Ghana: Refined Palm Oil Market 2025

Refined Palm Oil Market Size in Ghana

The Ghanian refined palm oil market rose markedly to $X in 2022, with an increase of 11% against the previous year. Over the period under review, consumption, however, showed a slight setback. Refined palm oil consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Refined Palm Oil Production in Ghana

In value terms, refined palm oil production soared to $X in 2022 estimated in export price. In general, production, however, showed a precipitous curtailment. Refined palm oil production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Refined Palm Oil Exports

Exports from Ghana

After two years of decline, overseas shipments of refined palm oil increased by 30% to X tons in 2022. Overall, exports recorded significant growth. The pace of growth was the most pronounced in 2014 when exports increased by 183%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, refined palm oil exports surged to $X in 2022. Over the period under review, exports recorded a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of 202% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Senegal (X tons) was the main destination for refined palm oil exports from Ghana, with a 74% share of total exports. Moreover, refined palm oil exports to Senegal exceeded the volume sent to the second major destination, Niger (X tons), more than tenfold. Burkina Faso (X tons) ranked third in terms of total exports with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Senegal amounted to +53.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (-1.0% per year) and Burkina Faso (+84.4% per year).

In value terms, Senegal ($X) remains the key foreign market for refined palm oil exports from Ghana, comprising 76% of total exports. The second position in the ranking was taken by Niger ($X), with a 5.7% share of total exports. It was followed by Burkina Faso, with a 5.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Senegal totaled +57.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (-2.0% per year) and Burkina Faso (+93.0% per year).

Export Prices by Country

In 2022, the average refined palm oil export price amounted to $X per ton, reducing by -9.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2021 an increase of 18%. As a result, the export price reached the peak level of $X per ton, and then shrank in the following year.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Senegal ($X per ton) and Nigeria ($X per ton), while the average price for exports to Burkina Faso ($X per ton) and Niger ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+11.5%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Palm Oil Imports

Imports into Ghana

After two years of decline, overseas purchases of refined palm oil increased by 22% to X tons in 2022. Over the period under review, imports enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2014 with an increase of 499% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, refined palm oil imports totaled $X in 2022. In general, imports recorded a prominent expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 383% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest refined palm oil supplier to Ghana, accounting for a 72% share of total imports. Moreover, refined palm oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), fourfold. The third position in this ranking was taken by Cote d'Ivoire (X tons), with a 5.5% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia amounted to +17.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+16.1% per year) and Cote d'Ivoire (+9.6% per year).

In value terms, Malaysia ($X) constituted the largest supplier of refined palm oil to Ghana, comprising 72% of total imports. The second position in the ranking was held by Indonesia ($X), with a 19% share of total imports. It was followed by Cote d'Ivoire, with a 4.9% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia totaled +13.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+12.0% per year) and Cote d'Ivoire (+6.9% per year).

Import Prices by Country

In 2022, the average refined palm oil import price amounted to $X per ton, reducing by -7.6% against the previous year. Overall, the import price saw a noticeable setback. The pace of growth appeared the most rapid in 2020 an increase of 28%. The import price peaked 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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