Ghana: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Ghana

In 2021, the Ghanian commercial refrigeration equipment market increased by 107% to $X, rising for the second year in a row after three years of decline. In general, consumption enjoyed a strong expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Commercial Refrigeration Equipment Exports

Exports from Ghana

After three years of growth, overseas shipments of refrigerating and freezing equipment and heat pumps (except household type equipment) decreased by -95.3% to X units in 2021. In general, exports showed a sharp slump. The most prominent rate of growth was recorded in 2020 when exports increased by 65% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, commercial refrigeration equipment exports reduced remarkably to $X in 2021. Overall, exports showed a precipitous decline. The growth pace was the most rapid in 2020 when exports increased by 61%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Cote d'Ivoire (X units) was the main destination for commercial refrigeration equipment exports from Ghana, with a 76% share of total exports. Moreover, commercial refrigeration equipment exports to Cote d'Ivoire exceeded the volume sent to the second major destination, Uganda (X units), sevenfold. Rwanda (X units) ranked third in terms of total exports with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Cote d'Ivoire stood at -8.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uganda (-4.4% per year) and Rwanda (0.0% per year).

In value terms, Cote d'Ivoire ($X) remains the key foreign market for refrigerating and freezing equipment and heat pumps (except household type equipment) exports from Ghana, comprising 74% of total exports. The second position in the ranking was taken by Togo ($X), with an 11% share of total exports. It was followed by Angola, with a 6.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Cote d'Ivoire stood at -18.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (-55.1% per year) and Angola (-41.1% per year).

Export Prices by Country

In 2021, the average commercial refrigeration equipment export price amounted to $X per unit, growing by 32% against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 101% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2016 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Togo ($X per unit), while the average price for exports to Uganda ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Angola (+41.0%), while the prices for the other major destinations experienced mixed trend patterns.

Commercial Refrigeration Equipment Imports

Imports into Ghana

In 2021, the amount of refrigerating and freezing equipment and heat pumps (except household type equipment) imported into Ghana skyrocketed to X units, rising by 65% compared with 2020. Overall, imports posted notable growth. The pace of growth appeared the most rapid in 2020 when imports increased by 87% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, commercial refrigeration equipment imports soared to $X in 2021. Over the period under review, imports showed buoyant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest supplier of commercial refrigeration equipment to Ghana, with a 42% share of total imports. Moreover, commercial refrigeration equipment imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X units), threefold. Italy (X units) ranked third in terms of total imports with a 9% share.

From 2012 to 2021, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+16.0% per year) and Italy (+11.7% per year).

In value terms, China ($X) constituted the largest supplier of refrigerating and freezing equipment and heat pumps (except household type equipment) to Ghana, comprising 32% of total imports. The second position in the ranking was taken by Italy ($X), with a 12% share of total imports. It was followed by Turkey, with a 6.3% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+14.9% per year) and Turkey (+18.3% per year).

Import Prices by Country

The average commercial refrigeration equipment import price stood at $X per unit in 2021, surging by 36% against the previous year. Over the period under review, import price indicated measured growth from 2012 to 2021: its price increased at an average annual rate of +3.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, commercial refrigeration equipment import price increased by +113.6% against 2018 indices. The most prominent rate of growth was recorded in 2019 when the average import price increased by 41%. The import price peaked in 2021 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Belgium ($X per unit), while the price for Portugal ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mauritius (+45.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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