Ghana: Ghana Oilseeds Voluntary 2023

Post forecasts MY2023/24 palm oil production up by 20 percent over the current marketing year’s estimate. Total domestic consumption is forecast marginally up, imports are expected to drop by 14 percent due to increased domestic production, but exports are forecast significantly up compared to the current marketing year’s estimate. MY2023/24 soybean production has been forecast at 260,000 MT by Post, up by about two percent from the MY2022/23 estimate of 255,000 MT. The increase will be in response to the growing domestic and export demands. Post forecasts area planted and harvested in MY2023/24 at 145,000 HA, up by two percent from the MY2022/23 estimate of 142,000 HA. MY2023/24 total domestic consumption demand for soybean is forecast at 215,000MT, up by 10 percent from the MY2022/23 estimate mainly due to expected increased demand from food use domestic consumption, food manufacturing sector, the aquaculture industries, and increased demand from the poultry industry.

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