This is a best prospect industry sector for this country. Includes a market overview and trade data.
In 2021, Ghana imported about $1.9 billion in agricultural and related products. Imports from the United States ($156.6 million) constituted about eight percent of the total import value.
Ghana is strategically located and has over the years been marketed to the rest of the world as the gateway to Africa. Currently pursuing an agenda to make its seaports very competitive along the coasts of West Africa, Ghana provides a good transshipment point for food and beverages meant for the greater West Africa market. U.S. grocery items entering Ghana can be re-exported to neighboring West African countries (a market of over 400 million people).
With an estimated population of roughly 31 million, Ghana’s market remains relatively advanced compared to others in Africa, despite the significant dip in economic growth recorded in recent years, mainly because of the impact of the COVID-19 pandemic. Rapid urbanization and gains in economic growth continue to stimulate an emerging middle class who embrace Western brands, products, and lifestyles. Ghana Statistical Service reported that Ghana’s GDP grew by 5.4 percent in 2021, compared to the 0.5 percent growth recorded in 2020. According to the Economist Intelligent Unit, Ghana’s real GDP growth will strengthen in 2022, before slowing in 2023-24, then pick up again in 2025-26. Most consumers in Ghana are price sensitive, but quality is never overlooked, and the growing middle class values premium products.
There is high demand for imported food products, especially intermediate, and consumer-ready products, due to limited selection of products provided by the underdeveloped domestic agricultural and food-processing sector.
Sub-Sector Best Prospects:
Ghana remains a major importer of food products, with imports of agricultural and related products estimated to have reached $1.9 billion in 2021. Food and agricultural imports will continue to grow as Ghana’s underdeveloped food processing sector is unable to meet increasing demand. Food imports mostly comprise bulk, intermediate, and consumer-oriented commodities such as rice, wheat, soybean meal, and poultry. U.S. exports of agricultural and related products to Ghana in 2021 were $156.6 million, an increase of about 48.0 percent over the previous year’s value ($105.6 million).
Although U.S. exports to Ghana had mostly been rice, poultry, and wheat, exports of U.S. consumer-oriented food products reached an all-time high of $127.2 million in 2021. Based on year-over-year growth in 2021, the 10 best U.S. high-value consumer-oriented product prospects categories for the Ghanaian market in descending order are: 1) beer; 2) chocolate and cocoa products; 3) pork and pork products; 4) beef and beef products; and 5) wine and related products; 6) food preparations; 7) seafood products; 8) non-alcoholic beverages; 9); fruit and vegetable juices; and 10) essential oils.
The 2021 top 10 leading suppliers of agricultural and related products to Ghana in descending order are China, Brazil, Netherlands, Malaysia, and Canada. The United States, Turkey, India, Indonesia, and Belgium are the remaining suppliers. Imports of consumer-oriented food from the European Union remain strong.
Ghana’s Agricultural and Related Imports for 2017-2021 (in millions of dollars)
|Source of Imports||2017||2018||2019||2020||2021|
|U.S.||120.40 (5.6%)||101.43 (4.7%)||135.69 (6.3%)||105.58 (4.2%)||156.60 (8.3)|
Source: Trade Data Monitor LLC
Ghana’s BICO Imports for 2017-2021 (in millions of dollars)
|Consumer Oriented (U.S.A)||65.80||58.89||72.32||77.52||120.48|
|Consumer Oriented (World)||934.58||968.40||1,052.26||1,162.56||840.85|
|Ag. Rel. Products (U.S.A)||14.07||13.01||34.93||6.44||4.88|
|Ag. Rel. Products (World)||250.81||304.92||248.67||329.17||257.84|
Source: Trade Data Monitor LLC
- Growing middle class driving consumption of high value food products
- Demand for intermediate products due to growing food processing industry
- Entry and growth of U.S. fast food franchises
- Relatively good infrastructure: ports, airport and roads
- Consumers looking for ready-to-eat products as per capita income grows
- Country remains the ideal regional distribution logistics hub
- Increasing preference for American lifestyle due to ties with relatives in the United States
- Growing tourism and corporate hotel industry
Ghana Statistics Service, Economist Intelligent Unit, Fitch Ratings Ltd.; Trade Data Monitor LLC.
Contact: Joshua Taylor, Foreign Agricultural Service. At email@example.com; Telephone: +233-030-274-1775.