Soya bean price drops from GH¢800 to GH¢350 after export ban – Dr. Otokunor

Director of Presidential Initiatives in Agriculture and Agribusiness, Dr Peter Boamah Otokunor

The price of a bag of soya beans has declined from GH¢800 in 2024 to GH¢350 following the government's decision to restrict exports of the commodity, Director of Presidential Initiatives in Agriculture and Agribusiness, Dr Peter Boamah Otokunor, has disclosed.

He said the policy was introduced to retain more of the commodity within the country, stabilise local prices and ensure a reliable supply of raw materials for Ghana's livestock and agro-processing industries.

Speaking in an interview with Umaru Sanda Amadu on Channel One TV's Face to Face on Tuesday, November 10, Dr Otokunor said the livestock sector had faced significant challenges because large quantities of locally produced soya beans were being exported in their raw form instead of being processed locally.

“The biggest challenge of the livestock industry had been soya bean. And we were just exporting the grain. So the government had to take a bold decision that, look, we are going to cease the exportation of soya bean,” he said.

He attributed the reduction in prices to the export restriction, citing the difference between what he paid for a bag of the commodity in 2024 and the current market price.

“When we took the decision to ban, it has stabilised the price of soya bean. Like in 2024, I was buying a bag of soya bean for 800 Ghana cedis. Now I’m buying a bag of soya bean for 350 Ghana cedis,” he added.

Dr Otokunor argued that exporting unprocessed soya beans deprived Ghana of opportunities to generate additional income through local processing, particularly in the production of soya oil and soya meal.

“When we export the raw soya bean, you have exported all this value. The oil comes back to you very expensive. Then the milk comes back to you very expensive,” he stated.

He said keeping more of the produce in the country would encourage investment in processing facilities, create opportunities for local industries and enable Ghana to retain greater value from its agricultural production.

On rice production, Dr Otokunor encouraged farmers to remain committed despite temporary market difficulties, expressing confidence that the government's sustainable food service measures would provide dependable markets for their produce and support the expansion of farming activities.

He noted that approximately 95% of Ghanaian farmers were smallholders, making it necessary to strengthen their capacity and provide the support required to transition into commercial-scale production.

The agricultural director also identified investment in post-harvest infrastructure as essential to reducing losses, managing supply fluctuations and ensuring that farmers could effectively access markets.

“If you have systems to handle the post-harvest, it means that you’ll be able to smooth your supply. And you wouldn’t have some of these challenges,” he said.

According to him, countries supplying Ghana with imported agricultural products have established post-harvest systems that enable them to meet domestic food requirements while exporting excess production.

Dr Otokunor maintained that Ghana had the capacity to produce enough food for domestic consumption and supply neighbouring countries, which he said had growing demand for commodities such as soya beans, rice and maize.