Soybeans market in Ghana

Earlier Report Observations

Soybean production in Ghana rose consistently from 176.7 thousand tons in 2018 to 260.0 thousand tons in 2023. This expansion was facilitated by the launch of the Ghana Commodity Exchange (GCX) in 2018, which listed soybeans as a tradable commodity. The GCX enhanced warehouse receipt financing and storage access for farmers, providing critical support for increased output.

The domestic market size, however, fluctuated between 181.1 and 232.4 thousand tons from 2018 to 2023. These shifts were largely determined by changing export volumes. For example, a sharp rise in exports to 35.5 thousand tons in 2021 reduced the domestic market to 183.1 thousand tons, even as production grew. Similarly, in 2023, exports reached 60.6 thousand tons, pulling the market size down to 200.4 thousand tons despite record production.

Broader market factors also played a role. In 2023, an expected increase in global soybean supply pointed towards lower regional prices. By 2024, the new marketing season began with improved availability from fresh harvests and favorable weather, contributing to a monthly price decline. At the same time, climate patterns like prolonged droughts in southern Ghana emerged as factors influencing production and supply stability.

Production soybeans in Ghana

In kind, 2017-2020, K t

From 2017 to 2020, Ghana ranked 29th globally in soybean production.

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

Ghana's soybean production increased for the third consecutive year. In 2020, the country produced 209.0 K t of soybeans, marking a gradual 8.3% rise compared to 2019. Over the period from 2017 to 2020, production grew by 22.6%, which translates to an annualized growth rate of 7.0%.

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

Exports soybeans from Ghana

Exports in kind, t

Soybean exports from Ghana rose for the third year in a row. In 2020, exports reached 13 460 t, a 9.7% increase from 2019. Between 2017 and 2020, exports surged by 184.9%, with a compound annual growth rate (CAGR) of 41.8%.

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

From 2017 to 2020, the two leading markets—Turkey and India—together accounted for 87.4% of total soybean exports in volume, while the remaining volume was spread across a variety of other countries.

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

The market showed an unstable trend during this period. From a low in 2017 to a high in 2019, export values varied by 6.7 times. In 2020, Ghana exported soybeans worth 7 255 K $ US, which is 33.2% lower than in 2019. The peak value was recorded in 2019 at 10 857 K $ US, with the largest increase occurring that year at 320.7%.

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

Throughout 2017–2020, India and Turkey dominated soybean exports in value terms, capturing 92.9% of the total, while the rest was distributed among other destinations with smaller individual shares.

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

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

Imports soybeans to Ghana

Imports in kind, t

The market exhibited volatility during these years. From a low in 2017 to a high in 2018, import volumes varied by 91 times. In 2020, Ghana imported 2 213 t of soybeans, reflecting a sharp year-on-year increase of 541.3%. The highest volume was recorded in 2018 at 21 526 t, with the largest decline in 2019 at 98.4% and the largest increase in 2018 at 9 008.3%.

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

From 2017 to 2020, Argentina and the United States were the key partners for soybean imports in volume, together making up 88.1% of total flows, with the remainder coming from other countries.

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

The market was characterized by volatility during this period. It reached a peak in 2018 and a trough in 2019, with a 26-fold fluctuation. In 2020, Ghana's soybean imports amounted to 809 K $ US, showing a significant year-on-year rise of 149.7%. The minimum value was in 2019 at 324 K $ US, while the maximum was in 2018 at 8 582 K $ US. The largest decline occurred in 2019 at 96.2%, and the largest increase was in 2018 at 2 425.7%.

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

In 2017–2020, Argentina and the United States led in soybean imports by value, accounting for 83.1% of the total, with the remaining share spread among other countries.

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

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