Ghana to India: how the raw cashew lane works, from Tema and Takoradi to Indian processors

Ghana to India: how the raw cashew lane works, from Tema and Takoradi to Indian processors

Ghana's raw cashew reaches India as containerised in-shell nut, trucked from the middle and northern belts to Tema or Takoradi and shipped to shelling units that price it on kernel outturn, not on the sack. The lane is busy in 2026: India's raw cashew imports rose almost 8 per cent in the first half, led by heavier buying from Tanzania, Nigeria, Ghana and Mozambique, according to Commodity Board's August report.

How large is the Ghana to India lane?

India is the largest destination for Ghana's in-shell nut. UN Comtrade records 291,618 tonnes of HS 080131 worth USD 227.3 million in 2023, with India taking 172,000 tonnes and USD 126.3 million, about 59 per cent by volume. Use 2023 as a baseline, not a forecast. India's kernel exports fell nearly 10 per cent in the first half of 2026 and average realisation eased to about USD 7,802 per tonne from USD 8,347, so Indian shellers are buying more raw material while selling less kernel. That is the demand a Tema exporter sells into.

What sets the price on a Ghanaian lot?

Two numbers: kernel outturn, quoted as KOR, and nut count per kilogram. A 48 KOR at 180 nuts is a different lot from a 46 KOR at 200, even when both look the same in a container. Ghana's minimum producer price for 2025/2026 was set at GH¢12.00 per kilogram, derived from an FOB reference of USD 1,400 per tonne at 48 KOR and 180 nut count and a six month average exchange rate of GH¢11.0241. Read that as a farmgate floor fixed in December 2025, not as today's world price. By late October 2026, Tanzanian raw cashew was quoted near USD 2,080 per tonne CNF Vietnam at 53 lb outturn and 190 nut count, with Côte d'Ivoire near USD 1,630 and Indonesia about USD 1,770. Price off the producer basis alone and good outturn sells cheap.

Where does the nut travel before it loads?

Aggregators buy from smallholders across the middle belt and the north, bag the nut and truck it south. Ghana Ports and Harbours Authority runs both ports on the lane: Tema for the greater Accra and Volta hinterland, Takoradi for the western corridor. Container availability and stuffing schedules cause most of the friction, not the ocean leg.

Why do Indian buyers quote cashew grades?

Because the kernel is what gets sold. The Cashew Export Promotion Council of India lists white wholes from W180 to W500, plus scorched wholes, dessert wholes and pieces such as LWP, SWP and BB. A grade request describes kernel size and colour, which translates back into the outturn expected from your in-shell lot.

Will Ghana still export raw cashew?

Every 2026 contract has to price this risk. In February 2026 President John Dramani Mahama said Ghana would no longer export raw cashew, naming raw shea and unprocessed rubber alongside it, with a target of 50 to 60 per cent local processing. The gap is wide: a study published in August 2026 found Ghana processed about 15,000 tonnes in 2025, under 6 per cent of an estimated 262,000 tonne crop (Modern Ghana). A ban cannot run ahead of factory capacity, so the practical risk is tighter raw availability and shorter shipment windows as processing comes on, not an overnight stop.

FAQ

Q: Is Ghanaian cashew sold FOB or CNF to India?
A: Most in-shell lots from Tema and Takoradi go FOB, with the buyer arranging freight. CNF appears when an exporter consolidates through a forwarder.

Q: What nut count do Indian shellers want from Ghana?
A: 180 to 190 nuts per kilogram, quoted with a KOR figure. Above 200 needs a price adjustment or an outturn guarantee.

Q: Does the producer price limit what an exporter can pay?
A: Yes. GH¢12.00 per kilogram is the floor for 2025/2026, so a farmgate offer below it needs documented quality discounts.