News

Ghana: Wheat imports to grow 6%

Wheat
Grains, Cereal & Legumes
Ghana
Market & Price Trends
Published Apr 8, 2024

Tridge summary

The United States Department of Agriculture (USDA) projects a nearly 6% increase in Ghana's wheat imports, reaching 900,000 metric tonnes due to importers stocking up in anticipation of higher demand from an improving economy. Despite this, Ghana's annual wheat import bill remains over US$230 million. For 2024, the USDA expects a modest 1% rise in wheat consumption to 850,000 metric tonnes, driven by economic stability and population growth, even as the country faces high inflation and currency depreciation. Interestingly, while global wheat prices have fallen, leading to reduced flour prices in Ghana, bread prices have stayed high, indicating a disconnect between global wheat prices and local bread prices.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

By Wisdom JONNY-NUEKPE The United States Department of Agriculture (USDA), in its annual grain and feed forecast report, has projected a nearly six percent increase in wheat imports into the country. It estimates imports to reach 900,000 metric tonnes, compared to the 850,000 metric tonnes achieved last year. The USDA noted that the anticipated increase in wheat imports is driven by importers aiming to bolster their stocks in anticipation of heightened demand stemming from an improved economy. Ghana imports more than US$230million worth of wheat annually, data from Observatory of Economic Complexity (OEC) has shown. Similarly, the USDA is forecasting a marginal increase in total wheat consumption for 2024, reaching 850,000 metric tonnes. This reflects a one percent rise compared to last year’s consumption of 840,000 metric tonnes. With the anticipated return to economic stability, the USDA affirmed that this stability would help restore wheat consumption to its initial growth ...
Source: Thebftonline
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