Coconut oil and fractions market in Ghana

Earlier Report Observations

From 2018 to 2023, Ghana's production of coconut oil held constant at 6 000 t annually, while market size fluctuated between 5 790 t and 6 242 t. These movements were shaped by trade flows, with imports rising notably in 2023. Global supply-side factors, including production vulnerabilities from diseases and floods affecting coconut cultivation, introduced volatility in availability and pricing. Concurrently, increasing health consciousness and consumer preference for plant-based oils bolstered demand, supporting market growth later in the period.

The market reached its highest volume of 6 242 t in 2023, fueled by a jump in imports to 358 t. This increase aligned with heightened regional demand for crude coconut oil in Africa and the global shift toward natural edible oils. Although no major new production facilities or local regulatory changes were reported, the launch of new coconut oil fractions by global players like Bunge Limited echoed broader industry innovation catering to health trends.

Price dynamics also influenced the market; after falling to $2.79 per kg in 2018, export prices recovered strongly to about $2 405 per ton by 2024. This appreciation occurred alongside a slight contraction in export volumes, reflecting Ghana's role as a minor regional exporter. The higher export value, despite lower quantities, points to changing trade patterns and the market's response to global cost pressures and demand shifts.

Production coconut oil and fractions in Ghana

In kind, 2017-2020, t

Globally, Ghana ranked as the 24th largest producer of coconut oil and fractions between 2017 and 2020.

Top producers of coconut oil and fractions, 2017-2020

World map of production of coconut oil and fractions, 2017-2020

In 2020, Ghana produced 6 000 tonnes of coconut oil and fractions, a figure that remained virtually unchanged from the previous year. Over the period from 2017 to 2020, production decreased by 21.1%, which translates to an annualized decline of 7.6%. The lowest production level was recorded in 2018 at 6 000 tonnes, marking the largest decline of 21.1% during this timeframe. In contrast, 2019 saw no change in production, with a 0.0% increase.

Annual dynamics of production in Ghana in kind, 2017-2020, t

Exports coconut oil and fractions from Ghana

Exports in kind, t

Ghana's exports of coconut oil and fractions have increased for the third consecutive year. In 2020, the country exported 407.6 tonnes, representing a significant rise of 78.8% compared to the previous year. From 2017 to 2020, exports surged by 664.9%, equating to an annualized growth rate of 97.0%.

Annual dynamics of product's exports from Ghana in kind, 2017-2020, t

Between 2017 and 2020, the United States, the Netherlands, and Togo formed the core group of markets for Ghana's exports in kind. The United States accounted for 22.0% of exports, the Netherlands for 18.8%, and Togo for 17.0%. Together, these three countries represented 57.8% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Ghana in kind, 2017-2020

Exports in value, K $ US

Ghana's coconut oil and fractions exports have grown for the third year in a row. In 2020, exports reached 859.9 thousand US dollars, showing a solid increase of 21.2% over the previous year. Over the 2017-2020 period, exports rose by 353%, with a compound annual growth rate (CAGR) of 65.5%.

Annual dynamics of product's exports from Ghana in value, 2017-2020, K $ US

From 2017 to 2020, the United States, Togo, and the Netherlands emerged as the main markets for Ghana's exports in value terms. The United States contributed 23.6% of export value, Togo 21.3%, and the Netherlands 20.1%. Collectively, these three markets accounted for 64.9% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Ghana in value, 2017-2020

Imports coconut oil and fractions to Ghana

Imports in kind, t

The data shows irregular changes, indicating a volatile market environment. Imports reached their lowest point in 2018 at 15.5 tonnes and peaked in 2020 at 235.1 tonnes, reflecting a 15-fold gap between these years. In 2020, Ghana's imports of coconut oil and fractions stood at 235.1 tonnes, up by 65.4% year-over-year. The largest decline occurred in 2018 with a 62.1% drop, while the largest increase was recorded in 2019 at 816.5%.

Annual dynamics of product's imports to Ghana in kind, 2017-2020, t

During 2017-2020, Côte d'Ivoire and Malaysia were the key sources for Ghana's imports in kind, jointly accounting for 83.4% of total import flows. Other trading partners played a much less significant role individually.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Ghana in kind, 2017-2020

Imports in value, K $ US

Volatility characterized the market during these years. Imports hit a low in 2018 at 12.8 thousand US dollars and peaked in 2019 at 63.1 thousand US dollars, with a top-to-bottom ratio of 4.9 times. In 2020, Ghana's imports of coconut oil and fractions amounted to 57.1 thousand US dollars, corresponding to a modest drop of 9.6% compared to 2019. The largest decline was recorded in 2018 at 51.8%, while the largest increase occurred in 2019 at 391.3%.

Annual dynamics of product's imports to Ghana in value, 2017-2020, K $ US

From 2017 to 2020, Malaysia, Côte d'Ivoire, and the United Kingdom accounted for the largest share of Ghana's imports in value terms. Malaysia represented 34.6% of import value, Côte d'Ivoire 28.7%, and the United Kingdom 8.6%. Together, these three countries comprised 71.9% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Ghana in value, 2017-2020