Ghana recorded 132% growth in revenue from 2018 Cocoa Powder export
Ghana saw over 132 percent jump in revenue from Sweetened Cocoa Powder export between 2017 and 2018.
A potential markets report published by the Ghana Export Promotion Authority (GEPA) this month said 13 market destinations accounted for the rise.
Revenue grew from US$3.1 million in 2017 to US$7.2 million in 2018.
That earned Ghana the 11th position in global rankings.
Nigeria was the largest market destination for Cocoa powder from Ghana with estimated imports of US$ 7.1 million of the product in 2018 compared to US$ 3 million and US$ 1.9 million for 2017 and 2016 respectively, according to the report.
West African Market Potential
Nigeria’s global importation of sweetened Cocoa powder in 2018 amounted to US$ 7.4 million. Ghana emerged as the first supplier to the Nigerian market (94.8%). Guinea was the second-largest supplier to the Nigerian Market (4.4%).
Following behind Nigeria was Cote D’Ivoire, which imported of US$ 65,000. The two West Africa countries accounted for 98.8% of Ghana’s total Cocoa Powder export in 2018.
The GEPA report also listed other importers of Cocoa Powder (sweetened) from Ghana to include the United Kingdom (US$20,000), Malaysia (US$ 16,000), New Zealand (US$14,000) and Canada (US$ 8,000).
Between 2017-2018, United Kingdom, Cote D’Ivoire and Nigeria recorded the highest growth rates of 480%, 225% and 140% respectively with respect to Cocoa Powder (Sweetened) importation from GhanaNegative Growth Rates
But it wasn't all that rosy for Ghana according to the export authority's figures. Ghana’s export to Italy recorded an average negative growth rate of -42% between 2014-2018.
From 2017-2018, Ghana witnessed a drastic decline in its export growth to Canada, Italy and Burkina Faso by -90%, -33% and -34%, GEPA reported.
Potential New Market
Ghana, the second-largest producer of cocoa in the world, is eyeing a bigger chunk of the international market demand for sweetened cocoa powder. Demand hovered between US$418.9m and US$439m since 2015 and 2017.
That demand shot up to US$493.1 million is 2018, with Kuwait being the largest importer of cocoa powder (sweetened) in the same year accounting for 12.3% global market share.
other notable global importers are USA (US$46.2m), UK (US$43m), France (US$40.4m), Spain (US$28.2m) and Saudi Arabia (US$20.3m).
The Ghana Export Promotion Authority identified Kenya, China and the United Arab Emirates as new and potential markets with significant average growth rate, favourable tariff regime and geographical distance worth exploring for diversification.