Burkina Faso has been identified by research firm, Konfidant, as a top export market destination with the highest potential for Ghana’s processed foods and animal feed.
In its report, Ghana’s Competitive Potential in the AfCFTA: A Country Competitiveness and Opportunity Assessment, the firm noted that Ghana has an estimated potential of over $46 million but has been able to achieve just 6% of the figure.
The research notes that, while Ghana is yet to take advantage of its potential, its neighbour, Ivory Coast, has been able to achieve more than 50% of its export potential to Burkina Faso.
“Despite Ghana’s high export potential in the Burkinabe market, Côte d’Ivoire exports more than 17 times the value of Ghana’s processed foods & animal feed (US$45.4 million) into the Burkinabe market. Côte d’Ivoire thus realizes more than 50% of its estimated export potential in the market – compared to Ghana which has over 90% of unrealized potential.”
The report, which was published on March 2021, is coming at a time when the government of Ghana is planning on leveraging the GH¢100 billion Ghana Cares Program to revive the nation’s economy through “supporting commercial farming and attracting educated youth into commercial farming” as well as “building the country’s light manufacturing sector” among other things.
The 94% potential to export processed foods and animal feed to the market, could be the way forward for agricultural entrepreneurs looking to leverage the African Continental Free Trade Area (AfCFTA) to scale their operations beyond Ghana.