Agriculture in Ghana - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
Agriculture in Ghana is projected to reach a CAGR of 4.2% during the forecast period (2021-2026).
COVID-19 has a direct and negative impact on agriculture in the country due to the disrupted distribution channels and shortage of labour. As there is a strict lockdown in Ghana, labourers cannot go to the field and work due to the lack of transportation. There is a delay in the harvesting of crops which results in lower yields than normal, further hindering the growth of agriculture sector in the country.
Agriculture is one of the important contributors to the country's export earnings and also a major source of income for a majority of the population in the country. Rice is one of Ghana's major food staples, but one in which the country is food insecure, with consumption exceeding domestic production and importing 66% of rice consumed. The economic cost of depending on imported rice is high and on the rise. Other major cash crops of the country include cocoa, oil, pineapple, tomatoes, and fresh vegetables.
In 2018 and 2019 Ghana's agricultural output grew, driven largely by government policy and expenditure. According to the Ghana Statistical Service, in the third quarter of 2018, agriculture grew 5.5% year-on-year, outpacing the same year's general non-oil GDP growth. Industrialization and productivity improvement programs are expected to increase the output
of the agriculture sector, create jobs and encourage greater participation by the private sector.
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Key Market Trends
Increasing Production of Fresh Vegetables
According to Mordor Intelligence analysis, it was estimated that Ghana has reached the status of a middle-income country. Vegetable production plays off a major in providing income and employment for a significant proportion of smallholder farmers and traders in Ghana. Tomatoes, okra, onions, and eggplant are the major vegetables produced in the country.
Most of these vegetables find a ready market, not only in cities but also in rural areas. With the emergence of a large middle class, an increasing number of consumers in the country are demanding a higher quantity and quality of fresh produce. As a result, the domestic vegetable-market alone is growing which is estimated to drive the growth of the agricultural industry in the country.
Fruits & Vegetables Segment to Be The Fastest Growing
As the country is emerging with a large number of middle-class income families, the number of consumers demanding high-quality fruits and vegetables is increasing in the country. It is estimated that the domestic vegetable market in the country is growing at 10 % per year. Tomatoes, onion, and pepper are the most important vegetables in the country.
Fruits & Vegetables Segment to Be The Fastest Growing
As the country is emerging with a large number of middle-class income families, the number of consumers demanding high-quality fruits and vegetables is increasing in the country. It is estimated that the domestic vegetable market in the country is growing at 10 % per year. Tomatoes, onion, and pepper are the most important vegetables in the country.
The demand for fresh fruits such as pineapples is very high with mostly intended for export, domestic traditional markets, supermarkets, and fruit processing. There is also a growing demand for fresh fruits for processing, juice for both local consumption and export. In order to boost the regional fruits trade, many companies such as Blue Skies, HPW Fresh & Dry, Peelco, and Pinora have established their own fruit processing units in the country which boosts the demand for fruits in the country
The GhanaVeg program is being implemented by the Centre for Development Innovation (CDI). The program’s mission is to establish a sustainable and internationally competitive vegetable sector. This initiative targets the high-end domestic and international markets, such as high-end supermarkets, hotels, restaurants, and exports. The rise in the initiatives by the program may lead to a surge in the production of vegetables in the country which is leading the fruits and vegetable segment to be the fastest-growing segment.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
The GhanaVeg program is being implemented by the Centre for Development Innovation (CDI). The program’s mission is to establish a sustainable and internationally competitive vegetable sector. This initiative targets the high-end domestic and international markets, such as high-end supermarkets, hotels, restaurants, and exports. The rise in the initiatives by the program may lead to a surge in the production of vegetables in the country which is leading the fruits and vegetable segment to be the fastest-growing segment.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
For sample report please visit : https://www.statzyreports.com/report/sr496566/agriculture-in-ghana-growth-trends-covid-19-impact-and-forecasts-2021-2026-
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