Import Potential
Palm Oil import opportunities
In terms of oils and fats production, the sub-Saharan region mainly produces palm oil in West Africa and Soybean and Sunflower in Southern and East Africa respectively. In the West Africa region of 300 million population, Ghana Consumes oils and fats at 734,000 tonnes/per year, and Nigeria 3 million tonnes/per year. The total West Africa region is approximately 7 million tonnes/year.
Ghana;
With a growing population that stood at 30 million in 2019, Ghana’s oils and facts consumption has been on the risen at a current per capita rate of 20.7kg and domestic consumption of some 560,000 tonnes in 2019. As consumption of palm oil product is higher than production, Ghana imports palm oil from other countries to meet local demand.
While Malaysia holds the largest market share, Ghana also imports palm oil from Indonesia, Thailand, and Philippines, as well as neighboring countries like Cote D’Ivoire.
Imports;
In 2020, Ghana imported $197M in palm oil, becoming the 37th largest importer of palm oil in the world.
With the vegetable cooking oil market, farmmaster has identified a market potential to import several million tonnes/year of vegetable cooking oil annually to meet the ever-increasing market demand in Ghana and its neighboring landlocked countries in the West African Region.