.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average rare gases export price amounted to $X per cubic meter, which is down by -18.1% against the previous year. Overall, the export price recorded a perceptible decline. The growth pace was the most rapid in 2020 when the average export price increased by 437%. As a result, the export price attained the peak level of $X per cubic meter. From 2021 to 2022, the average export prices remained at a lower figure.

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 Cote d'Ivoire ($X per cubic meter), while the average price for exports to Mali ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+6.6%), while the prices for the other major destinations experienced a decline.

Rare Gases Imports

Imports into Ghana

In 2022, overseas purchases of rare gases (excluding argon) decreased by -40.2% to X cubic meters for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, recorded a strong expansion. The pace of growth appeared the most rapid in 2015 with an increase of 918% against the previous year. As a result, imports attained the peak of X cubic meters. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, rare gases imports declined rapidly to $X in 2022. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 616%. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates (X cubic meters), Congo (X cubic meters) and China (X cubic meters) were the main suppliers of rare gases imports to Ghana, with a combined 89% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +34.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constituted the largest supplier of rare gases (excluding argon) to Ghana, comprising 51% of total imports. The second position in the ranking was held by Congo ($X), with a 23% share of total imports. It was followed by Belgium, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United Arab Emirates totaled +12.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Congo (+42.2% per year) and Belgium (+7.0% per year).

Import Prices by Country

In 2022, the average rare gases import price amounted to $X per cubic meter, with an increase of 23% against the previous year. Overall, the import price, however, saw a abrupt setback. The pace of growth was the most pronounced in 2016 when the average import price increased by 80% against the previous year. The import price peaked at $X per cubic meter in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Belgium ($X per cubic meter), while the price for China ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Congo (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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