The latest data from Africa’s leading market mapping platform Asoko Insight delves into the makeup of Ghana’s leading farming firms by revenue, exploring the detail of a key component of the local economy. Agriculture accounted for nearly 18% of the country’s total GDP in 2017, generating revenues of $7.2 billion.
Asoko Insight’s Findings
The agricultural sector employs more than half of the country’s total labor force, affirming its credentials as an economic driver. Asoko Insight’s analysis of Ghana’s top 25 farming companies confirms the importance of crop farming within the sector, in line with central government statistics showing that crop farming accounts for nearly 68% of total agricultural revenues.
Moreover, crop farming is the single-largest economic activity in the country, accounting for 14.2% of the total GDP. A key component of this is cocoa, which is the country’s main export from the sector. Excluding cocoa, other crop farming represents the economy’s third-largest contributor at 12.4% of total GDP, behind transport and storage, which accounts for 12.8% of GDP and the construction sector at 13.8%.
Ghana’s Top 25 Farming Companies
Breaking down the leading sector players by activity, Asoko’s data indicates that more than three-quarters of top-earning companies operating in the farming space are engaged in crop farming, with another two involved in animal farming. Crop-farming companies are further categorised according to crop, with fruit and vegetable farmers making up nearly half of Ghana’s top 25 farming companies, at 12 firms, followed by grain and oil-seeds farmers with 5 of the top companies, predominately producing edible oils. Within animal farming, there is one poultry producer and one aquaculture firm.
Though cocoa is the second-largest export and a key crop for the West African nation, not a single cocoa farmer appears in Asoko Insight’s market map of Ghana’s top 25 largest farming companies in the country by revenue.
According to Asoko’s research and analysis, cocoa farming is undertaken by a large number of small-scale operations, with individual revenues below that of larger leading farmers in other segments. Furthermore, cocoa revenues are concentrated among processors, which are categorised in the food and beverage sector.
Outside of farming, five firms in the top 25 provide agricultural support services reflecting Ghana’s moves to embrace science and technology as it seeks to bolster crop farming in the race for more yields and efficiency. The country’s agricultural sector is leveraging the use of modern technology through the production and supply of improved seeds and fertilizers to farmers. Local scientists and researchers are spearheading the drive given their clear understanding of the sector.
Revenues of Farming Operations
Asoko’s proprietary revenue estimation formula shows that over half of the top farming companies in Ghana generate revenues of between $1 million and $5 million annually. Another 24% of the top companies generate between $5 million and $10 million while 16% have earnings of between $10 million and $20 million.
The full report can be accessed here: https://asokoinsight.com/content/quick-insights/ghana-leading-farming-companies.
About Asoko Insight
After many years of conducting market research in sub-Saharan Africa, Asoko Insight understands the need for easier access to high-quality corporate data, and leverages unique technology and in-country sources to achieve just that.
Asoko Insight is a data and information services company operating across Africa. Asoko is bridging the information and data gap across the continent, focussing on delivering the best corporate data and analytics platform of African private companies for market mapping, due diligence, and investment needs. Asoko collects and constantly updates company information through a variety of frontline data acquisition channels. Before publication, all data goes through a quality assurance process consisting of in-person verification and automated checks.
Supported by the latest know-how in data science, Asoko Insight turns raw data into actionable information. New data-driven insights and analytics allow for superior research on African companies.
Asoko data is built by 50+ local research analysts, based out of several regional offices, working with executives and data partners to monitor corporate data from key companies in the region. As they consolidate their footprint in the largest economies, they are also expanding data collection operations to surrounding countries across the continent.
Asoko’s clients include investors, traders, global corporates and African companies looking to identify deals, conduct due diligence, generate commercial leads or report on the region’s dynamic business environment.
All data can be accessed via the Asoko Insight platform here: www.asokoinsight.com
For more information contact Mary-Joyce Harley