Ghana: Soya Bean Market 2025

Soya Bean Market Size in Ghana

In 2021, after five years of growth, there was decline in the Ghanian soya bean market, when its value decreased by -3.8% to $X. In general, the total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +52.5% against 2015 indices. Over the period under review, the market attained the peak level at $X in 2020, and then shrank slightly in the following year.

Soya Bean Production in Ghana

In value terms, soya bean production dropped to $X in 2021 estimated in export price. Over the period under review, production enjoyed resilient growth. The most prominent rate of growth was recorded in 2013 with an increase of 110% against the previous year. Over the period under review, production attained the peak level at $X in 2020, and then dropped in the following year.

The average yield of soya beans in Ghana was estimated at X tons per ha in 2021, approximately reflecting 2020. Overall, the yield continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 2.3%. As a result, the yield attained the peak level of X tons per ha; afterwards, it flattened through to 2021. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The soya bean harvested area in Ghana rose to X ha in 2021, increasing by 2.1% compared with the year before. The harvested area increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2017 with an increase of 17%. Over the period under review, the harvested area dedicated to soya bean production attained the maximum at X ha in 2019; however, from 2020 to 2021, the harvested area failed to regain momentum.

Soya Bean Exports

Exports from Ghana

For the fourth consecutive year, Ghana recorded growth in shipments abroad of soya beans, which increased by 7.4% to X tons in 2021. Overall, exports saw a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 1,997% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, soya bean exports reached $X in 2021. Over the period under review, exports posted significant growth. The most prominent rate of growth was recorded in 2016 with an increase of 2,037% against the previous year. The exports peaked in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Turkey (X tons), India (X tons) and the United States (X tons) were the main destinations of soya bean exports from Ghana, together comprising 95% of total exports.

From 2012 to 2021, the biggest increases were in the United States (with a CAGR of +195.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), India ($X) and the United States ($X) appeared to be the largest markets for soya bean exported from Ghana worldwide, with a combined 97% share of total exports.

The United States, with a CAGR of +203.9%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average soya bean export price amounted to $X per ton, falling by -6.3% against the previous year. In general, export price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +11.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when the average export price increased by 146% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2020, and then dropped in the following year.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+15.6%), while the prices for the other major destinations experienced more modest paces of growth.

Soya Bean Imports

Imports into Ghana

Soya bean imports into Ghana soared to X tons in 2021, with an increase of 153% on the previous year. Overall, imports posted a remarkable increase. The growth pace was the most rapid in 2020 with an increase of 706%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, soya bean imports soared to $X in 2021. Over the period under review, imports, however, saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2020 with an increase of 466%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Burkina Faso (X tons) constituted the largest supplier of soya bean to Ghana, accounting for a 82% share of total imports. Moreover, soya bean imports from Burkina Faso exceeded the figures recorded by the second-largest supplier, the United States (X tons), tenfold. Togo (X tons) ranked third in terms of total imports with an 8.1% share.

From 2012 to 2021, the average annual growth rate of volume from Burkina Faso stood at +49.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+140.5% per year) and Togo (+16.9% per year).

In value terms, Burkina Faso ($X) constituted the largest supplier of soya bean to Ghana, comprising 63% of total imports. The second position in the ranking was taken by the United States ($X), with a 16% share of total imports. It was followed by Togo, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Burkina Faso totaled +59.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+141.1% per year) and Togo (+32.8% per year).

Import Prices by Country

The average soya bean import price stood at $X per ton in 2021, reducing by -23.3% against the previous year. Over the period under review, the import price faced a deep contraction. The growth pace was the most rapid in 2015 when the average import price increased by 36%. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Brazil ($X per ton), while the price for Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+13.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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