Ghana: Semi-Manufactured Silver Market 2025

Semi-Manufactured Silver Market Size in Ghana

The Ghanian semi-manufactured silver market dropped dramatically to $X in 2021, falling by -15.6% against the previous year. In general, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then declined markedly in the following year.

Semi-Manufactured Silver Production in Ghana

In value terms, semi-manufactured silver production reduced dramatically to $X in 2021 estimated in export price. Overall, production saw a slight curtailment. The most prominent rate of growth was recorded in 2020 when the production volume increased by 47% against the previous year. As a result, production attained the peak level of $X, and then contracted significantly in the following year.

Semi-Manufactured Silver Exports

Exports from Ghana

In 2021, overseas shipments of silver in semi-manufactured forms increased by 100% to X kg, rising for the second year in a row after three years of decline. Over the period under review, exports, however, showed a sharp decrease. Over the period under review, the exports reached the maximum at X kg in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, semi-manufactured silver exports contracted dramatically to $X in 2021. In general, exports, however, recorded a sharp reduction. The most prominent rate of growth was recorded in 2017 with an increase of 99%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Mali (X kg) and Canada (X kg) were the main destinations of semi-manufactured silver exports from Ghana.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Canada (with a CAGR of 0.0%).

In value terms, Burkina Faso ($X) remains the key foreign market for silver in semi-manufactured forms exports from Ghana, comprising 82% of total exports. The second position in the ranking was taken by Mali ($X), with a 17% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Burkina Faso stood at +24.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mali (-55.7% per year) and Canada (0.0% per year).

Export Prices by Country

The average semi-manufactured silver export price stood at $X per kg in 2021, declining by -50.8% against the previous year. Over the period under review, the export price continues to indicate a abrupt contraction. The pace of growth was the most pronounced in 2017 when the average export price increased by 681% against the previous year. As a result, the export price attained the peak level of $X per kg. From 2018 to 2021, the average export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Burkina Faso (+78.1%).

Semi-Manufactured Silver Imports

Imports into Ghana

In 2021, purchases abroad of silver in semi-manufactured forms decreased by -85.8% to X kg for the first time since 2018, thus ending a two-year rising trend. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 700% against the previous year. As a result, imports reached the peak of X kg, and then fell dramatically in the following year.

In value terms, semi-manufactured silver imports contracted remarkably to $X in 2021. In general, imports, however, saw a prominent increase. The pace of growth was the most pronounced in 2015 when imports increased by 708%. Imports peaked at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, South Africa (X kg) constituted the largest supplier of semi-manufactured silver to Ghana, with a 53% share of total imports. Moreover, semi-manufactured silver imports from South Africa exceeded the figures recorded by the second-largest supplier, Germany (X kg), twofold. The third position in this ranking was taken by Canada (X kg), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from South Africa stood at -3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+300.0% per year) and Canada (+8.0% per year).

In value terms, the largest semi-manufactured silver suppliers to Ghana were Germany ($X), South Africa ($X) and the UK ($X), together comprising 80% of total imports.

The UK, with a CAGR of +42.0%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average semi-manufactured silver import price stood at $X per kg in 2021, picking up by 203% against the previous year. Overall, the import price posted prominent growth. The growth pace was the most rapid in 2017 an increase of 218% against the previous year. As a result, import price attained the peak level of $X per kg. From 2018 to 2021, the average 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 the UK ($X per kg), while the price for South Africa ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+8.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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