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Business News of Thursday, 28 May 2020

Source: Class FM

Ghana earns nearly US$1m from cassava starch exports


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Exports of cassava starch fetched the nation nearly US$1 million in 2018, according to data from the Ghana Exports Promotion Authority.

The nation earned US$935,000 and US$27,000, respectively, from exports to the USA and Italy.

The two-trade partners accounted for about 96.4% of Ghana’s total cassava export in 2018. Other significant importers of cassava from Ghana were Belgium (US$24,000), Germany (US$6,000) UAE (US$3,000) and Finland (US$2,000).

Between 2014 and 2018, exports from Ghana to the USA, Belgium and Germany were 38%, 43% and 22%, respectively, with a decline in Ghana’s exports to South African (-7%).

According to the figures, in 2018, the USA global importation of the product under consideration amounted to US$82.2 million with Ghana emerging as the 6th largest supplier to the USA.

Thailand emerged as the largest supplier to the U.S market in 2018 with an estimated export value of about US$68.6 million (83.4%). Global demand for cassava starch has hovered between US$1.58 billion and US$1.43 billion from 2015 to 2017.

And in 2018, demand was estimated at US$1.77 billion.

China was the largest importer of the product with an estimated import value of US$938 million.

GEPA said the way forward for the country to focus on increasing its market share in European markets.

With the coming into force of the AfCFTA, a few notable African countries should be targeted for an increased export drive.

Nigeria is one of such countries, GEPA said.

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