Ghana Grain Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Ghana Grain Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Ghana grain market is projected to register a CAGR of 4.5% during the forecast period (2021-2026). According to a recent study by food and agriculture investor Rabobank; the grain and the oilseeds market has felt the impact of the COVID-19 pandemic in terms of deglobalization of supply chains and declining biofuels demand to accelerate while increasing concerns about food security. In the COVID-19 pandemic; Ghana faced challenges in terms of wastage of previous grain stock due to disruption caused to supply chain, price hike of grains and cereals due to limited supply, delayed harvesting of seasonal crops due to labour shortage etc. The Ghana grain market caters mainly to domestic demands. The grain market mainly includes cereals, pulses, and oilseeds. Ghana is not a self-sufficient country when it comes to the cereal market, and various cereals are imported from other countries to satisfy domestic needs. According to FAO, maize is the most widely cultivated cereal, with a production of 2.3 million metric ton in 2018. Rice and sorghum are next on the list of the most cultivated crops in Ghana with the production of 769.0 thousand million metric tons and 316.0 thousand metric ton respectively. Beans and peas are the most widely cultivated pulses, while groundnut is the most cultivated oilseed. Maize production in Ghana witnessed a nominal CAGR of 2.8 %. As the trend suggests, the grain market in Ghana is expected to witness slow but steady growth over the forecast period.

Key Market TrendsMaize Dominates the Grain Market in Ghana

Maize is the major grain cereal in Ghana as it is grown in the entire agro-ecological zones. It occupies about 31.0% of food crops under cultivation and constitutes 70.0% of cereal production. According to FAO, the production of maize increased to 2.7 million metric tons in 2019 as compared to 1.7 million metric tons in 2016. An increase in the production of maize is due to the high demand for domestic consumption in Ghana where the per capita consumption accounts for 40 Kg/year ,recorded in 2017. Thus, the growing need to meet domestic consumption is expected to drive the grain market growth.

Favorable Government Policies is Supporting the Market Growth

Ghana is an importer of Rice and Wheat. The Government of Ghana has brought many structural changes in its policies favoring the regional development of grains to boost domestic production by reducing imports. In 2017, the government introduced a 50.0% subsidy on rice and corn seed, as well as fertilizer to spur domestic rice and corn production. With this, the government intended to reduce its imports by 10.0% by 2020. The Ghana Grains Council in collaboration with various stakeholders has brought a standaridized pricing policy to promote competitiveness in the grain industry of Ghana. Further, the council has partnered with companies such as FinComEco, the fully integrated Financial & Commodities Ecosystem services for develping a range of projects and initiatives in agricultural commodity sector, especially grains in the region.

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