Ghana: Rum Market 2024

Rum Market Size in Ghana

In 2022, after three years of growth, there was significant decline in the Ghanian rum market, when its value decreased by -17.4% to $X. Over the period under review, the total consumption indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +53.4% against 2018 indices. As a result, consumption attained the peak level of $X, and then declined dramatically in the following year.

Rum Production in Ghana

In value terms, rum production totaled $X in 2022 estimated in export price. Over the period under review, production, however, recorded a pronounced downturn. The most prominent rate of growth was recorded in 2014 with an increase of 48%. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Rum Exports

Exports from Ghana

In 2022, overseas shipments of rum increased by 8.3% to X litres, rising for the second consecutive year after three years of decline. In general, exports, however, recorded a abrupt setback. The pace of growth appeared the most rapid in 2015 with an increase of 4,295% against the previous year. Over the period under review, the exports reached the maximum at X litres in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, rum exports dropped to $X in 2022. Overall, exports showed measured growth. The most prominent rate of growth was recorded in 2015 with an increase of 6,731% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Nigeria (X litres), Cote d'Ivoire (X litres) and Togo (X litres) were the main destinations of rum exports from Ghana, with a combined 82% share of total exports. Burkina Faso and the Netherlands lagged somewhat behind, together accounting for a further 15%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +98.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) remains the key foreign market for rum exports from Ghana, comprising 43% of total exports. The second position in the ranking was taken by Nigeria ($X), with an 18% share of total exports. It was followed by Togo, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Cote d'Ivoire stood at -3.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (+51.9% per year) and Togo (+9.5% per year).

Export Prices by Country

In 2022, the average rum export price amounted to $X per litre, waning by -19.4% against the previous year. Overall, the export price, however, posted a strong expansion. The growth pace was the most rapid in 2020 an increase of 124%. The export price peaked at $X per litre in 2021, and then plummeted in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per litre), while the average price for exports to Nigeria ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Burkina Faso (+19.5%), while the prices for the other major destinations experienced more modest paces of growth.

Rum Imports

Imports into Ghana

In 2022, after four years of growth, there was significant decline in overseas purchases of rum, when their volume decreased by -24.3% to X litres. In general, imports, however, showed a significant increase. The pace of growth appeared the most rapid in 2013 when imports increased by 511%. Over the period under review, imports reached the peak figure at X litres in 2021, and then reduced dramatically in the following year.

In value terms, rum imports dropped rapidly to $X in 2022. Over the period under review, imports, however, enjoyed a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of 440% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then fell remarkably in the following year.

Imports by Country

In 2022, India (X litres) constituted the largest supplier of rum to Ghana, accounting for a 78% share of total imports. Moreover, rum imports from India exceeded the figures recorded by the second-largest supplier, France (X litres), ninefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from India stood at +55.7%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+47.0% per year) and Germany (-24.5% per year).

In value terms, India ($X) constituted the largest supplier of rum to Ghana, comprising 58% of total imports. The second position in the ranking was taken by France ($X), with a 15% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from India stood at +55.8%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+61.0% per year) and Germany (-14.3% per year).

Import Prices by Country

In 2022, the average rum import price amounted to $X per litre, remaining constant against the previous year. In general, the import price saw a perceptible decline. The pace of growth was the most pronounced in 2015 an increase of 58%. The import price peaked at $X per litre in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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 Germany ($X per litre), while the price for India ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+13.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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