Ghana is projected to significantly increase corn imports in 2025/2026 compared to the previous year, despite anticipated improvements in local harvests.

According to the U.S. Department of Agriculture’s Grain and Feed Annual 2025 Report, the increased importation is intended to prevent shortages and help keep prices affordable for consumers.

The report revealed that the country is expected to import 500,000 metric tonnes of corn during the 2025/2026 marketing year, representing a 67 percent increase over the 2024/2025 estimate. It also noted that Ghanaian farmers are likely to harvest more corn during the same period due to favourable weather conditions.

“Post forecasts Ghana’s MY 2025/2026 (July-June) corn production at 3.3 MMT, up 26 percent from the MY 2024/2025 estimate of 2.6 MMT. The increase is due to a foreseen expansion in area harvested and a more favorable weather outlook.

Caution flags are raised, however, by the Ghana Meteorological Agency (GMET) forecasting normal-to-below-normal rainfall and possibly longer dry spells for the country in 2025, possibly impacting the MY 2024/2025 lean seasons (i.e., April-July for southern Ghana and May-August in northern Ghana).

"This season’s potential for a poor harvest is now driving corn prices up, as well as influencing farmers’ planting decisions to prioritize corn production. MY 2025/2026 corn imports are seen at 500,000 MT, up 67 percent from the MY 2024/2025 estimate. This is attributed to the Mahama administration’s resolve to continue with the previous government’s decision to suspend corn import restrictions to help supplement domestic supply and stabilize prices,” parts of the report read.

In 2024, major commodities such as maize, sesame, rice, and soybeans recorded increased trading activity compared to 2023. Maize transaction volumes rose sharply from 2,311.78 metric tonnes in 2023 to 4,604.38 metric tonnes in 2024, representing a 99.2 percent increase. This growth was attributed to rising demand, improved access to markets, and favourable pricing conditions.

“Trading volumes for major commodities recovered strongly partly due to increased demand and favourable pricing. Maize trading volumes grew by 99.2 per cent to 4,604.38 metric tonnes in 2024 from 2,311.78 metric tonnes in 2023, driven by increased demand, improved market access, and favourable pricing,” the report added.

In terms of pricing, maize rose by 34.2 percent in 2024, selling at GH₵4,396.00 compared to GH₵3,276.50 in 2023. Soybean prices experienced an even sharper surge, climbing by 107.1 percent to GH₵8,311.00 per metric tonne from GH₵4,012.50. Meanwhile, sorghum, sesame, and rice prices remained unchanged during the same period.

“During the period, commodities exhibited varying price trends compared to 2023. Maize prices increased by 34.2 per cent to GH₵4,396.00 from GH₵3,276.50. Soybean prices experienced the sharpest rise, surging by 107.1 per cent to GH₵8,311.00 per metric tonne from GH₵4,012.50 due to increased export demand and rising input costs. Sorghum, sesame, and rice prices remained unchanged, pointing towards stable supply and demand dynamics in those segments of the market,” the report explained.

Operations at Ghana’s Commodity Exchange (GCX) warehouses also expanded in 2023, supported by enhanced storage capacity and stricter adherence to regulatory standards. The number of warehouses increased from eight to nine in the same year.

These facilities are strategically located across Ghana’s key agricultural hubs, including the Ashanti, Bono, Northern, Upper East, and Upper West regions.

“Warehouse operations expanded, reflecting improvements in storage capacity and regulatory compliance. The number of warehouses increased from 8 to 9, indicating investment in storage infrastructure aimed at enhancing market accessibility. This expansion underscores GCX’s commitment to boosting storage and trading activities to address liquidity challenges.

"Likewise, total warehouse capacity grew by 9.1 per cent to 6,000 metric tonnes, supporting business growth, operational efficiency, and market demand. These developments signal a strengthened warehousing sector, improved storage efficiency, and regulatory compliance,” the report highlighted.

The review also revealed that investment firms managing funds on behalf of individuals and institutions recorded strong growth in 2024, with the total value of assets under management (AUM) estimated at GH₵71.97 billion. This represented a nearly one-third increase (31 percent) from GH₵55.05 billion in 2023.

“The Funds Management sector witnessed robust growth. Underpinned by a strong performance in several key segments, total AUM on a MTM basis reached GH₵71.97 billion by the end of the year, an impressive 31 per cent year-on-year growth from GH₵55.05 billion at the end of 2023,” the report stated.

The Bank of Ghana attributed the significant growth to the strong performance of key financial segments, with pension funds playing the largest role in increasing total investments.

Pension funds accounted for about 72 percent of AUM, equating to GH₵51.96 billion. This figure reflects a 32 percent year-on-year increase, underscoring their continued dominance in the investment market.Out of the total funds managed by investment firms, pension funds accounted for approximately GH₵51.96 billion.

“A major contributor to this expansion was the pension fund segment, which continued to dominate the market. Pension funds accounted for 72.0 per cent of the total AUM, amounting to GH₵51.96 billion, based on marked-to-market values and adjusted data from custodians.

This represents a 32.0 percent year-on-year increase, highlighting the resilience and sustained growth of pension investments in the current economic climate. Collective Investment Schemes (CIS) also demonstrated a notable turnaround from the 1 per cent year-on-year decline in 2023, rebounding by 25.0 per cent year-on-year, to reach marked-to-market values of GH₵6.58 billion for the year under review,” it added.

Discretionary funds also recorded an expansion of 24 percent compared to the previous year, reaching GH₵12.08 billion in assets. The Real Estate Investment Trusts (REITs) segment, described as a new market category, posted a total market value of GH₵545.56 million in 2024.

Private funds closed the year at GH₵802.94 million under management, representing a 5.9 percent increase compared to 2023.

“Discretionary funds managed by fund managers similarly expanded by 24.0 per cent year-on-year to settle at GH₵12.08 billion. The Real Estate Investment Trusts (REITs) segment (new market segment) ended the year with a marked-to-market value of GH₵545.56 million, while Private funds experienced a gain of 5.9 per cent to end the year with AUM on a marked-to-market basis of GH₵802.94 million,” it added.

The total value of assets managed in the investment industry, measured on a Held-to-Maturity (HTM) basis, also recorded significant growth of 26.9 percent, reaching GH₵85.62 billion.

This, according to the report, highlights the industry’s resilience and ability to attract investors despite macroeconomic challenges such as inflation, currency depreciation, and sluggish growth.

“The AUM on Held-to-Maturity (HTM) basis expanded by 26.9 per cent to GH₵85.62 billion in 2024. Based on adjusted data from custodians, the pensions sector posted an HTM AUM of GH₵62.47 billion, discretionary and non-discretionary funds of GH₵13.83 billion, CIS of GH₵7.97 billion, REITs of GH₵0.55 billion, and Private Funds of GH₵0.80 billion.

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"This broader growth on both the marked-to-market and HTM basis underscores the industry’s capacity to attract and retain capital, even when faced with macroeconomic headwinds,” the report observed.

Collective Investment Schemes also benefited from increased subscriptions, which the report described as a sign of renewed investor confidence and a recovering market environment.

“The CIS industry experienced some recovery, with subscriptions rising sharply, signalling renewed investor confidence and improved market conditions. This contrasts with 2023, when both subscriptions and redemptions reached their lowest levels, reflecting a period of subdued market activity.

Redemption payouts increased in 2024 after a sharp decline in the previous year, suggesting that improved liquidity facilitated greater investor payouts. The redemption percentage of Net Asset Value (NAV), which was at its lowest in 2023, also saw a modest increase in 2024, though it remained below historical levels,” it added.