Ghana: Groundnut Oil Market 2024

Groundnut Oil Market Size in Ghana

The Ghanian groundnut oil market rose modestly to $X in 2022, surging by X% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Groundnut Oil Production in Ghana

In value terms, groundnut oil production totaled $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Groundnut Oil Exports

Exports from Ghana

For the third year in a row, Ghana recorded growth in shipments abroad of groundnut oil, which increased by X% to X tons in 2022. Over the period under review, exports showed significant growth. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in years to come.

In value terms, groundnut oil exports shrank modestly to $X in 2022. Overall, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of $X, leveling off in the following year.

Exports by Country

Canada (X tons) was the main destination for groundnut oil exports from Ghana, accounting for a X% share of total exports. It was followed by Belgium (X tons), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (X% per year) and Togo (X% per year).

In value terms, Canada ($X) emerged as the key foreign market for groundnut oil exports from Ghana, comprising X% of total exports. The second position in the ranking was taken by Belgium ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Canada stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (X% per year) and Togo (X% per year).

Export Prices by Country

In 2022, the average groundnut oil export price amounted to $X per ton, dropping by X% against the previous year. Overall, the export price recorded a perceptible contraction. The pace of growth was the most pronounced in 2021 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton, and then declined significantly in the following year.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Belgium ($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 Togo (X%), while the prices for the other major destinations experienced a decline.

Groundnut Oil Imports

Imports into Ghana

In 2022, approx. X tons of groundnut oil were imported into Ghana; falling by X% on the year before. Overall, imports, however, showed a significant expansion. The pace of growth appeared the most rapid in 2016 when imports increased by X% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, groundnut oil imports fell dramatically to $X in 2022. Over the period under review, imports, however, showed a significant expansion. The growth pace was the most rapid in 2016 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2021, and then reduced dramatically in the following year.

Imports by Country

The United Arab Emirates (X tons), the United States (X tons) and Italy (X tons) were the main suppliers of groundnut oil imports to Ghana, with a combined X% share of total imports. Cote d'Ivoire, Germany, Spain and the UK lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Cote d'Ivoire ($X) and the United Arab Emirates ($X) were the largest groundnut oil suppliers to Ghana, with a combined X% share of total imports.

The United Arab Emirates, with a CAGR of X%, recorded 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

In 2022, the average groundnut oil import price amounted to $X per ton, surging by X% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average import price increased by X%. The import price peaked in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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