Ghana: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Ghana

In 2021, the Ghanian refined maize oil market was finally on the rise to reach $X after three years of decline. Over the period under review, consumption showed a mild expansion. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Refined Maize Oil Production in Ghana

In value terms, refined maize oil production rose sharply to $X in 2021 estimated in export price. Over the period under review, production showed a moderate expansion. The growth pace was the most rapid in 2015 when the production volume increased by 77% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2021, production growth remained at a lower figure.

Refined Maize Oil Exports

Exports from Ghana

In 2021, shipments abroad of refined maize (corn) oil increased by 4.4% to X tons, rising for the fourth year in a row after two years of decline. In general, exports, however, recorded a dramatic decline. The growth pace was the most rapid in 2013 when exports increased by 93%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, refined maize oil exports amounted to $X in 2021. Overall, exports, however, continue to indicate a precipitous descent. The growth pace was the most rapid in 2013 when exports increased by 88%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Togo (X tons) was the main destination for refined maize oil exports from Ghana, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Togo stood at -24.8%.

In value terms, Togo ($X) also remains the key foreign market for refined maize (corn) oil exports from Ghana.

From 2012 to 2021, the average annual rate of growth in terms of value to Togo amounted to -21.3%.

Export Prices by Country

In 2021, the average refined maize oil export price amounted to $X per ton, declining by -3.7% against the previous year. Overall, export price indicated perceptible growth from 2012 to 2021: its price increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, refined maize oil export price decreased by -33.1% against 2016 indices. The most prominent rate of growth was recorded in 2016 when the average export price increased by 37%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Togo.

From 2012 to 2021, the rate of growth in terms of prices for Togo amounted to +4.6% per year.

Refined Maize Oil Imports

Imports into Ghana

In 2021, imports of refined maize (corn) oil into Ghana fell notably to X tons, declining by -28.8% against 2020. In general, imports saw a abrupt setback. The pace of growth was the most pronounced in 2015 when imports increased by 97%. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, refined maize oil imports contracted dramatically to $X in 2021. Over the period under review, imports saw a drastic downturn. The growth pace was the most rapid in 2020 when imports increased by 174% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

South Africa (X tons), Turkey (X tons) and the United States (X kg) were the main suppliers of refined maize oil imports to Ghana, with a combined 68% share of total imports.

From 2012 to 2021, the biggest increases were recorded for South Africa (with a CAGR of +12.7%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Turkey ($X) constituted the largest supplier of refined maize (corn) oil to Ghana, comprising 29% of total imports. The second position in the ranking was held by Lebanon ($X), with a 13% share of total imports. It was followed by South Africa, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from Turkey totaled -5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Lebanon (+4.3% per year) and South Africa (-12.4% per year).

Import Prices by Country

In 2021, the average refined maize oil import price amounted to $X per ton, stabilizing at the previous year. Over the period under review, import price indicated a pronounced increase from 2012 to 2021: its price increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, refined maize oil import price increased by +114.3% against 2019 indices. The pace of growth was the most pronounced in 2020 when the average import price increased by 112%. Over the period under review, average import prices hit record highs at $X per ton in 2016; afterwards, it flattened through to 2021.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+19.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :