Ghana Agribusiness Playbook← Tilapia & Catfish
A fish farmer weighing sacks of feed against a harvest of market-size tilapia
Tilapia & Catfish · Pillar 05

Cost and Returns

Feed was about 77 percent of the cost of a small-scale cage cycle in 2022. At September 2026 prices one standard cage costs about GH¢44,600 a cycle and makes about GH¢29,100 if 80 percent of the fish survive, and profit swings most with the fish price and survival.
Cost, Returns and Economics · Pillar 05

Feed is the biggest cost of raising fish, about three quarters of the bill on a small-scale cage.

At September 2026 prices one standard cage still makes a healthy profit when most of the fish survive, but the profit rises and falls sharply with the fish price and with survival.

~77%
of a small-scale cage’s cost was feed in 20221
~GH¢29,100
profit on one cage cycle at September 2026 prices, 80% survival
GH¢30.60
break-even price a kg gutted, or about 48% survival
A Ghanaian cage-farm worker broadcasting floating feed pellets by hand across a tilapia cage on Lake Volta at dawn, fish boiling to the surface, still water and distant hills
Feed is the biggest cost
Feed and survival drive the economics: what a cycle costs, and what it earns.

🐟 Where the money goes: feed is the biggest cost 🐟

Where the money goes in a cage cycle: feed costs more than every other line combined
Figure 14 Where the money goes in a cage cycle: feed costs more than every other line combined

Feed was 76.84 percent of the cost of a cycle on small-scale cage farms in 2022, cage preparation 9.70 percent, fingerlings 6.62 percent, and labour, transport and fixed costs the rest. All the other costs together move the profit less than the feed bill does.

Source: Magna et al.1

Feed was 76.84 percent of the cost of a cycle in a 2022 survey of 80 small-scale Lake Volta cage farms, cage preparation 9.70 percent, fingerlings 6.62 percent, and labour, transport and fixed costs the rest.1 Two numbers drive the feed bill. The first is the price of feed. On De Heus’s September 2026 list a 20 kilogram bag of tilapia grower feed cost GH¢195 to 253 in Tema, about GH¢10 to 13 a kilogram, and the 4 mm grower was GH¢198 a bag against GH¢234 on the July 2024 list.23 On the Kumasi list the same 4 mm grower was GH¢210 a bag, about GH¢12 more.4 Small local mills sold tilapia feed 10 to 35 percent below the leading brand in 2021 and 2022.5

The second is feed conversion, the kilograms of feed that make a kilogram of fish. Well-managed cages run at about 1.5 to 2.0,6 on floating pellets of about 28 to 45 percent protein depending on fish size.7

76.84%
of cycle cost was feed on 80 small-scale cage farms in 20221
1.5 to 2.0
feed conversion for well-managed cages, kg feed per kg fish6

What this means. Because feed is about three-quarters of the cost, the cheapest controllable way to raise profit is to spend less on feed per kilogram of fish grown. An entrant can buy or make cheaper, reliable feed, and can stop wasting the feed they have. On the 2026 cage model below, cutting the feed bill by a tenth adds about GH¢3,200 a cycle. A tenth more on the fish price adds about GH¢7,400, more than twice as much, but the farmer controls the feed bill and has little say over the price.

🐟 A 2026 cost-and-returns model for one cage 🐟

The model below prices one standard 5 by 5 by 5 metre cage for one cycle of about six months at September 2026 prices. It stocks 6,250 fingerlings (50 a cubic metre), assumes 80 percent survive to 350 grams at a feed conversion of 1.7, and sells the fish gutted, at 83 percent of live weight,8 for the Chamber of Aquaculture Ghana’s pool price for 300 to 400 gram tilapia, GH¢50.55 a kilogram in the week to 23 September 2026.9 Feed is priced from De Heus’s September 2026 list3 and fingerlings at GH¢1 each, in the GH¢0.80 to 2.00 range sellers asked online in September 2026.10

No dated 2026 price for cages, nets or labour was found, so those lines keep their 2022 share of cost from the Magna survey. That survey, of 80 small-scale cage farms with one to ten cages each, found the average farm made about GH¢127,261 a cycle on revenue of GH¢395,231 in 2022, a return of about 47 percent on cost;1 those are totals for a whole farm.

Ghanaian fish farmers hauling a cage net full of harvest-size tilapia up out of Lake Volta into a wooden boat, water streaming off the silver fish, morning light
Revenue about GH¢73,700
What the surviving fish fetch: survival and fish price set the revenue line.
Stacked sacks of commercial tilapia feed in a Ghanaian aquaculture feed store
The biggest cost, up front
Feed: tilapia grower cost GH¢195 to 253 a 20 kg bag in Tema in September 2026.
~65%
return on cost per cycle on the 2026 model, before interest
~1%
of the 2026 cage cost is equipment; the rest is running cost
Table 6: Indicative 2026 costs and returns for one 5 x 5 x 5 m tilapia cage, one cycle
Line itemIndicative GH¢ per cycleShare of total costWhat it means for the entrant
Fingerlings (6,250)6,25014.0%A small cost, but weak seed can lose the whole cycle
Feed (2,975 kg)31,57670.8%About 149 bags of 20 kg at an average GH¢10.61 a kg
Cage preparation and nets3,9868.9%Scaled from the 2022 cost share; get a local quote
Labour, transport and other running costs2,3425.2%Scaled from the 2022 cost share
Equipment (depreciation)4681.0%Boats and gear spread over several years
Total cost of production44,623100%About US$4,000, or GH¢25.50 a kg of live fish
Revenue (1,458 kg gutted)73,725n/a5,000 fish, 1,750 kg live, sold gutted at GH¢50.55 a kg
Profit per cycle29,102Margin 39.5%Break-even at GH¢30.60 a kg gutted, or 48% survival
Return on costabout 65% per cyclen/aBefore interest: borrowing the whole cost for six months at 15.9% costs about GH¢3,550

Indicative planning values for one cage at 80 percent survival; research-station cages stocked more lightly have yielded less than half this weight of fish.

Sources: Chamber of Aquaculture Ghana for the fish price; De Heus Ghana for feed; Jiji Ghana for fingerlings; Magna et al. for the share of the other cost lines; Bank of Ghana for the lending rate; Anani et al. for the research-station yield.931011112

Market signal: a cheap-to-own, expensive-to-run business. Variable costs are almost the entire bill, and fixed assets are a tiny share of it. The cage model is cheap to own and expensive to run. So adding cages does not fix a bad cost structure, because there is no big fixed cost to spread. If your feed and survival are poor, a second cage just doubles the loss. Fix the running costs first, then grow.

🐟 Model it yourself 🐟

Move the levers yourself. Set the feed price, the feed conversion ratio, survival, the gutted fish price and the fingerling price to your own field numbers, add cages, and watch the cost, the profit and the break-even price move.

Tool 1

Build a cage cycle

Slide the drivers that decide one 5 x 5 x 5 m Lake Volta cage stocked with 6,250 fingerlings (50 fish per cubic metre), harvested at about 350 g over a cycle of about six months and sold gutted. Type your own site prices into the boxes to test any cycle.

GH¢44,607
Total cost, GH¢25.49 a kg of live fish
GH¢73,719
Revenue, 1,458 kg sold gutted (1,750 kg live)
GH¢30.59
Break-even price, per kg gutted
+GH¢29,111
Profit per cycle, margin 39%, about 65% on cost
A positive cycle at these prices. At September 2026 prices the fish price and survival move profit most, then feed price and feed conversion. Every fish that dies has already eaten feed that was paid for, so protect survival first.

Base case (September 2026 prices): gutted tilapia GH¢50.55/kg, the Chamber of Aquaculture Ghana pool price for 300 to 400 g fish; blended grower feed GH¢10.61/kg from De Heus; fingerlings GH¢1.00; 80 percent survival, 350 g, feed conversion 1.7; gutted weight is live weight divided by 1.2; cage preparation, labour and equipment at 21.5 percent of the feed bill, their 2022 share of cost.931081 Feed is bought for the planned 80 percent harvest. Indicative planning values; before interest.

Tool 2

Where the money goes

The same cycle, split into its parts. Feed is about 71 percent of the cost on the 2026 model (it was 76.84 percent on small-scale cage farms in 2022), which is why feed price and feed conversion matter so much.

FeedGH¢31,565

The biggest cost line. Feed conversion multiplies it: at 2.5 instead of 1.7 the base-case profit falls by about 62 percent.

71% of cost
Fingerlings (seed)GH¢6,250

A small cost, but weak seed can lose the whole cycle.

14% of cost
Everything elseGH¢6,793

Cage preparation and nets, labour, transport and equipment, scaled from their 2022 share of cost. Get a local quote.

15% of cost
71%
Feed as a share of total cost
85%
Feed and seed together
Variable costs are almost the entire bill and fixed assets are a tiny share of it. The cage model is cheap to own and expensive to run, so adding cages does not fix a bad cost structure. If your feed and survival are poor, a second cage just doubles the loss. Fix the running costs first, then grow.

Non-feed, non-seed lines are cage preparation and nets (12.62 percent of the feed bill), labour, transport and other running costs (7.42 percent) and equipment depreciation (1.48 percent), scaled from the 2022 cost shares because no dated 2026 price for cages, nets or labour was found.931081

🐟 What moves the profit: fish price and survival first, then feed 🐟

What moves the profit on one cage at 2026 prices: fish price and survival, then feed price and feed conversion
Figure 15 What moves the profit on one cage at 2026 prices: fish price and survival, then feed price and feed conversion

Profit on the 2026 cage model, about GH¢29,100 at the base case, with each factor changed on its own.

Source: Author cost model at September 2026 prices (Table 6).

The fish price, survival and the cost of feed decide the profit. On the 2026 cage model a 20 percent fall in the fish price cuts profit from about GH¢29,100 to about GH¢14,400, and a 20 percent rise lifts it to about GH¢43,800. Survival matters almost as much, because every fish that dies has already eaten feed that was paid for. At 70 percent survival the profit falls to about GH¢19,900, and at about 48 percent the cage only breaks even.

A 20 percent change in the feed price moves profit by about GH¢7,700 either way, and a feed conversion of 2.0 instead of 1.7 costs about GH¢6,800. Magna et al.1 found the same order on 2022 data: a 10 percent fall in price cut the return on cost from 47 to 33 percent. A farmer has little say over the price, so manage survival and feed first, and protect the price through aggregation and offtake contracts (Pillar 6).

~GH¢14,700
profit swing from a 20% move in the fish price
~GH¢7,700
profit swing from a 20% move in the feed price

What this means. The fish price moves profit most, but a single farmer controls little of it, so defend it through aggregation and offtake contracts. Inside the cage, protect survival with good seed, clean water and disciplined feeding, and lock in reliable feed at a good price. An owner controls these.

The digital angle on the biggest cost. Because feed is the biggest cost an owner controls, the cheapest useful technology is anything that stops feed being wasted. Simple feeding-record and ration-estimator apps, and at commercial scale automatic feeders, cut the feed bill and improve feed conversion. This is where a digital tool most clearly pays for itself. Pillar 8 lists the options available now.

🐟 Why Ghana costs more than Bangladesh, Egypt and China 🐟

Ghana is a high-cost producer. A 2022 study put the cost of producing a kilogram of tilapia in Ghana at about US$1.51, against about US$0.78 to 1.29 in Bangladesh, Egypt and China.13 The gap comes from how the sector is built. Feed ingredients and often the feed itself are imported and taxed, seed is scarce, survival is dragged down by disease, and the sector lacks the scale that lets Asian and Egyptian producers buy feed cheaply.

Ghana cannot win a price war against imported frozen fish or low-cost exporters, and a farmer who competes on price alone is at their weakest. A local farmer can compete on freshness, with a live or same-day fish that no frozen import can match, and on trust, with a branded, traceable, locally raised product for buyers who will pay for it.

A Ghanaian market woman selling glistening fresh whole tilapia on ice at a lakeside stall, a customer inspecting a fish, bright daylight, no frozen cartons
Fresh sells above frozen
Compete on freshness and a trusted local brand.
US$1.51/kg
to produce tilapia in Ghana (2022 study), against US$0.78 to 1.29 abroad13
54% / 56%
of pond farmers had difficulty obtaining inputs / selling fish during COVID-1913

Market signal: compete on freshness and brand. Sell your fish as a different product from imported frozen fish, which will always undercut you on price. Local fresh tilapia sells well above the landed frozen price because the import cannot offer freshness, a live catfish or a known local brand. With a high cost base, compete on freshness, quality and brand, and sell to restaurants, the live trade and quality-conscious households, who will pay for these things. A high-cost producer loses money chasing the low-price shelf.

🐟 Inflation and a moving market 🐟

Costs and prices move with the wider economy, in both directions. Ghana’s inflation fell from 23.5 percent in January 2025 to 3.2 percent in March 2026, the lowest since the 2021 rebase, and stood at 5.0 percent in August 2026, with food inflation at 3.0 percent.141516 The Bank of Ghana held its policy rate at 14 percent in July 2026, and the average bank lending rate was about 15.9 percent in August.1711 The cedi, which strengthened through 2025, lost about 9.5 percent against the US dollar in the year to 17 July 2026.17

Feed is the imported part of a fish farm’s bill. Some finished feed is imported, and local mills buy fishmeal, soya meal and premix priced in dollars. So far, 2026 prices have favoured the farmer. De Heus cut its tilapia grower prices, with the 4 mm grower in Kumasi falling from GH¢226 a bag in January to GH¢210 in September, while the Chamber’s farm-gate price for gutted 300 to 400 gram tilapia rose about 16 percent over the same months.184199 This could reverse, so re-cost feed and fingerlings before every stocking, keep a cash buffer against both a price fall and a cost rise, and prefer supply and offtake contracts that fix the price or tie it to costs.

5.0%
inflation in August 2026, down from 23.5% in January 2025
GH¢226 to 210
a 20 kg bag of 4 mm grower in Kumasi, January to September 2026
~16%
rise in the farm-gate price of gutted tilapia over the same months

🐟 Pooled schemes that promised too much 🐟

A Ghanaian fish-farm owner showing a record book and pointing at cages on Lake Volta to two visiting investors in smart-casual clothes, documentary daylight
Judge per-cycle returns
About 48 percent a year was the most a scheme could pay and stay solvent.

Attractive returns like these carry a risk. A survey of 97 tilapia farms in the Volta and Eastern regions, published in 2017, found an average return on cost of about 36 percent per six-month cycle, close to 72 percent a year, while pooled investment schemes had promised investors well above 80 percent a year and several went insolvent; the study put the most a scheme could offer and stay solvent at about 48 percent a year.21

A farm like this is a sound business. Once feed, deaths and failed cycles are counted, it cannot fund a promise above about 48 percent a year, and that is why the schemes failed.

~36%
average return on cost per six-month cycle, close to 72% a year (2017 study)
above 80%
a year promised by pooled schemes, several of which went insolvent21

What this means. A fish farm pays cyclical returns exposed to weather and disease, and it cannot pay a fixed yield. If a scheme promises you a fixed high annual return from tilapia, walk away. The farm behind it cannot reliably pay it, and the schemes that promised such returns went insolvent. Judge any aquaculture investment on per-cycle returns like those in the model above, tested against lower survival, a lower fish price and a higher feed price.

Getting inputs in and fish out. The model assumes a farmer can buy what they need and sell what they grow. In Ghana, both can be hard. During the COVID-19 disruption, 54 percent of pond farmers surveyed had difficulty obtaining inputs and 56 percent had difficulty selling their fish.13 Access to inputs and markets is central to the economics. A farmer who cannot get affordable feed and seed on time pays more for feed and loses more fish. A farmer who cannot reach a good market must take whatever price the nearest buyer offers. The cost model holds only if the farmer can buy inputs and reach buyers. Pillars 6 and 8 cover the value chain and the entry routes that make this possible.

🐟 Opportunity: cost and returns 🐟
01

Reliable, cheaper feed supply. Because feed is three-quarters of the cost and over half of pond farmers had trouble obtaining inputs during the COVID-19 disruption, a business that delivers affordable, consistent feed meets both the sector's biggest cost and its biggest access gap.

02

Input finance and bundled supply. Working capital to buy a full feed cycle up front, repaid at harvest, eases the input shortage that hurts smallholder profits.

03

Aggregation and offtake that gives the farmer a market. A fair offtake contract lets a farmer plan sales at a known price and earn the returns the model shows (see Pillar 6).

🐟 The risks that sit inside the economics 🐟

Stacked sacks of commercial aquafeed beside a Ghanaian tilapia cage on Lake Volta, a worker scooping pellets to broadcast over the fish, documentary photograph

Feed is three-quarters of the cost

VERY HIGH
What it is

Feed is about 77 percent of a cage cycle's cost, so the business depends heavily on one input. A rise in feed price, a weaker cedi that raises the cost of imported feed, or careless feeding that wastes pellets cuts profit almost one for one.

Evidence

Feed was 76.84 percent of cost on small-scale cage farms in 2022,1 and tilapia grower feed cost about GH¢10 to 13 a kilogram on De Heus’s September 2026 list.3

Who it hits

Every farmer, hardest on cage operators buying imported commercial feed with borrowed working capital.

How to manage it, and the opening

Work on feed first. Measure feed conversion, cut waste, and secure cheaper reliable feed from local small-scale mills or through a bulk contract. The matching business opening is a feed mill or premium local feed, because the sector's biggest cost is also its most under-supplied input.

A Ghanaian cage farmer with a feed-purchase record book and a stack of feed receipts beside a half-grown tilapia cage on Lake Volta, documentary photograph

The working-capital and mortality squeeze

HIGH
What it is

A cage eats feed for months before it earns a cedi, and every fish that dies has already been fed. So a farmer carries a large feed bill on credit, and when fish die, the feed they ate becomes a loss with no sales behind it.

Evidence

Outbreaks on lake farms kill 10 to 80 percent of stocked fish,20 and variable costs are about 98.86 percent of total cost, so cash goes out long before it comes back.1

Who it hits

Thin-capital and first-time farmers who borrow to buy feed and cannot absorb a failed cycle.

How to manage it, and the opening

Size the working capital for a full cycle plus a buffer, protect survival with screened seed and water discipline, and add a second cage only after the first has shown good survival. Input finance and insurance-backed offtake are business openings that ease this pressure.

A glossy investment brochure promising fixed high returns from a Ghanaian fish farm laid on a table next to a modest real tilapia cage on Lake Volta, documentary photograph

The pooled-scheme governance trap

HIGH
What it is

Schemes that pool investor money into fish farming and promise fixed, high annual returns are unsound, because once feed, deaths and failed cycles are counted the farm cannot reliably earn what is promised.

Evidence

Farms surveyed for a 2017 study returned an average of about 36 percent on cost per six-month cycle, roughly 72 percent a year; pooled schemes had promised well above 80 percent a year and several went insolvent, and about 48 percent a year was the most a scheme could offer and stay solvent.21

Who it hits

Small investors and would-be entrants drawn in by advertised returns, and honest operators whose reputation suffers from the failures.

How to manage it, and the opening

Judge any scheme on real per-cycle returns, tested against lower survival and higher feed prices, and treat a promised fixed high return as a warning sign. The honest opening is open, per-cycle financing and contract farming that share the real risk and make no fixed promise.

A Ghanaian cage worker broadcasting feed pellets over tilapia on Lake Volta, documentary photograph
Feed is the biggest cost
Feed was about 77 percent of a small-scale cage cycle in 2022, so the return turns on the feed line and the survival behind it.
🐟 Key takeaways 🐟
01

Feed is about three quarters of the cost of a small-scale cage. Feed and survival are the levers a farmer controls.

02

At September 2026 prices one 5 by 5 by 5 metre cage costs about GH¢44,600 a cycle and makes about GH¢29,100 profit if 80 percent of the fish survive; it breaks even at about GH¢30.60 a kilogram or 48 percent survival.

03

Profit swings most with fish price and survival, then feed price.

04

Ghana is a high-cost producer, about US$1.51 a kilogram against US$0.78 to 1.29 abroad, so compete on freshness and brand and avoid competing on price.

05

Fixed high returns are a warning sign. Farm returns rise and fall from cycle to cycle; schemes that promised well above 80 percent a year went insolvent, and about 48 percent a year was the most a scheme could pay and stay solvent.21 Judge investments on per-cycle returns.

Written for each reader

🐟 Practitioner intelligence 🐟

Hover any card to pause and lift it.

For students

Learn how feed and survival drive the economics. Before you ever run a cage, learn to calculate feed conversion and cost per kilogram of fish grown, because feed makes up about three-quarters of the cost and drives most of the profit. Build the model above on a spreadsheet and test it. Cut survival by a fifth, raise the feed price by a fifth, and see how far the return falls. The exercise shows how much each change cuts the return, and it is a useful skill for a first job or a first cage.

For entrepreneurs

First move: secure cheaper, reliable feed and size your working capital for a full cycle plus a buffer, because feed is the main cost, and paying out long before any sales come in is what sinks first-time farmers. As a high-cost producer you will lose a price contest with imported frozen fish, so sell on freshness, live catfish or a known local brand to restaurants and quality buyers. Protect survival with screened seed and water discipline, and remember that every fish that dies takes paid-for feed with it. Prove one cage's survival and cost before you build a second.

For investors

Underwrite the feed supply and the survival record before the cages, because those two lines decide the returns. Ask for per-cycle figures tested against a mass die-off and a feed-price rise, and look past headline annual yields. Ghana's high cost base leaves little room for error. The clearest warning sign in this sector is a fixed high promised return. Farm returns vary from cycle to cycle, and the schemes that promised well above 80 percent a year went insolvent. The better investments are feed, seed and cold-chain offtake businesses that lower every farm's running cost. Another undercapitalised grow-out cage is a weaker bet.

For ecosystem actors

Public support does most good when it lowers the feed bill and raises survival, because these two numbers decide whether farms are viable. Support local feed milling, affordable input finance and the seed and health systems that keep fish alive. Measure success as the delivered cost of feed per kilogram of fish and the survival rate on typical farms. Protect the sector's reputation by warning against fixed-return pooled schemes, whose collapses scare off the honest investors the sector needs.

Where this connects. The feed and survival that drive this model are set by the production regime in Pillar 4 and the disease pressure in Pillar 3, so the costs here are those results counted in cedis. The farm-gate price that ends this model is where the value-chain margin ladder in Pillar 6 begins, and the limits on input and market access become the openings the entry strategy in Pillar 8 targets. A high-cost producer must sell on freshness because of the import price ceiling explained in Pillar 2.

Footnotes
  1. Magna, Emmanuel Kaboja, Emmanuel Tetteh-Doku Mensah, Franklin Nantui Mabe, Mercy Johnson-Ashun, Lilly Osei Konadu, and Ebenezer Koranteng Appiah. "Profitability Analysis of Small-Scale Cage Aquaculture Farms in the Volta Lake of Ghana." Aquaculture Research 2023 (2023): Article 1314660, 1-10. https://doi.org/10.1155/2023/1314660.↑
  2. De Heus Ghana (Koudijs Ghana). "Koudijs Ghana Market Advice Pricelist, Effective July 3rd, 2024." Price list (copy on Scribd), 3 July 2024. https://www.scribd.com/document/777871443/Alg-Market-Pricelist-GHA-Price-Update-JULY-24.↑
  3. De Heus Ghana. "De Heus Ghana Market Advice Pricelist, Effective September 1st, 2026 (Tema)." Price list, 1 September 2026. https://www.deheus.com.gh/siteassets/pricelist/september/genaral_market-pricelist_de-heus-ghana_sept-26_tema.pdf.↑
  4. De Heus Ghana. "De Heus Ghana Market Advice Pricelist, Effective September 1st, 2026 (Kumasi)." Price list, 1 September 2026. https://www.deheus.com.gh/siteassets/pricelist/september/genaral_market-pricelist_de-heus-ghana_sept-26_kumasi.pdf.↑
  5. Ragasa, Catherine, Yaa Oguabi Osei-Mensah, Martha Ataa-Asantewaa, and Froukje Kruijssen. Profitability and Sustainability of Small-Scale Aquafeed Producers in Ghana. SSRN Working Paper, 2024. https://doi.org/10.2139/ssrn.4754241.↑
  6. Kassah, Jemimah Etornam. Best Management Practices Guidelines for Small-Scale Tilapia Cage Aquaculture in Ghana and Nigeria. WorldFish Manual 2023-09. Penang, Malaysia: WorldFish, 2023. https://digitalarchive.worldfishcenter.org/items/fa7eaabd-3058-4f86-93cb-93abf520e6d3.↑
  7. Agyakwah, Seth K., Ruby Asmah, Emmanuel T. D. Mensah, Catherine Ragasa, Sena Amewu, Nhuong Tran, Mathew Oyih, and Peter Ziddah. Farmers' Manual on Small-Scale Tilapia Cage Farming in Ghana. Accra: CSIR-Water Research Institute; International Food Policy Research Institute, 2020. https://cgspace.cgiar.org/items/bff79246-b074-4a61-9ef2-793b51e83483.↑
  8. Coordinating Working Party on Fishery Statistics (CWP). Indicative Factors for Converting Product Weight to Live Weight for a Selection of Major Fishery Commodities. Rome: Food and Agriculture Organization of the United Nations, 2005. https://openknowledge.fao.org/server/api/core/bitstreams/a31553b6-2403-4c10-9166-cf9f8a3c3bd3/content.↑
  9. Chamber of Aquaculture Ghana. "Fresh Tilapia and Catfish Pool Price Status, Week 38 (Year 2026)." Weekly Update, 23 September 2026. https://chamberofaquaculture.com/chamber/assets/img/2026img/38.jpeg.↑
  10. Jiji Ghana. "Tilapia Fingerlings: Classified Listings." Jiji.com.gh, accessed 29 September 2026. https://jiji.com.gh/search?query=tilapia%20fingerlings.↑
  11. Bank of Ghana. Monetary Policy Committee Press Release, September 2026. Accra: Bank of Ghana, 2026. https://www.bog.gov.gh/wp-content/uploads/2026/09/MPC-Press-Release-September-2026.pdf.↑
  12. Anani, Francis A., Kelvin K. Donkor, Felix A. Ayarika, Mercy Johnson-Ashun, and Samuel Birikorang. "Profitability of Small-Scale Grow-out Production of Caged Nile Tilapia, Oreochromis niloticus in the Volta Lake of Ghana." Asian Journal of Fisheries and Aquatic Research 27, no. 8 (2025): 20-31. https://doi.org/10.9734/ajfar/2025/v27i8974.↑
  13. Ragasa, Catherine, Seth Koranteng Agyakwah, Ruby Asmah, Emmanuel Tetteh-Doku Mensah, Sena Amewu, and Mathew Oyih. "Accelerating Pond Aquaculture Development and Resilience beyond COVID: Ensuring Food and Jobs in Ghana." Aquaculture 547 (2022): Article 737476. https://doi.org/10.1016/j.aquaculture.2021.737476.↑
  14. Ghana Statistical Service. Consumer Price Index (CPI) and Rate of Inflation, January 2025. Accra: Ghana Statistical Service, 2025. https://statsghana.gov.gh/api/minio/file?key=data_statistics%2Feconomic%2FPrice%20Indices%2FCPI%2FCPI%20Presentation%2F2025%2FCPI_January_2025.pdf.↑
  15. Ghana Statistical Service. Consumer Price Index (CPI), August 2026: Statistical Bulletin. Accra: Ghana Statistical Service, 2026. https://statsghana.gov.gh/api/minio/file?key=data_statistics%2Feconomic%2FPrice%20Indices%2FCPI%2FConsumer%20Price%20Index%20Bulletin%2FAugust%202026%20CPI-Bulletin.pdf.↑
  16. Ntow, Francis. "Ghana's Inflation Falls to 3.2 Per Cent in March 2026." Ghana News Agency, 1 April 2026. https://gna.org.gh/2026/04/ghanas-inflation-falls-to-3-2-per-cent-in-march-2026/.↑
  17. Bank of Ghana. Monetary Policy Committee Press Release, July 2026. Accra: Bank of Ghana, 2026. https://www.bog.gov.gh/wp-content/uploads/2026/07/MPC-Press-Release-July-2026.pdf.↑
  18. De Heus Ghana. "De Heus Ghana Market Advice Pricelist, Effective January 12th, 2026 (Kumasi)." Price list, 12 January 2026. https://www.deheus.com.gh/siteassets/pricelist/jan/general_market-pricelist_de-heus-ghana_january-2026_-kumasi.pdf.↑
  19. Chamber of Aquaculture Ghana. "Fresh Tilapia and Catfish Pool Price Status, Week 01 (Year 2026)." Weekly Update, 6 January 2026. https://chamberofaquaculture.com/chamber/assets/img/2026img/1.jpeg.↑
  20. Baah, Doris Y., Regina Edziyie, Amr A. A. Gamil, Kwasi Adu Obirikorang, and Øystein Evensen. "Linking Knowledge, Attitudes, and Practices to Disease Dynamics in Tilapia (Oreochromis niloticus) Aquaculture on Volta Lake." Frontiers in Aquaculture 5 (2026): Article 1710076. https://doi.org/10.3389/faquc.2026.1710076.↑
  21. Adanu, Kwami, and Mawufemor Adanu. "Returns to Tilapia Fish Farming in Ghana: Implications for Tilapia Pooled Investment Vehicles." Journal of Entrepreneurial Finance 18, no. 2 (2017): Article 3. https://doi.org/10.57229/2373-1761.1301.↑
Section 5 of 8← All sections
← ProductionValue Chain →
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