Ghana: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in Ghana

The Ghanian taro (cocoyam) market stood at $X in 2022, surging by 8.6% against the previous year. Over the period under review, the total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, (cocoyam) consumption decreased by -7.4% against 2020 indices. Taro (cocoyam) consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Taro (Cocoyam) Production in Ghana

In value terms, taro (cocoyam) production amounted to $X in 2022 estimated in export price. Over the period under review, production posted a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of 127%. Taro (cocoyam) production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

In 2022, the average yield of taro in Ghana was estimated at X tons per ha, stabilizing at 2021. In general, the yield showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the yield increased by 0.6% against the previous year. The taro (cocoyam) yield peaked at X tons per ha in 2019; afterwards, it flattened through to 2022. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The taro (cocoyam) harvested area in Ghana rose to X ha in 2022, increasing by 4.6% on the year before. Over the period under review, the harvested area, however, recorded a mild descent. The pace of growth was the most pronounced in 2017 with an increase of 6%. The taro (cocoyam) harvested area peaked at X ha in 2019; however, from 2020 to 2022, the harvested area remained at a lower figure.

Taro (Cocoyam) Exports

Exports from Ghana

Taro (cocoyam) exports from Ghana shrank sharply to X tons in 2022, with a decrease of -16.9% compared with 2021. Over the period under review, exports recorded a sharp shrinkage. The growth pace was the most rapid in 2014 when exports increased by 114%. Over the period under review, the (cocoyam) exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, taro (cocoyam) exports rose modestly to $X in 2022. Overall, exports faced a dramatic decrease. The pace of growth was the most pronounced in 2016 when exports increased by 190%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for taro (cocoyam) exports from Ghana, accounting for a 71% share of total exports. Moreover, taro (cocoyam) exports to the Netherlands exceeded the volume sent to the second major destination, Italy (X tons), threefold. Ireland (X kg) ranked third in terms of total exports with a 1.6% share.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands totaled +20.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (-32.5% per year) and Ireland (+10.6% per year).

In value terms, the Netherlands ($X) remains the key foreign market for taro exports from Ghana, comprising 81% of total exports. The second position in the ranking was held by Italy ($X), with a 14% share of total exports. It was followed by Ireland, with a 1.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands amounted to +17.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (-31.6% per year) and Ireland (-5.7% per year).

Export Prices by Country

The average taro (cocoyam) export price stood at $X per ton in 2022, rising by 23% against the previous year. Over the period under review, the export price saw a buoyant increase. The pace of growth appeared the most rapid in 2020 an increase of 91% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+6.9%), while the prices for the other major destinations experienced mixed trend patterns.

Taro (Cocoyam) Imports

Imports into Ghana

In 2019, supplies from abroad of taro decreased by 0% to X kg, falling for the second consecutive year after two years of decline. In general, imports saw a relatively flat trend pattern. The smallest decline of 99.9% was in 2018. Imports peaked at X kg in 2017; however, from 2018 to 2019, imports stood at a somewhat lower figure.

In value terms, taro (cocoyam) imports amounted to $X in 2019. Over the period under review, imports continue to indicate a precipitous decrease. The smallest decline of 99.9% was in 2018. Imports peaked at $X in 2017; however, from 2018 to 2019, imports remained at a lower figure.

Imports by Country

In 2019, China (X kg) was the main supplier of taro (cocoyam) to Ghana, with a approx. 100% share of total imports.

From 2015 to 2019, the average annual growth rate of volume from China amounted to -60.0%.

In value terms, China ($X) constituted the largest supplier of taro to Ghana.

From 2015 to 2019, the average annual rate of growth in terms of value from China totaled -57.1%.

Import Prices by Country

In 2019, the average taro (cocoyam) import price amounted to $X per ton, remaining relatively unchanged against the previous year. Over the period under review, the import price showed a dramatic descent. The pace of growth appeared the most rapid in 2018 when the average import price decreased by 99.9%. The import price peaked at $X per ton in 2015; however, from 2016 to 2019, import prices stood at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2015 to 2019, the rate of growth in terms of prices for China amounted to +7.0% per year.

Source: IndexBox Platform

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